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What is the basic difference between a master budget and a flexible budget? Master budget is for five year period and flexible budget is for

What is the basic difference between a master budget and a flexible budget?

Master budget is for five year period and flexible budget is for one year period.

Master budget is on financial terms and flexible budget is on quantitative terms.

Master budget is for specific capacity and flexible budget is for multiple capacity.

Master budget is prepared on actuals and flexible budget is based on standards.

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