Which of the following is FALSE about flexible budgets?

	A.	Flexible budgets allow managers to differentiate activity variances from spending variances for revenues and expenses.
	B.	Flexible budgets are prepared at the beginning of an accounting period before the actual production starts.
	C.	Unlike flexible budgets, planning budgets are only valid for the planned level of activity.
	D.	Flexible budgets may be prepared for any activity level in the relevant range.