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Which of the following statements is true of a flexible budget? a. The budget shows what actual costs were for the period. b. The fixed
Which of the following statements is true of a flexible budget?
a. The budget shows what actual costs were for the period.
b. The fixed expenses shown on the budget will be different than those shown on the planning budget.
c. The budget is an estimate of what revenues and costs should have been given the actual level of activity for the period.
d. The budget is prepared before the period begins and is valid only for the planned level of activity.
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