Which of the following terms is commonly used to describe the concept whereby the cost of manufactured products is composed of direct materials cost, direct labor cost, and all factory overhead cost? a. standard costing b. absorption costing c. variable costing d. marginal costing Which of the following budgets allows for adjustments in activity levels? a. continuous budget b. zero-based budget c. flexible budget d. static budget The budget process involves all of the following except a. dismissing all managers who fail to achieve operational goals specified in the budget b. periodically comparing actual results with the goals c. executing plans to achieve the goals d. establishing specific goals