Fill in the blank with the phrase that best completes the sentence

a. The static budget is developed at the _______.
b. The flexible budget used in an income statement performance report is based on the _______.
c. The master budget is based on the _______.
d. The flexible budget used in an income statement performance report is developed at the _______.
e. The difference between actual costs and the costs that should have been incurred for the actual number of outputs is the _______.

Transcribed Image Text:

Actual number of outputs Expected number of outputs Sales volume variance Beginning of the period End of the period Flexible budget variance Static budget variance