Question: The basic difference between a master budget and a flexible budget is that a master budget is a. Only used before and during the budget

The basic difference between a master budget and a flexible budget is that a master budget is

a. Only used before and during the budget period and a flexible budget is only used after the budget period.

b. For an entire production facility and a flexible budget is applicable to single departments only.

c. Based on one specific level of production and a flexible budget can be prepared for any production level within a relevant range.

d. Based on a fixed standard and a flexible budget allows management latitude in meeting goals.

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