Question: 1. The basic difference between a fixed budget and flexible budget is that a fixed budget. (a) is concerned with a single level of activity,

1. The basic difference between a fixed budget and flexible budget is that a fixed budget…….

(a) is concerned with a single level of activity, while flexible budget is prepared for different levels of activity.

(b) is concerned with fixed costs, while flexible budget is concerned with variable costs.

(c) is fixed while flexible budget changes.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Financial Accounting For Managers Questions!

Q:

business law For the year ended 30 June 2012, the audit team included a manager, two supervisors, two qualified seniors and three trainees. This audit, which lasted approximately five weeks, was very...

Q:

1. The basic difference between a flexible budget and fixed budget is that a fixed budget: a) Is concerned with fixed expenses whereas flexible budget is on different activity levels. b) Cannot be...

Q:

Select the correct statement regarding flexible budgets. Group of answer choices A flexible budget is also known as the master budget. A flexible budget can only be prepared for a single level of...

Q:

Joe Smith was fust hired as an accounbing intern at your compary: Cont you assist joe and ildentify that qenetnily spedilng. net operaking income unitet vanable and issorption kocting will. Mutple...

Q:

The assignment I need help with is from a managerial accounting course (undergraduate). It is 15 questions total, with the first 10 being multiple choice and the remaining 5 requiring the...

Q:

artment of a four-department 10. Additional materials are added in the second department of a fou production process. However, this addition does not increase the number of units being produced in...

Q:

please help me with this 1 A budget is a. a quantitative expression of a plan d. an aid to control b. an aid to planning e. all of the above c. an aid to coordination 2 A master budget contains all...

Q:

1. Which of the following statements is true concerning the flexible budget? a. The flexible budget shows the expected relation between costs and volume. b. The flexible budget has a fixed cost...

Q:

What is the primary difference between a fixed budget and a flexible budget? a. The fixed budget contains only fixed costs, while the flexible budget contains only variable costs. b. The fixed budget...

Q:

The basic difference between a master budget and a flexible budget is that a master budget is Only used before and during the budget period and a flexible budget is only used after the budget period...

Q:

If you lived in a world where people regularly traveled at speeds near the speed of light, why would it be risky to make a dental appointment for 10:00 AM next Thursday?

Q:

Complete the following table: Federal Reserve ActionEffect on the Money Supply (up or down?) Lower the discount rate Conduct open market purchase Lower required reserve ratio Raise the discount rate...

Q:

Work out the first three terms and the 10th term of a sequence with the given nth term. a 1/2 n + 8 1/2 b 5n 0.75

Q:

The probabilities of a return on an investment of $5,000, $7,000, and $9,000 are 1 / 2, 3/8, and1 / 8.