Question: Select the incorrect statement regarding flexible budgets. A. Standard prices and costs are used in preparing a flexible budget. B. A flexible budget is also

Select the incorrect statement regarding flexible budgets.
A. Standard prices and costs are used in preparing a flexible budget.
B. A flexible budget is also known as a master budget.
C. Flexible budgets show the estimated revenues and costs at multiple volume levels.
D. A flexible budget represents an extension of the master budget.

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