Indicate whether each of the following statements is true or false.A flexible budget can be viewed as an extension of a company's master budget. ______The master budget is a static budget because it is prepared for a single level of volume. ______Standards are established for a company's costs but not for the selling prices of its goods and services. ______If rent is budgeted at $34,000 for 10,000 units, rent would also be budgeted at $34,000 for 11,000 units. ______Flexible and static budgets use the same per-unit standard amounts for sales and variable costs. ______
What will be an ideal response?
A flexible budget can be viewed as an extension of a company's master budget. T
The master budget is a static budget because it is prepared for a single level of volume. T
Standards are established for a company's costs but not for the selling prices of its goods and services. F
If rent is budgeted at $34,000 for 10,000 units, rent would also be budgeted at $34,000 for 11,000 units. T
Flexible and static budgets use the same per-unit standard amounts for sales and variable costs. T
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