A flexible budget should be prepared for each of the types of budgets included in the master budget.

Name: A flexible budget should be prepared for each of the types of budgets included in the master budget.
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Question

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A flexible budget is a budget that adjusts to changes in the level of activity or production. Therefore, it is important to prepare a flexible budget for each type of budget in the master budget to allow for adjustments in case of changes in activity levels.

A Flexible Budget Should Be Prepared for Each of the Types