Which of the Following Statements Is Not True

Which of the following statements is not true?

A) Discrepancies between activity levels in the static budget and actual activity levels result in expense variances that are not necessarily reflective of performance.
B) Flexible budgeting can be achieved by preparing a series of budgets for different levels of sales activity.
C) Any unfavourable cost variances between actual performance and the flexible budget will be attributable to inefficient use of resources.
D) A flexible budget will show what costs and revenues should have been for the actual level of activity achieved.
E) When preparing a flexible budget, changes are generally not made to fixed costs to reflect updated information available.