Quiz: Chapter Seven Quiz Submit Qulz ting This Question: 1 pt 2015(0 complete) T

Question

Quiz: Chapter Seven Quiz Submit Qulz ting This Question: 1 pt 2015(0 complete) This Quiz: 5 pts nts O A. A fexible budget is based on the level of output at the beginning of the period; a static budget is based on the actual output level in the budget period uzTes O B. A static budget is based on the level of output at the beginning of the period; a flexible budget is based on the actual output level in the budget period O c. A static budget is based on the level of output at the beginning of the period, a flexible budget is based on the actual unit prices in the budget period O D. None of the above. Click to select your answer. 5

Explanation / Answer

The primary difference between the Static budget and the Flexible budget is that while both are planned and originally created in the same manner, at the end of the period, the Static budget is left unchanged and all comparisons are made to the expected output, while the flexible budget alters the budget amounts to reflect actual output levels.

The answer is B.

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