Question

The basic difference between a master budget and a flexible budget is that a: Group of answer choices flexible budget considers only variable costs but a master budget considers all costs. flexible budget allows management latitude in meeting goals whereas a master budget is based upon a fixed standard. master budget is for an entire production facility but a flexible budget is applicable to single departments only. master budget is based on one specific level of production and a flexible budget can be prepared for any production level within a relevant range.

Answer 1

master budget is based on one specific level of production and a flexible budget can be prepared for any production level within a relevant range.

Step-by-step explanation:

A master budget is a budget that contains an aggregation of smaller level budgets into an overall single budget

A flexible budget is a budget that can be adjusted based on the activity levels of a firm.