Costing

47. The basic difference between a static budget and flexible budget is that

a flexible budget considers only variable costs but a static budget considers all costs
a flexible budgets allows management latitude in meeting goals, whereas static budget is based on fixed standards
a flexible budget is applicable for a single department only but a static budget for entire production facility
a flexible budget can be prepared for any production level within a relevant range but a static budget is based on one specific level of production

Detailed SolutionThe basic difference between a static budget and flexible budget is that

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