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E9 - 1 The master budget is one type of flexible budget...

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1. The master budget is one type of flexible budget. Answer : False Difficulty : 1 Objective : 1 Terms to Learn : flexible budget The master budget is a static budget. 2. A flexible budget is calculated at the start of the budget period. Answer : False Difficulty : 1 Objective : 1 Terms to Learn : flexible budget A flexible budget is calculated at the end of the budget period when actual output is known. 3. Information regarding the causes of variances is provided when the master budget is compared with actual results. Answer : False Difficulty : 2 Objective : 1 Terms to Learn : variance Little information regarding the causes of variances is provided when the master budget is compared with actual results because you are comparing a budget for one level of activity with actual costs for a different level of activity. 4. A favorable variance results when budgeted revenues exceed actual revenues. Answer : False Difficulty : 2 Objective : 1 Terms to Learn : favorable variance An unfavorable variance results when budgeted revenues exceed actual revenues.
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