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"The flex in flexible budget relates solely to variable costs" Do you agree? Explain.?
a- No. Fixed costs are also adjusted in a flexible budget to reflect varying levels of activity. Therefore, flexible budgets are flexible with respect to both variable and fixed costs.
b- No. Flexible budgets are prepared for only one expected level of activity. By definition, fixed costs do not change with the level of activity, and therefore fixed costs are the only costs included in a flexible budget.
c- Yes, Flexible budgets are flexible only with respect to variable costs. Although fixed costs change with the level of activity, only variable costs are evaluated in flexible budget.
d- Yes. Flexible budgets are flexible only with respect to variable costs. By definition, fixed costs do not change with the level of activity, and therefore there is no "flex" in the fixed cost portion of a flexible budget.
