When preparing a performance report, flexing the budget is necessary in order to:Multiple choice question.adjust the budget at the beginning of the periodidentify the cost behavior pattern of the budgeted itemscalculate more accurate variancesadjust actual results so that they are closer to budgeted amounts

The flexible budget performance report directs management's attention to areas where: (Check all that apply.)Multiple select question.small flexible variances exist.small quantity variances exist.revenues differ substantially from budgeted amounts.costs differ substantially from budgeted amounts.

The first step in preparing a flexible budget is to:Multiple choice question.compute budgeted salesidentify costs and classify them as fixed or variableidentify activity levelscompute budgeted variable and fixed costs

The report that compares actual performance and budgeted performance based on actual activity level is called a ______ budget performance report.Multiple choice question.flexiblefixedfavorable

Which of the following strategies should you consider when creating your budget? Select all that apply.1 pointDisregard historical dataBaseline your budgetDocument all costsTime-phase your budget

Fixed budgeting involves:a.Adjusting the budget periodicallyb.Allocating resources based on flexible needsc.Creating a budget based on a fixed level of activityd.Setting variable costs as the budgetary targetClear my choice