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| Which one of the following statements regarding the difference between a flexible budget and a static budget is correct? A. A flexible budget provides cost allowances for different levels of activity, whereas a static budget provides costs for one level of activity. B. A flexible budget is established by operating management, while a static budget is determined by top management. C. A flexible budget primarily is prepared for planning purposes, while a static budget is prepared for performance evaluation. D. A flexible budget includes only variable costs, whereas a static budget includes only fixed costs. |