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What is a flexible budget? A. A budget which is continually extended and updated to allow for changes in costs and revenues which have rendered the original budget out of date. B. A budget which is designed to enable variable and fixed costs to be identified separately, so that the budget can be changed if there are fluctuations in output, turnover or other activity-related factors. C. A budget which is prepared using an adaptive process, taking account of the different aspiration levels of the budget managers responsible for its achievement. D. A budget which is prepared through careful co-ordination of all the subsidiary functional budgets, each function adapting to the requirements of other functions affected by its activities. |