The basic difference between a master budget and a flexible budget is that a mas

Question

The basic difference between a master budget and a flexible budget is that a master budget is Based on one specific level of production, and a flexible budget can be prepared for any production level within a relevant range. Only used before and during the budget period, and a flexible budget is only used after the budget period. Based on a fixed standard whereas a flexible budget allows management latitude in meeting goals For an entire production facility whereas flexible budget is applicable to single departments only.

Explanation / Answer

Based on one specific level of production and a flexible budget can be prepared for any production level within a relevent range.

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