Which of the following best describes a flexible budget? Select one: a. A budget which can be fixed when actual costs are known, to provide a realistic forecast for the forthcoming period b. A budget...

Extracted text: Which of the following best describes a flexible budget? Select one: a. A budget which can be fixed when actual costs are known, to provide a realistic forecast for the forthcoming period b. A budget which is prepared on a spreadsheet, with the flexibility to add new cost items to prepare new forecasts as circumstances change during the year c. A budget which, by recognizing different cost behavior pattern, is designed to change as volume of activity changes d. A budget which is designed to be easily updated to reflect recent changes in unit costs or selling price