9. Budgeting and long-range planning are two terms that describe the same process. A) True...
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Accounting
9. Budgeting and long-range planning are two terms that describe the same process. A) True B) False 10. The budgeted income statement indicates the expected profitability of operations for the next year. A) True B) False 11. A static budget is one that is geared to one level of activity. A) True B) False 12. A flexible budget is a series of static budgets at different levels of activities. A) True B) False 13. Policies regarding when a difference between actual and planned results should be investigated are generally more restrictive for noncontrollable items than for controllable items. A) True B) False 14. Cost centers, profit centers, and investment centers can all be classified as responsibility centers. A) True B) False 15. The terms controllable costs and noncontrollable costs are synonymous with variable costs and fixed costs, respectively. A) True B) False
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