Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
A flexible budget can be viewed as an extension of a company's master budget.______
The master budget is a static budget because it is prepared for a single level of volume.______
Standards are established for a company's costs but not for the selling prices of its goods and services.______
If rent is budgeted at $34,000 for 10,000 units,rent would also be budgeted at $34,000 for 11,000 units.______
Flexible and static budgets use the same per-unit standard amounts for sales and variable costs.______