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Which of the following is INCORRECT regarding flexible budgets?

Which of the following is INCORRECT regarding flexible budgets?<br/>

a) The fixed costs are the same in a flexible vs. a static budget.
b) Flexible budgets take into account changes in actual (vs. projected) volume on revenue and profits.
c) The flexible budget does not adjust revenues to reflect actual volume levels.
d) The flexible budget holds reimbursement rates constant.

 
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