The statement 'A flexible budget performance report contains activity variances but not revenue or spending variances' is false.
Flexible budgets can be adjusted to reflect variations in income and spending during the fiscal year while taking into consideration anticipated unpredictability. Businesses initially factor in anticipated fixed expenses, or at least those which they don't expect to change as the year progresses.
Flexible budgeting can be used to more readily adjust a budget while earnings or other activity data are still being finalized. Managers must approve all fixed costs and variable costs calculated as a percentage of sale or other activities measurements under this technique.
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