The selection of levels of activity to depict a flexible budget:. 1. will be within the relevant range.
2. is largely a matter of expediency.
3. is governed by generally accepted accounting principles.

1 and 2

Explanation:

A flexible budget is a budget in which there is a change in the volume or the change in activity so that it becomes so sophisticated

While on the other hand under the static budget the values would remain the same

So at the time of selection for activity levels, it should be within relevant change and expediency matter H

Hence, the first two statements are correct

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