Exam 15: Performance Evaluation

Which of the following statements regarding a balanced scorecard is correct?

Indicate whether each of the following statements is true or false.A variance is a difference between an expected amount and a standard amount.When actual sales revenue exceeds the expected revenue, a company has a favorable sales variance.A cost variance is considered to be unfavorable when actual costs are less than standard costs.A company can calculate variances for both revenues and costs.Flexible budgets can be used for planning, but not for performance evaluation.