Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
Managerial performance can be evaluated by comparing actual amounts with standard amounts.______
Differences between standard and actual amounts are called variances.______
When the static budget is compared to a flexible budget based on actual volume of activity,any variances result from differences between standard and actual per-unit amounts.______
If the actual sales price per unit is higher than the standard,a company's sales price variance is unfavorable.______
Differences between flexible budget costs and revenues and the actual results are price variances.______