Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
A favorable variance may indicate the existence of unfavorable conditions.______
Managers should be praised or punished based on variances.______
Budget slack exists when performance standards are set at an ideal,unachievable level.______
Establishing standards is the least difficult aspect of using a standard cost system.______
A standard is the amount a price,cost,or quantity should be.______