Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
In deciding whether to investigate a variance,managers should consider the materiality,but not the type or direction,of the variance.______
A material variance is one that will influence stockholders' investment decisions.______
The primary advantage of a standard cost system is controlling costs efficiently.______
Ideal standards will likely lead to variances that need not be investigated because they are not the result of abnormalities.______
Even a well-established and -maintained standard cost system is likely to damage employee morale.______