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 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.______