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) Managerial performance can be evaluated by comparing actual amounts with standard amounts.
_____ b) Differences between standard and actual amounts are called variances.
_____ c) When actual results are compared to a flexible budget based on actual volume of activity, any variances result from differences between standard and actual per unit amounts.
_____ d) If the actual sales price per unit is higher than the standard, a company's sales price variance is unfavorable.
_____ e) Differences between flexible budget costs and revenues and the actual results are volume variances.