Indicate Whether Each of the Following Statements Is True or False

question 118

Short Answer

Indicate whether each of the following statements is true or false.
_____ a) A variance is a difference between an expected amount and a standard amount.
_____ b) When actual sales revenue exceeds the expected revenue, a company has a favorable sales variance.
_____ c) A cost variance is considered to be unfavorable when actual costs are less than standard costs.
_____ d) A company can calculate variances for both revenues and costs.
_____ e) Flexible budgets can be used for both planning and performance evaluation.

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Definitions:

Millon-III

A psychological assessment tool developed by Theodore Millon used for personality assessment and diagnosing personality disorders.

Objective Personality Test

A method of psychological assessment that uses standardized questions and response options to evaluate aspects of an individual's personality in an unbiased manner.

DSM-IV

An earlier version of the Diagnostic and Statistical Manual of Mental Disorders, providing criteria for the classification and diagnosis of mental disorders.

Beck Anxiety Inventory

A self-report inventory used to measure the severity of anxiety symptoms.