1. The budget procedure that requires managers to estimate sales, production, and other operating data as though operations were being started for the first time is called zero-based budgeting. True or False

2. The budgeted balance sheet is also called a pro forma balance sheet. True of False

3.Accounting systems that use standards for product costs are called variable cost systems. True or false

4.Normally, standard costs should be revised when labor rates change to incorporate new union contracts. True or false