10. The following statements have been made about planning variances: 1. Inaccurate Planning and faulty standards leads to Planning variances. 2. The managers at all levels in the organization need to investigate the reasons of sales price planning variances. Which of the above statement(s) is/are true? (2 Points) 1 only O2 only Neither 1 nor 2 Both 1 and 2 11. The following statements are about variances: 1. The process by which the total difference between standard and actual results is analysed is known as variance. 2. The process by which the total difference between standard and actual results is analysed is known as variance analysis. 3. When actual cost is more than the standard cost, we have a favorable variance. 4. When actual cost is more than the standard cost, we have a Adverse variance. Which of the above statements is/are correct about variances? (2 Points) 1 only 2 and 4 All of the above 1.2 and 3