1.A total variance is calculated as Actual cost of actual input-Standard cost of actual output

True or False

2.Total variances provide useful information for determining why the differences between actual and expected production costs occurred.

True or False

3. Standard costing system allows actual costs to be compared against norms for cost control purposes

True or False

4. A standard is a performance benchmark or norms used for planning and control purposes.

True or False

5. A total variance is calculated as: Actual cost of actual input- Standard cost of budgeted output

True or False