1)Journalizing a favourable variance will result in a credit to that variance for its determined amount

True

False

2) The materials price variance can be further explained by mix and yield variances.

True

False

3) The only difference between the static budget and the flexible budget is that the flexible budget is prepared using planned output.

True

False

4)If a company has a favourable efficiency variance, it uses less inputs than were budgeted for the output units achieved.

True

False