5) Which of the following statements is true? 1.A benefit from budgeting is that it forces managers to think about and plan for the future. 2.One of the weaknesses of budgets is that they are of little value in uncovering potential bottlenecks. 3.One disadvantage of budgeting is that budgeting makes it more difficult to coordinate the plans and activities of departmental managers. A) Only statement I is true. B) Only statement II is true. C) All of the statements are true. D) None of the statements are true. 6) Which of the following statements is true? 1.A revenue variance is unfavorable if the revenue in the static planning budget is less than the revenue in the flexible budget. 2.A favorable spending variance occurs when the actual cost is less than the amount of the cost in the static planning budget. 3.A revenue variance is favorable if the actual revenue is greater than the revenue in the static planning budget. A) Only statement I is true. B) Only statement III is true. C) All of the statements are true. D) None of the statements are true. 7) Which of the following statements is true? 1. The labor efficiency variance is labeled favorable (F) if the actual hours used is less than the standard hours allowed for the actual output. 2.If demand is insufficient to keep everyone busy and workers are not laid off, a favorable (F) labor efficiency variance often will be a result. a A) Only statement I is true. B) Only statement II is true. C) Both statements are true. D) Neither statement is true