All of the following statements are false except:

A) A planning budget is an estimate of revenues and costs at the actual level of activity based on budgeted rates.

B) A revenue variance is the difference between revenues based on budgeted rates at the actual level of activity compared to the planned level of activity.

C) A revenue variance is the difference between actual revenues and expected revenue calculated using budgeted rates at the actual level of activity.

D) A planning budget is prepared at the end of a period.