Connie Rice has prepared the following list of statements about budgetary control. Identify each statement as true or false.

1.		Budget reports compare actual results with planned objectives.		select an option TrueFalse
2.		All budget reports are prepared on a weekly basis.		select an option TrueFalse
3.		Management uses budget reports to analyze differences between actual and planned results and to determine their causes.		select an option TrueFalse
4.		As a result of analyzing budget reports, management may either take corrective action or modify future plans.		select an option TrueFalse
5.		Budgetary control works best when a company has an informal reporting system.		select an option TrueFalse
6.		The primary recipients of the sales report are the sales manager and the production supervisor.		select an option TrueFalse
7.		The primary recipient of the scrap report is the production manager.		select an option TrueFalse
8.		A static budget is a projection of budget data at a single level of activity.		select an option TrueFalse
9.		Top managements reaction to unfavorable differences is not influenced by the materiality of the difference.		select an option TrueFalse
10.		A static budget is not appropriate in evaluating a managers effectiveness in controlling costs unless the actual activity level approximates the static budget activity level or the behavior of the costs is fixed.		select an option TrueFalse