Jake Palermo has prepared the following list of statements about budgetary control. Identify each statement as true or false. ****If false, indicate how to correct the statement. 1. Budget reports compare actual results with planned objectives. 2. All budget reports are prepared on a weekly basis. 3. Management uses budget reports to analyze differences between actual and planned results and determine their causes. 4. As a result of analyzing budget reports, management may either take corrective action or modify future plans. 5. Budgetary control works best when a company has an informal reporting system. 6. The primary recipient of the scrap report is the production manager. 7. A static budget is a projection of budget data at one level of activity. 8. Top managements reaction to unfavorable differences is not influenced by the materiality of the difference. 9. 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