no need for explnation, just answer t ot f,

i think

1: T, 2:T, 3:F, 4:F

Preparation of the Sales budget is the first step in the preparation of operating budget. A flexible budget is prepared to represent different levels of sales volume. A master budget is the financial plan for a specific segment of an organization. A favorable variance reflects a decrease in operating income. Budgets provide a benchmark that motivates employees and helps managers evaluate performance. A variance is the difference between an actual amount and a budgeted amount. The sales volume variance is a result of the difference between the actual selling price and the budgeted selling price. A static budget is prepared for only one level of sales volume. Standard costs help motivate employees by serving as benchmarks against which their performance is measured. Favorable variances are added to unfavorable variances to create a total favorable variance. A goal of the budgeting process is to communicate a consistent set of plans throughout the company. After comparing budgets with actual results, corrective action will be taken based on the differences. An efficiency variance measures how well the business uses its materials or human resources. A set of budgeted financial statements and supporting schedules for the entire organization which includes the operating, capital expenditures and financial budgets is called a Master Budget. In a standard costing system, each item has a cost standard and a quantity standard