QUESTION $1(10$ marks; $18$ minutes$)$

Indicate whether the following statements are True or False

$1\mathrm{.}1$ A static budget compares actual costs with budgeted costs.

$1\mathrm{.}2$ An atter$-$the$-$fact fiexible budget allows managers to generate financial results from a number of potentia scenarios.

$1\mathrm{.}3$ Fixed overtead costs are rescurces acquired as used and needed.

$1\mathrm{.}4$ Managers develop quantity standands when they decide what amount of input should be used per unit of output.

$1\mathrm{.}5$ The atandard cost per unit of outpul for a paricular input is calculated by muttiplying the standard input price by the standard input allowed per units of output produced.

$1\mathrm{.}6$ The standare cost sheet provides the input standards needed to calculate the total amount of inputs allowed for the actual output an essential component in calculating efficiency variances.

$1\mathrm{.}7$ The master budgel is typically a comprehensive financial plan for the organisation for the past fiscal year

$1\mathrm{.}8$ The production budget is produced in units and in rands

$1\mathrm{.}9$ If the intial cash buoget indicates a cash daf cit, the company must go out of business.

$110$ A stralegic plan identfies strategies for fufure activities and operations, generally covering at least five years.