Question 5 Variances are used O to control and analyze costs. O for evaluating the work performance of office staff. O to review timesheets of employees when they arrive and leave work. O for evaluating different security arrangements for protecting inventory. Question 6 In breakeven (cost-profit) analysis, the breakeven point is when total sales equal total variable costs. O when total sales equal total fixed and variable costs. O when total sales equal marginal costs. O seldom used since it does not consider profit. Question 7 Managerial reports are more flexible and less standardized than financial accounting reports. standardized and less flexible than financial accounting reports. flexible and standardized than financial accounting reports. O standardized than financial accounting reports