T or F.

1.A cost variance is unfavorable if actual cost exceeds standard cost.

2. When preparing responsibility reports an accountant should remember that the utiltiy of info tends to decrease with the length of time required to prepare and disseminate the info.

3. Most companies initially record the cost of materials acquired in the raw materials inventory account.

4. If actual volume is smaller than the budgeted or expected volume, then a favorable volume variance will occur.

5. The credit to the Finished Goods inventory account represents the cost of goods manufactured.

6. All the accounting formulas are same in all the different countries.