The cash budget is always prepared firs

true false

Even in the face of changing conditions, attaining the original budget is critical and is the only true measure of success.

true false

Participation of employees in the budgeting process helps create greater commitment towards the budget.

true false

A variance is the difference between an actual result and a budgeted performance

true false

For revenue items, a favorable variance means that actual revenues are less than expected.

true false