True or False

7) Using a flexible budget, actual results can be compared to what costs should have been at the actual level of activity.

11) Differences between the static planning budget and the flexible budget show what should have happened because the actual level of activity differed from what had been planned.

13) The activity variance for revenue is favorable if the revenue in the flexible budget exceeds the revenue in the static planning budget.

17) A revenue variance is the difference between what the total sales revenue should been, given the actual level of activity of the period, and the actual total sales revenue.

23) A flexible budget performance report contains activity variances but not revenue or spending variances.

26) If the actual level of activity differs from what was planned, it would be misleading to compare actual costs to the static, unchanged planning budget.