Which of the foliowing statements is true? 1. The octivity variance for revenue is favorable if the actual revenue for the period exceeds the revenue in the static planning budget. 0. An activity variance is the difference between an actual revenue or cost and the revenue or cost in the flexible budget that is adjusted for the actual level of activity of the period. Multiple choice Neaher statement is true Only statement il is true. Only satement I is true. Both statements are true