Which of the following statements about standard costs is FALSE? Multiple Choice Standard costs can greatly complicate bookkeeping As long as standards are viewed by employees as being reasonable, they can promote economy and efficiency. Standard costs fit naturally in an integrated system of "responsibility accounting." Standards should be reviewed periodically for their continued relevance. A management philosophy where a manager directs attention toward those parts of the organization where the variances are significant as defined by the organization is known as. Multiple Choice O The static report The balanced scorecard The performance report The static report The balanced scorecard The performance report O Management by exception A(n) budget is any budget based on an activity level different from the planned activity level and is prepared using the same budget data and standard cost card information of the budget Multiple Choice predetermined; flexible ideal; practical static; flexible flexible; static