Which of the following statements is/are TRUE?

I. A favorable variance results when actual costs exceed budgeted costs. II. The purpose of variance analysis is to compare what happened with what we expected to happen. III. A favorable variance can be ignored by management. IV. An unfavorable variance is conclusive evidence of poor performance.

Question 12 options:

a)	Only II is true.

b)	II and IV are true.

c)	All of the statements are true.

d)	II, III, and IV are true.