Indicate Whether Each of the Following Statements Is True or False

Indicate whether each of the following statements is true or false.
_____ a) A variance is a difference between an expected amount and a standard amount.
_____ b) When actual sales revenue exceeds the expected revenue, a company has a favorable sales variance.
_____ c) A cost variance is considered to be unfavorable when actual costs are less than standard costs.
_____ d) A company can calculate variances for both revenues and costs.
_____ e) Flexible budgets can be used for both planning and performance evaluation.