Multiple Select Question

Select all that apply

Which of the following statements regarding variances are correct?

Small variances should be ignored.

Budgets will always have at least a small variance.

A business owner should examine the variance to determine the significance between the budget and actual spending.

The owner or employees should be able to estimate with accuracy what the business' future results will be

An owner may be able to determine where the business is not meeting its goals by studying the variances report.

Variances that are large should not be acted on$,$ as it is a waste of the owner's time.