The variance analysis cycle $\_\_\_\_\_\_.$

Multiple choice question.

begins with the preparation of performance reports

includes the investigation of all variances

is used to assign blame for poor performance

begins with the preparation of the budget

Multiple choice question.

difference between total revenue in the planning budget and actual total revenue

difference between the actual total revenue and what the total revenue should have been, given the actual level of activity for the period

actual total revenue earned

difference between what a cost should have been at the actual level of activity and the actual amount of the cost