Which of the following statements is (are) true?
(A) A favorable variance is not necessarily good, and an unfavorable variance is not necessarily bad.
(B) The master budget includes operating budgets (e.g., production budget) and financial budgets (e.g., cash budget).
A. Only A is true.
B. Only B is true.
C. Both A and B are true.
D. Neither A nor B is true.