Question: 1. A process cost system uses just two inventory accounts, raw materials inventory and work in process inventory. True or False 2. Job-order cost systems

1. A process cost system uses just two inventory accounts, raw materials inventory and work in process inventory.

True or False

2. Job-order cost systems are used by many service businesses; process cost systems are not applicable to service businesses.

True or False

3. Factory insurance is an indirect product cost and part of overhead.

True or False

4.Payment of cash for sales staff salaries is an asset exchange transaction.

True or False

5. The primary advantage of process cost systems is that there is no underapplied or overapplied overhead to account for.

True or False

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