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True or false explain false

____1. Cost accounting provides information primarily for internal accountants. ____2. A budget is a quantitative expression that helps in the coordination and implementation of a plan prepared for the future.

____3. Managers and decision makers are best served if accounting information is relevant to them and received on time.

____4. The cost-benefit approach should be used in decisions to allocate resources. ____5. The comptroller is also known as the chief financial officer. ____6. Cost accountants have important ethical responsibilities related to competence, confidentiality, integrity, and objectivity. ____7. An estimated cost is an actual or incurred cost.

____8. The materiality of a cost is a factor to classify it as direct cost or indirect cost. ____9. Costs can be simultaneously (at the same time) variable and direct costs

___ 10. The variable costs "variable cost" remain unchanged by total, also does not consider the levels of production.

____11. Total costs do not change per total, regardless of production levels. ____12. Costs can be simultaneously (at the same time) variable and direct.

____13. Unit costs are never (never) used in Financial Statements.

____14. Companies in the merchandise sector (supermarkets, for example) buy raw materials and components to turn them into different finished products.

____15. Indirect manufacturing labor costs in manufacturing include compensation for all manufacturing labor that can be easily identified with the product. ____16. Cost of goods sold "cost of goods sold" refers to the costs of products put into production. ____17. Product cost is the total of all costs allocated to that product for a specific purpose. ____18. A period cost is basically equal to an operating expense. ____19. Prime costs include direct manufacturing costs. ____20. Conversion costs are product costs used to transform and produce a finished product.