Statement l: Financial accountants should maintain an unwavering commitment to ethical values while using their knowledge and s Statement II: Planning is the process of monitoring operating results and comparing actual results with the expected results. o Only Statement is True o Both Statements are True o Only Statement Il is True O Both Statements are False Question 10 Statement I: The cost object may include a customer, geographic regions, and departments or divisions of a firm. Statement II: Indirect costs may be included in administrative and selling expenses. o Only Statement Il is True o Both Statements are True o Only Statement is True O Both Statements are False Question 11 Cost behavior refers to o classifying costs as either inventoriable or period costs. O whether a particular expense has been ethically incurred. o how costs react to a change in the level of activity. O whether a cost is incurred in manufacturing, merchandising, or service company. Question 12 Which of the following statements about product costs is TRUE? o Product costs are deducted from revenue as expenditures are made. O Product costs associated with unsold work in process and finished goods appear on the balance sheet as assets. O Product costs are deducted from revenue when the production process is completed. O Product costs appear on financial statements only when products are sold