true or false

1) Product costs include direct materials, direct labor, advertising, and administration costs

2) The cost of your old automobile is relevant in the decision to purchase a new automobile

3) Irrelevant cash flows are often called avoidable cash flows

4) Cost accounting information, such as the valuation of ending inventory, is shown on external financial statements.

5) Financial accounting information is used by both internal and external users for decision making purposes.

6) Accounting information is used to monitor operations by comparing actual results to planned results

7) Accounting information is the only thing managers need to make financial decisions

8) Diagnostic control systems are used like a budget for the company to meet objectives.