Indicate whether the followings statements are ‘True’ or ‘False’.

(i) In job order system of costing, each order is regarded as cost unit from the point of view of cost accumulation.

(ii) Process costing is appropriate when each job (work) is unique and easily identifiable.

(iii) A job cost-sheet is the backbone of job costing.

(iv) A job-cost sheet does not enumerate the appropriate inputs required, say, direct materials, direct labour and overheads.

(v) A job cost sheet does not contain date of starting the work and the delivery date.

(vi) A job-cost sheet does not help out in comparing the actual cost of job with the standard cost already set.

(vii) Under-absorption of overheads implies that overheads charged to various jobs are higher than actual overheads.

(viii) When an organization deals in such products that all the time it gets orders which are totally different from last served ones, the job order costing should not be applied as it may result into biased bidding rates.

(ix) Job costing data may be used for estimating the production cost of specific jobs or job of production.

(x) Manufacturing overheads can be identified with specific jobs.

(xi) Direct materials and direct labour cost are traced to jobs by means of materials requisition forms and job time card.

(xii) In an oil refinery, job costing is more appropriate.