Respond that the following statements are TRUE or FALSE:

1) Traditional costing systems employ multiple allocation rates, but an activity-based costing system uses only one rate for allocating manufacturing overhead.

2) A system of evaluating the performance of each responsibility center and its manager is known as responsibility accounting system.

3) The manager of a cost center is responsible for controlling costs and generating revenues of the company.

4) The manager of a profit center is responsible for generating revenues and managing the center's invested capital.

5) The responsibilities of a manager of an investment center are to generate profits and to efficiently manage the center's invested capital.