166) Prime costs consist of factory overhead and direct labor. a. true b. false 167) Indirect labor and indirect materials are classified as: a. factory overhead and period costs b. factory overhead and product costs c. operating costs and period costs d. operating costs and product costs 168) When bonds held as long-term investments are purchased at a price other than the face value, the premium or discount should be amortized over the remaining life of the bonds. a. true b. false 169) In most business organizations, the chief accountant is called the treasurer. a. true b. false 170) Which of the following is not a factory overhead cost? a. insurance on factory equipment b. materials used directly in the manufacturing process of the product c. property tax on factory building d. salaries of production supervisors