Chapter 18: Questions: For the following questions, identify as either True or False, or state the correct letter answer: for the Multiple Choice question on the bacel Answer Sheet. 8. Control is the process of setting goals and determining way to achieve them. TRUE FALSE 9. Both financial and managerial accounting rely exclusively on GAAP for reporting, TRUE FALSE 10. Planning is the process of setting goals and making plans to achieve them. TRUE FALSE 11. Direct Materials are not easily traced to a product. TRUE FALSE 12.Sales commissions are regarded as a product cost TRUE FALSE 13. Work-in-Process inventory account is found only in the ledgers of merchandising companies. TRUE FALSE 14. Prime Costs consist of Direct Materials and Direct labor. TRUE FALSE 15. Beginning finished goods inventory plus cost of goods manufactured equals cost of goods sold. TRUE FALSE 16. Goals of Total Quality Management process include all of the following except: A. Continuous improvement B. Better inventory control C. More product defects D. Reduced waste