Indicate whether the following statements are "TRUE" or "FALSE"

1- Financial accounting is considered to be the backbone to top management.

2- Cost accounting identifies, summarizes and interprets cost data to assist managers in determining the company's inventory.

3- To calculate product price we have to add liabilities to profit.

4- GAAP are needed in cost accounting rather than financial accounting to makeinformation users stand on solid ground otherwise fraud, misunderstanding, misinterpreting might occur.

5- Performance reports are used by cost accountants in the planning function.

6- A good cost accounting system should be characterized by being accurate and complex.

7- All overhead cost elements are considered to be direct costs.

8- Salaries of factory managers are considered to be indirect cost elements because the criteria of physical tracing is not verified.

9- A variable cost element does not change, in total, as the level of activity changes.

10- Overheads include all indirect materials and indirect labor only.