Most internal users of accounting information need primarily global information that reflect the performance of the company as a whole.

True False

Product costs include materials, labor, and selling and administrative costs.

True False

Wages paid to production workers are recorded as inventory rather than expense when incurred.

True False

A cash purchase of materials to be used in manufacturing a product is an asset use transaction.

True False

Selling, general, and administrative costs cannot be easily traced to products and are therefore included in manufacturing overhead.

True False