1. Product costs include direct materials, direct labor, and selling costs.

   True

   False

1. Period costs are all costs that are not product costs, such as office supplies.

   True

   False

1. A cost object is any item such as products, customers, departments, regions, and so on, for which costs are measured and assigned.

   True

   False

1. The valve chain is the set of activities that increase the value of an organization's product and services.

   True

   False

1. Direct costs can be economically and easily traced to a product.

   True

   False

1. Job Costing is a costing system that accumulates production costs by process or by department for a given period of time.

   True

   False