Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or false.

1.		Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.		select an option FalseTrue
2.		A process cost system is used when each finished unit is indistinguishable from another.		select an option FalseTrue
3.		Companies that produce soft drinks, movies, and computer chips would all use process cost accounting.		select an option FalseTrue
4.		In a process cost system, costs are tracked by individual jobs.		select an option FalseTrue
5.		Job order costing and process costing track different manufacturing cost elements.		select an option FalseTrue
6.		Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead.		select an option FalseTrue
7.		Costs flow through the accounts in the same basic way for both job order costing and process costing.		select an option FalseTrue
8.		In a process cost system, only one work in process account is used.		select an option FalseTrue
9.		In a process cost system, costs are summarized in a job cost sheet.		select an option FalseTrue
10.		In a process cost system, the unit cost is total manufacturing costs for the period divided by the equivalent units produced during the period.		select an option FalseTrue