The focus of financial accounting is past oriented *

True

False

The indirect cost is a cost which is related to a particular cost object but cannot be traced to it in an economically feasible way *

True

False

Period costs include direct materials, direct labor and manufacturing overhead *

True

False

In a job costing system, costs are assigned to each job or batch *

True

False

Cost of completed jobs is transferred to finished goods *

True

False