True or False

21. The managers of process operations focus on the series of repetitive processes, or steps, resulting in a non-customized product or service. 22. Cost accounting systems accumulate production costs and then assign them to products and services. 23. Managerial accounting is an activity that helps managers determine costs of products and services, plan future activities, and compare actual to planned results. 24. Equivalent units of production is the number of units that could have been started and completed given the costs incurred during the period. 25. The direct materials section of a job cost sheet shows the materials costs assigned to a specific job, but the direct labor section only shows the total hours of labor allocated to the job 26. The main difference between the cost of goods sold of a manufacturer and a merchandiser is that the manufacturer includes cost of goods manufactured rather than cost of goods purchased. 27. Equivalent units of production for direct materials and direct labor are always the same. 28. Service firms cannot use job order costing for determining a selling price for their services. 29. The Work in Process Inventory account is found only in the ledgers of manufacturing companies. 30. In process costing there is never a balance remaining in Factory Overhead that needs to be closed at period end