U Question 7 1 Ms Which of the following statements about product costs is TRUE? 0 Product costs appear on nancial statements only when products are sold; 0 Product costs are deducted from revenue as expenditures are made 0 Product costs associated with unsold work in process and nished goods appear on the balance sheet as assets 0 Product costs are deducted from revenue when the production process is completed Question 8 1 MS Statement I: Performance Reports provide the means to obtain feedback to identify and learn from excellent performance and to identify and eliminate sources of unsatisfactory performance. Statemem II: The gathering evaluating and responding to feedback to ensure the meeting of expectations is part of the PLANNING function 0 Only Statement l isTrue 0 Both Statements are False 0 Both Statements are True 0 Only Statement H lsTrue Question 9 1 Ms Statement |: Cost of goods sold refers to the products brought to completion whether they were started before or during the current accounting period Statement ll: Overtime premium is non-daily considered a component of direct labor. 0 Both Statements are False O Both Statements are True 0 Only Statement H isTrue 0 Only Statement l isTrue