True or False:
1. Process cost reports are prepared for each of the processes or work cells.
2. The number of equivalent units for direct materials is the same as the number for conversion costs.
3. In a process costing system, the average costing method assumes that cost flows mirror the logical physical flow of production.
4. A manufacturing chain is a path that leads from the suppliers of the materials from which a product is made to the final customer.
5. Reports and analysis prepared in traditional management settings will match the requirement of the new manufacturing environment.
6. Just-in-time operating environments encourage continuous improvement of the work environment.
7. Regression analysis takes into consideration only the highest and the lowest level of activities to predict cost behavior.
8. In a breakeven scatter diagram, the loss area continues till the total costs line is below total revenues line.
9. Revising the budgets to include all planning decisions will improve the quality of the budgets.
10. Standard costing can be used only with a process costing system.