Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
A work ticket is used to keep track of an employee's time for a given time period,as well as the amount of time spent on individual jobs.______
When a job is finished,the job cost sheet shows all the costs associated with the job.______
Use of a predetermined overhead rate is needed for a company using a process costing system but not for a company using a job-order costing system.______
A company using a job-order costing system generally would maintain three inventory accounts: Raw Materials Inventory,Work in Process Inventory,and Manufacturing Overhead.______
Applying overhead to products is an asset exchange transaction.______