Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false:
Service and product cost information is used for both financial reporting and managerial accounting.______
Companies report service costs but not product costs in their financial statements.______
Service companies are required to match the costs of providing services with the revenues generated from the services.______
Information about the cost of providing services or products is essential for decision making.______
For a hospital or electric utility,service and product costing information is useful in contract negotiations and in setting rates.______