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 restaurant or dry cleaner is considered to be a manufacturing company.______
Service companies cannot have an inventory of raw materials.______
Service companies accumulate cost information for the services they provide to customers.______
Information about the cost of services provided is useful in budgeting,and budgeting is important for service companies.______
A service company typically reports finished goods on its balance sheet.______