126.Indicate whether each of the following statements about job-order cost systems is true or false.In a job-order cost system, the costs of a job are accumulated on a job cost sheet.Materials...

126.Indicate whether each of the following statements about job-order cost systems is true or false.


In a job-order cost system, the costs of a job are accumulated on a job cost sheet.
Materials requisition forms are prepared by the company's purchasing department to order raw materials from a supplier.
A materials requisition form is a source document used in preparing a job cost sheet.
A materials requisition form is usually prepared and delivered electronically.
A manufacturer's production department is responsible for preparing job cost sheets.

127.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 cost system but not for a company using a job-order cost system.
A company using a job-order cost 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.