129.Indicate whether each of the following statements is true or false.A restaurant or drycleaner is considered to be a manufacturing company.Service companies cannot have an inventory of raw...

129.Indicate whether each of the following statements is true or false.


A restaurant or drycleaner 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.

130.Indicate whether each of the following statements is true or false.


Purchase of raw materials on account is an asset exchange transaction.
Placing raw materials into production is an asset use transaction.
When raw materials are placed into production, total assets are not affected.
When raw materials are placed into production, the balance in Work in Process increases.
Purchasing manufacturing supplies for cash is an asset use transaction.