Cost-accounting systems fulfill two major purposes: (1) they allocate costs to departments for planning and control, and (2) they apply costs to units of product for product costing.

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This statement is correct. Cost-accounting systems are used to allocate costs to departments for planning and control purposes, as well as to apply costs to units of product for product costing purposes. By allocating costs to specific departments, managers can identify areas where costs can be controlled or reduced, while product costing helps determine the cost of producing each unit of a product or service.

Cost-Accounting Systems Fulfill Two Major Purposes: (1) They Allocate Costs