In any company involved in manufacturing, an adequate cost accounting internal control system is necessary to indicate the relative profitability of the various products for management planning and control and to:
A) determine variances from standards.
B) determine variances from budgets.
C) value inventories for financial statement purposes.
D) value inventories for audit verification.

Question

Quizplus · Accepted Answer

An adequate cost accounting internal control system is necessary to value inventories for financial statement purposes, ensuring accurate reporting of inventory values in the company's financial statements.

In Any Company Involved in Manufacturing, an Adequate Cost Accounting