Which of the Following Statements Is True

question 23

Multiple Choice

Which of the following statements is true?

• A) Service firms have little need for determining the cost of their services.
• B) The concept of product costing is relevant only for manufacturing firms.
• C) The cost of year-end inventory appears on the balance sheet as an expense.
• D) Service companies use cost information for planning and control purposes.
• E) Mining and petroleum companies have no inventoriable costs.

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Definitions:

Dilated Vein

A vein that has become enlarged and swollen, often visible under the skin, sometimes indicative of underlying health issues.

Alimentary Canal

The intestinal tract, from the esophagus to the rectum, and accessory organs.

Gastrointestinal Tract

The part of the digestive system comprising the stomach and intestine, through which food is ingested, digested, absorbed, and expelled.

Cholecystectomy

Surgical removal of the gallbladder.