Question 1
Which of the following is a continuously updated computerized record of inventory items purchased, used, sold, and on hand for merchandise, raw materials, and finished goods?
◦ job cost system
◦ standard cost records
◦ cost accounting records
◦ perpetual inventory master file
Question 2
An adequate cost accounting system is an important part of the processing of goods function for all manufacturing companies.
◦ true
◦ false