Question

The cost reconciliation report has two sections: ""Costs to be accounted for"" followed by ""Costs accounted for"". The ""Costs accounted for"" portion of the cost reconciliation report includes the cost of beginning work in process inventory and the cost of units transferred out. True or false?

Answer 1

Answer:

The correct answer is False.

Explanation:

At the end of the accounting period, monthly, annual or of any kind, a series of tasks of control and audit of costs are carried out in order to generate correct and compensated reports of the value of the inventories and send it to the finance department. Apart from the accounting tasks that transfer the value movements of individual products to exclusive accounting accounts, multiple reporting and monitoring functions and a special reconciliation tool are available for the auditors and cost control engineers responsible for this work. critical importance for the company.