Which of the Following Statements Is True

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.