Statement I: Although the Law of supply and demand to a great extent determine the price of an article, cost to the producer plays an important role. Statement II: Adequate costing records do not provide a reliable basis
CS Executive · Cost and Management Accounting · PYQS · December 2020
Statement I: Although the Law of supply and demand to a great extent determine the price of an article, cost to the producer plays an important role. Statement II: Adequate costing records do not provide a reliable basis for making estimates and quoting tenders.
Answer & Explanation:
Correct Answer: Option (D)
Official answer key: (D).
Topics: Cost Accounting
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