Final Answer:
The statement given "Price lists are acceptable source documents in developing materials price standards." is true, price lists are acceptable source documents in developing materials price standards. Option A is the answer.
Step-by-step explanation:
Price lists are indeed acceptable source documents when establishing materials price standards in cost accounting. These documents provide information about the costs associated with purchasing various materials, helping companies determine standard costs for their products. By using price lists, businesses can set benchmarks for the expected costs of materials, facilitating budgeting, cost control, and performance evaluation. This process is integral to developing accurate standards for costing, allowing companies to compare expected costs with actual costs, identify variances, and make informed decisions about pricing and resource allocation.
Option A is the answer.