Question 1

List four management practices (programs of continuous improvement)that may be used to achieve the objectives of the lean business model.

Accepted Answer

1. just-in time.
2. total quality management.
3. process reengineering.
4. theory of constraints.

Question 2

The theory of constraint (TOC)framework focuses on effectively managing constraints as the key to success.

Accepted Answer

A) True 
 B)False  True

Question 3

Which of the following is NOT a benefit of a just-in-time (JIT)system?

Accepted Answer

A) Areas previously used to store inventories are made available for other more productive uses. 
B) Funds that have been tied up in inventories can be used elsewhere. 
C) The time required to fill an order is reduced, resulting in quicker response to customers and consequentially greater potential sales. 
D) Production workers are always busy. 
A) Areas previously used to store inventories are made available for other more productive uses. 
B) Funds that have been tied up in inventories can be used elsewhere. 
C) The time required to fill an order is reduced, resulting in quicker response to customers and consequentially greater potential sales. 
D) Production workers are always busy. D

Question 4

The control phase includes analysing actual results, comparing to the budget and identifying why differences occurred.

Accepted Answer

A) True 
 B)False

Question 5

The management cycle proceeds in what order?

Accepted Answer

A) Planning, implementation, control 
B) Control, implementation, planning 
C) Implementation, planning, control 
D) Implementation, control, planning 
A) Planning, implementation, control 
B) Control, implementation, planning 
C) Implementation, planning, control 
D) Implementation, control, planning

Question 6

Explain the importance of ethical responsibility and explain the need for ethical codes of conduct.

Accepted Answer

Unethical behaviour is often the result

Question 7

The PDCA Cycle is a system of continuous improvement in which a planning committee selects from a list of alternatives for improvement and moves to fully implement immediately the chosen improvement.

Accepted Answer

A) True 
 B)False

Question 8

Explain the lean business model and its corresponding management practices and potential benefits.

Accepted Answer

Many businesses in order to remain compe

Question 9

Many Canadian organizations have successfully implemented quality management principles and have received recognition from Excellence Canada (formerly the National Quality Institute)whose mission is to inspire excellence in Canada.

Accepted Answer

A) True 
 B)False

Question 10

Defects can be tolerated in a just-in-time (JIT)system.

Accepted Answer

A) True 
 B)False

Question 11

In using total quality management (TQM), the key focus is:

Accepted Answer

A) customer focus. 
B) executive focus. 
C) employee focus. 
D) management focus. 
A) customer focus. 
B) executive focus. 
C) employee focus. 
D) management focus.

Question 12

Process reengineering is usually strongly accepted by all employees within an organization.

Accepted Answer

A) True 
 B)False

Question 13

Process reengineering diagrams a business process in detail, questions it, and then completely redesigns it to eliminate unnecessary steps, reduce opportunities for errors, and reduce costs.

Accepted Answer

A) True 
 B)False

Question 14

Companies using the just-in-time (JIT)approach hope to achieve:

Accepted Answer

A) reduction of costs associated with setup by producing in large batches. 
B) reduced defect rates, resulting in less waste and greater customer satisfaction. 
C) gains in production flexibility. 
D) the hiring of specialized workers to increase production. 
A) reduction of costs associated with setup by producing in large batches. 
B) reduced defect rates, resulting in less waste and greater customer satisfaction. 
C) gains in production flexibility. 
D) the hiring of specialized workers to increase production.

Question 15

Control involves the process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.

Accepted Answer

A) True 
 B)False

Question 16

A manufacturing company has implemented just in time (JIT)into their process. JIT is part of:

Accepted Answer

A) total quality management 
B) the theory of constraints. 
C) process re-engineering. 
D) the lean business model. 
A) total quality management 
B) the theory of constraints. 
C) process re-engineering. 
D) the lean business model.

Question 17

List four major potential benefits of successfully implementing a just-in-time (JIT)system in a manufacturing company.

Accepted Answer

1. substantial reduction in inventory or

Question 18

Companies that use the just-in-time (JIT)approach purchase materials and produce units only as needed to meet actual customer demand.

Accepted Answer

A) True 
 B)False

Question 19

The main idea underlying the lean business model is the elimination of waste.

Accepted Answer

A) True 
 B)False

Question 20

The control phase includes preparing budgets for the upcoming period.

Accepted Answer

A) True 
 B)False

List four management practices (programs of continuous improvement)that may be used to achieve the objectives of the lean business model.

The theory of constraint (TOC)framework focuses on effectively managing constraints as the key to success.

Which of the following is NOT a benefit of a just-in-time (JIT)system?

The control phase includes analysing actual results, comparing to the budget and identifying why differences occurred.

The management cycle proceeds in what order?

Explain the importance of ethical responsibility and explain the need for ethical codes of conduct.

The PDCA Cycle is a system of continuous improvement in which a planning committee selects from a list of alternatives for improvement and moves to fully implement immediately the chosen improvement.

Explain the lean business model and its corresponding management practices and potential benefits.

Many Canadian organizations have successfully implemented quality management principles and have received recognition from Excellence Canada (formerly the National Quality Institute)whose mission is to inspire excellence in Canada.

Defects can be tolerated in a just-in-time (JIT)system.

In using total quality management (TQM), the key focus is:

Process reengineering is usually strongly accepted by all employees within an organization.

Process reengineering diagrams a business process in detail, questions it, and then completely redesigns it to eliminate unnecessary steps, reduce opportunities for errors, and reduce costs.

Companies using the just-in-time (JIT)approach hope to achieve:

Control involves the process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.

A manufacturing company has implemented just in time (JIT)into their process. JIT is part of:

List four major potential benefits of successfully implementing a just-in-time (JIT)system in a manufacturing company.

Companies that use the just-in-time (JIT)approach purchase materials and produce units only as needed to meet actual customer demand.

The main idea underlying the lean business model is the elimination of waste.

The control phase includes preparing budgets for the upcoming period.

Cost Concepts

Systems Design: Job-Order Costing

Process Costing

Activity-Based Costing

Cost Behaviour: Analysis and Use

Budgeting

Cost-Volume-Profit Relationships

Relevant Costs: the Key to Decision Making

Capital Budgeting Decisions

Standard Costs and Variance Analysis

Organizational Structure and Performance Measurement

How Well Am I Doing Financial Statement Analysis Online

How Well Am I Doing Cash Flow Statement Online

Filters

Exam 1: An Introduction to Managerial Accounting

List four management practices (programs of continuous improvement)that may be used to achieve the objectives of the lean business model.

The theory of constraint (TOC)framework focuses on effectively managing constraints as the key to success.

Which of the following is NOT a benefit of a just-in-time (JIT)system?

The control phase includes analysing actual results, comparing to the budget and identifying why differences occurred.

The management cycle proceeds in what order?

Explain the importance of ethical responsibility and explain the need for ethical codes of conduct.

The PDCA Cycle is a system of continuous improvement in which a planning committee selects from a list of alternatives for improvement and moves to fully implement immediately the chosen improvement.

Explain the lean business model and its corresponding management practices and potential benefits.

Many Canadian organizations have successfully implemented quality management principles and have received recognition from Excellence Canada (formerly the National Quality Institute)whose mission is to inspire excellence in Canada.

Defects can be tolerated in a just-in-time (JIT)system.

In using total quality management (TQM), the key focus is:

Process reengineering is usually strongly accepted by all employees within an organization.

Process reengineering diagrams a business process in detail, questions it, and then completely redesigns it to eliminate unnecessary steps, reduce opportunities for errors, and reduce costs.

Companies using the just-in-time (JIT)approach hope to achieve:

Control involves the process of instituting procedures and then obtaining feedback to ensure that all parts of the organization are functioning effectively and moving toward overall company goals.

A manufacturing company has implemented just in time (JIT)into their process. JIT is part of:

List four major potential benefits of successfully implementing a just-in-time (JIT)system in a manufacturing company.

Companies that use the just-in-time (JIT)approach purchase materials and produce units only as needed to meet actual customer demand.

The main idea underlying the lean business model is the elimination of waste.

The control phase includes preparing budgets for the upcoming period.

Cost Concepts

Systems Design: Job-Order Costing

Process Costing

Activity-Based Costing

Cost Behaviour: Analysis and Use

Budgeting

Cost-Volume-Profit Relationships

Relevant Costs: the Key to Decision Making

Capital Budgeting Decisions

Standard Costs and Variance Analysis

Organizational Structure and Performance Measurement

How Well Am I Doing Financial Statement Analysis Online

How Well Am I Doing Cash Flow Statement Online

Filters