Question 1

How does automation help achieve manufacturing flexibility?

Accepted Answer

By replacing labor with automation,a fir

Question 2

A company's value stream includes all steps in a process,both essential and non-essential,for which the customer is willing to pay.

Accepted Answer

A) True 
 B)False

Question 3

Computer Integrated Manufacturing focuses on reducing the complexity of the physical manufacturing layout of the shop floor.

Accepted Answer

A) True 
 B)False

Question 4

What document signals the completion of the production process?

Accepted Answer

The receipt by cost accounting

Question 5

Characteristics of lean manufacturing include all of the following except

Accepted Answer

A)  push manufacturing 
B)  zero defects 
C)  reduced setup time and small lot sizes 
D)  reliable vendors 
A)  push manufacturing 
B)  zero defects 
C)  reduced setup time and small lot sizes 
D)  reliable vendors

Question 6

Which of the following statements about the EOQ inventory model assumptions is incorrect?

Accepted Answer

A)  Demand for the product is constant and known with certainty. 
B)  The lead time is a variable. 
C)  All inventories in the order arrive at the same time. 
D)  Total ordering cost is a variable 
A)  Demand for the product is constant and known with certainty. 
B)  The lead time is a variable. 
C)  All inventories in the order arrive at the same time. 
D)  Total ordering cost is a variable

Question 7

Which statement is not correct?

Accepted Answer

A)  cost objects are the reasons for performing activities 
B)  cost object describes the work performed in a firm 
C)  activities cause costs 
D)  cost objects create a demand for activities 
A)  cost objects are the reasons for performing activities 
B)  cost object describes the work performed in a firm 
C)  activities cause costs 
D)  cost objects create a demand for activities

Question 8

Typically the only allocated cost in the value stream is a charge per square foot for the value stream production facility.

Accepted Answer

A) True 
 B)False

Question 9

The purpose of the cost accounting system is to

Accepted Answer

A)  produce information for inventory valuation 
B)  authorize release of raw materials 
C)  direct the movement of work-in-process 
D)  determine material requirements 
A)  produce information for inventory valuation 
B)  authorize release of raw materials 
C)  direct the movement of work-in-process 
D)  determine material requirements

Question 10

Explain why traditional cost allocation methods fail in a CIM environment.

Accepted Answer

Traditional accounting systems do not ac

Question 11

A flexible manufacturing system

Accepted Answer

A)  creates bottlenecks in the process 
B)  leads to an "us" versus "them" attitude among workers 
C)  shortens the physical distance between activities 
D)  is organized along functional lines 
A)  creates bottlenecks in the process 
B)  leads to an "us" versus "them" attitude among workers 
C)  shortens the physical distance between activities 
D)  is organized along functional lines

Question 12

The internal control significance of the excess materials requisition is that it

Accepted Answer

A)  indicates the amount of material released to work centers 
B)  identifies materials used in production that exceed the standard amount allowed 
C)  indicates the standard quantities required for production 
D)  documents the return to raw materials inventory of unused production materials 
A)  indicates the amount of material released to work centers 
B)  identifies materials used in production that exceed the standard amount allowed 
C)  indicates the standard quantities required for production 
D)  documents the return to raw materials inventory of unused production materials

Question 13

The philosophy of customer satisfaction permeates the world-class firm.

Accepted Answer

A) True 
 B)False

Question 14

A purchase requisition authorizes the storekeeper to release materials to individuals or work centers in the production process.

Accepted Answer

A) True 
 B)False

Question 15

What are the key segregation of duties issues in the conversion cycle?

Accepted Answer

Inventory control must be separated from

Question 16

Accounting in a world-class manufacturing environment emphasizes standard cost and variance analysis.

Accepted Answer

A) True 
 B)False

Question 17

Itemize the disadvantages of ABC that have caused some firms to abandon this technique.

Accepted Answer

ABC has been criticized for being too ti

Question 18

Which process creates a homogeneous product through a continuous series of standard procedures?

Accepted Answer

A)  batch process 
B)  make-to-order process 
C)  continuous process 
D)  none of the above 
A)  batch process 
B)  make-to-order process 
C)  continuous process 
D)  none of the above

Question 19

Automation is at the heart of the lean manufacturing philosophy.Discuss its stages and its distinguishing features.

Accepted Answer

Automation of the manufacturing process

Question 20

The two subsystems of a traditional conversion cycle are the production system and the delivery system.

Accepted Answer

A) True 
 B)False

How does automation help achieve manufacturing flexibility?

A company's value stream includes all steps in a process,both essential and non-essential,for which the customer is willing to pay.

Computer Integrated Manufacturing focuses on reducing the complexity of the physical manufacturing layout of the shop floor.

What document signals the completion of the production process?

Characteristics of lean manufacturing include all of the following except

Which of the following statements about the EOQ inventory model assumptions is incorrect?

Which statement is not correct?

Typically the only allocated cost in the value stream is a charge per square foot for the value stream production facility.

The purpose of the cost accounting system is to

Explain why traditional cost allocation methods fail in a CIM environment.

A flexible manufacturing system

The internal control significance of the excess materials requisition is that it

The philosophy of customer satisfaction permeates the world-class firm.

A purchase requisition authorizes the storekeeper to release materials to individuals or work centers in the production process.

What are the key segregation of duties issues in the conversion cycle?

Accounting in a world-class manufacturing environment emphasizes standard cost and variance analysis.

Itemize the disadvantages of ABC that have caused some firms to abandon this technique.

Which process creates a homogeneous product through a continuous series of standard procedures?

Automation is at the heart of the lean manufacturing philosophy.Discuss its stages and its distinguishing features.

The two subsystems of a traditional conversion cycle are the production system and the delivery system.

The Information System: An Accountant’s Perspective

Introduction to Transaction Processing

Ethics, Fraud, and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

General Ledger, Financial Reporting, and Management Reporting Systems

Database Management Systems

The REA Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Construct, Deliver, and Maintain Systems Projects

IT Controls : Sarbanes-Oxley and IT Governance

IT Controls : Security and Access

IT Controls : Systems Development Program Changes and Application Controls

Filters

Exam 7: The Conversion Cycle

How does automation help achieve manufacturing flexibility?

A company's value stream includes all steps in a process,both essential and non-essential,for which the customer is willing to pay.

Computer Integrated Manufacturing focuses on reducing the complexity of the physical manufacturing layout of the shop floor.

What document signals the completion of the production process?

Characteristics of lean manufacturing include all of the following except

Which of the following statements about the EOQ inventory model assumptions is incorrect?

Which statement is not correct?

Typically the only allocated cost in the value stream is a charge per square foot for the value stream production facility.

The purpose of the cost accounting system is to

Explain why traditional cost allocation methods fail in a CIM environment.

A flexible manufacturing system

The internal control significance of the excess materials requisition is that it

The philosophy of customer satisfaction permeates the world-class firm.

A purchase requisition authorizes the storekeeper to release materials to individuals or work centers in the production process.

What are the key segregation of duties issues in the conversion cycle?

Accounting in a world-class manufacturing environment emphasizes standard cost and variance analysis.

Itemize the disadvantages of ABC that have caused some firms to abandon this technique.

Which process creates a homogeneous product through a continuous series of standard procedures?

Automation is at the heart of the lean manufacturing philosophy.Discuss its stages and its distinguishing features.

The two subsystems of a traditional conversion cycle are the production system and the delivery system.

The Information System: An Accountant’s Perspective

Introduction to Transaction Processing

Ethics, Fraud, and Internal Control

The Revenue Cycle

The Expenditure Cycle Part I: Purchases and Cash Disbursements Procedures

The Expenditure Cycle Part II: Payroll Processing and Fixed Asset Procedures

General Ledger, Financial Reporting, and Management Reporting Systems

Database Management Systems

The REA Approach to Business Process Modeling

Enterprise Resource Planning Systems

Electronic Commerce Systems

Managing the Systems Development Life Cycle

Construct, Deliver, and Maintain Systems Projects

IT Controls : Sarbanes-Oxley and IT Governance

IT Controls : Security and Access

IT Controls : Systems Development Program Changes and Application Controls

Filters