Question 1

How can a firm control against excessive quantities of raw materials being used in the manufacturing process.

Accepted Answer

The use of standard costs provides a typ

Question 2

The objective of the Economic Order Quantity model is to reduce total inventory costs by minimizing carrying costs and ordering costs.

Accepted Answer

A) True 
 B)False

Question 3

Computer integrated manufacturing includes all of the following technologies except

Accepted Answer

A)  robotics 
B)  materials requirements planning 
C)  automated storage and retrieval systems 
D)  computer aided design 
A)  robotics 
B)  materials requirements planning 
C)  automated storage and retrieval systems 
D)  computer aided design

Question 4

In Activity Based Costing,what is the term used to refer to the work performed by a firm?

Accepted Answer

The answer of In Activity Based Costing,what is the term...

Question 5

What is meant by the term "product family" and what is its relationship to value stream accounting.

Accepted Answer

Most organizations produce more than one

Question 6

What is the difference between a materials requisition and a purchase requisition?

Accepted Answer

A materials requisition authorizes the s

Question 7

In a traditional manufacturing environment,cost accounting provides independent verification of what information? What are the benefits?

Accepted Answer

Cost accounting reconciles materials and

Question 8

Which statement is true?

Accepted Answer

A)  World-class companies must maintain strategic agility and be able to turn on a dime. 
B)  World-class companies motivate and treat employees like appreciating assets. 
C)  Manufacturing firms that achieve world-class status do so by following a philosophy of lean manufacturing 
D)  All the above are true 
A)  World-class companies must maintain strategic agility and be able to turn on a dime. 
B)  World-class companies motivate and treat employees like appreciating assets. 
C)  Manufacturing firms that achieve world-class status do so by following a philosophy of lean manufacturing 
D)  All the above are true

Question 9

Discuss the purpose and key features of a value stream map (VSM)?

Accepted Answer

The value stream map (VSM)graphically re

Question 10

Cost accounting initiates a WIP account upon receiving the first move ticket of a batch.

Accepted Answer

A) True 
 B)False

Question 11

Firms are abandoning Activity Based Costing (ABC)because

Accepted Answer

A)  it does not facilitates the analysis of variances 
B)  it is complex and time consuming 
C)  it does not recognize the importance of direct labor as a component of total manufacturing cost 
D)  the financial nature of the reports does not permit comparisons to be made among different types of products 
A)  it does not facilitates the analysis of variances 
B)  it is complex and time consuming 
C)  it does not recognize the importance of direct labor as a component of total manufacturing cost 
D)  the financial nature of the reports does not permit comparisons to be made among different types of products

Question 12

Which of the following is not a problem associated with standard cost accounting?

Accepted Answer

A)  Standard costing motivates management to produce large batches of products and build inventory. 
B)  Applying standard costing leads to product cost distortions in a lean environment. 
C)  Standard cost data are associated with excessive time lags that reduce its usefulness. 
D)  The financial orientation of standard costing may promote bad decisions. 
E)  All of the above are problems with standard costing. 
A)  Standard costing motivates management to produce large batches of products and build inventory. 
B)  Applying standard costing leads to product cost distortions in a lean environment. 
C)  Standard cost data are associated with excessive time lags that reduce its usefulness. 
D)  The financial orientation of standard costing may promote bad decisions. 
E)  All of the above are problems with standard costing.

Question 13

The bill of materials specifies the types and quantities of the raw materials and subassemblies used in producing a single unit of finished product.

Accepted Answer

A) True 
 B)False

Question 14

An example of automation of manufacturing planning is

Accepted Answer

A)  Computer Aided Engineering 
B)  Automated Storage and Retrieval Systems 
C)  Materials Requirements Planning 
D)  Computer Numerical Control 
A)  Computer Aided Engineering 
B)  Automated Storage and Retrieval Systems 
C)  Materials Requirements Planning 
D)  Computer Numerical Control

Question 15

Discuss inventory control objectives.

Accepted Answer

Inventory control minimizes total invent

Question 16

All of the following are problems with traditional accounting information except:

Accepted Answer

A)  Managers in a lean setting require immediate information. 
B)  The measurement principle tends to ignore standards other than money. 
C)  Standard costing motivates nonlean behavior in operations. 
D)  The overhead component in a manufacturing company is usually very large. 
E)  All of the above are problems associated with traditional accounting information. 
A)  Managers in a lean setting require immediate information. 
B)  The measurement principle tends to ignore standards other than money. 
C)  Standard costing motivates nonlean behavior in operations. 
D)  The overhead component in a manufacturing company is usually very large. 
E)  All of the above are problems associated with traditional accounting information.

Question 17

Differentiate between essential and non-essential activities.

Accepted Answer

Essential activities add value

Question 18

Which statement is not correct?

Accepted Answer

A)  Inventories provide a competitive advantage. 
B)  Inventories can invite overproduction. 
C)  Inventories are expensive to maintain. 
D)  Inventories may conceal problems. 
A)  Inventories provide a competitive advantage. 
B)  Inventories can invite overproduction. 
C)  Inventories are expensive to maintain. 
D)  Inventories may conceal problems.

Question 19

Describe the primary goal of lean manufacturing?

Accepted Answer

The goal of lean manufacturing

Question 20

List two disadvantages of using a traditional cost accounting system.

Accepted Answer

Cost allocations may be inaccu

How can a firm control against excessive quantities of raw materials being used in the manufacturing process.

The objective of the Economic Order Quantity model is to reduce total inventory costs by minimizing carrying costs and ordering costs.

Computer integrated manufacturing includes all of the following technologies except

In Activity Based Costing,what is the term used to refer to the work performed by a firm?

What is meant by the term "product family" and what is its relationship to value stream accounting.

What is the difference between a materials requisition and a purchase requisition?

In a traditional manufacturing environment,cost accounting provides independent verification of what information? What are the benefits?

Which statement is true?

Discuss the purpose and key features of a value stream map (VSM)?

Cost accounting initiates a WIP account upon receiving the first move ticket of a batch.

Firms are abandoning Activity Based Costing (ABC)because

Which of the following is not a problem associated with standard cost accounting?

The bill of materials specifies the types and quantities of the raw materials and subassemblies used in producing a single unit of finished product.

An example of automation of manufacturing planning is

Discuss inventory control objectives.

All of the following are problems with traditional accounting information except:

Differentiate between essential and non-essential activities.

Which statement is not correct?

Describe the primary goal of lean manufacturing?

List two disadvantages of using a traditional cost accounting 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 can a firm control against excessive quantities of raw materials being used in the manufacturing process.

The objective of the Economic Order Quantity model is to reduce total inventory costs by minimizing carrying costs and ordering costs.

Computer integrated manufacturing includes all of the following technologies except

In Activity Based Costing,what is the term used to refer to the work performed by a firm?

What is meant by the term "product family" and what is its relationship to value stream accounting.

What is the difference between a materials requisition and a purchase requisition?

In a traditional manufacturing environment,cost accounting provides independent verification of what information? What are the benefits?

Which statement is true?

Discuss the purpose and key features of a value stream map (VSM)?

Cost accounting initiates a WIP account upon receiving the first move ticket of a batch.

Firms are abandoning Activity Based Costing (ABC)because

Which of the following is not a problem associated with standard cost accounting?

The bill of materials specifies the types and quantities of the raw materials and subassemblies used in producing a single unit of finished product.

An example of automation of manufacturing planning is

Discuss inventory control objectives.

All of the following are problems with traditional accounting information except:

Differentiate between essential and non-essential activities.

Which statement is not correct?

Describe the primary goal of lean manufacturing?

List two disadvantages of using a traditional cost accounting 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