Question 1

Which is the best definition of inventory management?

Accepted Answer

A)  Inventory management involves overseeing the processes of ordering, storing, and using a business's inventory. 
B)  Inventory management involves overseeing the life cycle of a product from procuring raw materials through customer sales. 
C)  Inventory management involves testing products to ensure that they meet regulatory and corporate specifications. 
D)  Inventory management involves the research and testing of new products or potential changes to existing products. 
A)  Inventory management involves overseeing the processes of ordering, storing, and using a business's inventory. 
B)  Inventory management involves overseeing the life cycle of a product from procuring raw materials through customer sales. 
C)  Inventory management involves testing products to ensure that they meet regulatory and corporate specifications. 
D)  Inventory management involves the research and testing of new products or potential changes to existing products. A

Question 2

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Accepted Answer

A)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
B)  Employees might be resistant to change if they fear losing their jobs. 
C)  Predicting and preempting machinery and equipment failure by performing functions like self-calibration and self-diagnosis. 
D)  Leadership support plays an essential role in the success of an initiative. 
A)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
B)  Employees might be resistant to change if they fear losing their jobs. 
C)  Predicting and preempting machinery and equipment failure by performing functions like self-calibration and self-diagnosis. 
D)  Leadership support plays an essential role in the success of an initiative. C

Question 3

Production reports range from source documents to key metrics. Which is the best description of actual versus standard or budgeted production costs?

Accepted Answer

A)  The total number of orders that have been filled or remain outstanding within a period of time 
B)  Summary of costs by product within a period of time 
C)  Comparison of the actual production costs to standard production costs 
D)  Revenue from the sales processes showing top-selling products for production management decision making 
A)  The total number of orders that have been filled or remain outstanding within a period of time 
B)  Summary of costs by product within a period of time 
C)  Comparison of the actual production costs to standard production costs 
D)  Revenue from the sales processes showing top-selling products for production management decision making C

Question 4

Which is the best definition of supply chain management?

Accepted Answer

A)  Inventory management involves overseeing the processes of ordering, storing, and using a business's inventory. 
B)  Inventory management involves overseeing the life cycle of a product from procuring raw materials through customer sales. 
C)  Inventory management involves testing products to ensure that they meet regulatory and corporate specifications. 
D)  Inventory management involves the research and testing of new products or potential changes to existing products. 
A)  Inventory management involves overseeing the processes of ordering, storing, and using a business's inventory. 
B)  Inventory management involves overseeing the life cycle of a product from procuring raw materials through customer sales. 
C)  Inventory management involves testing products to ensure that they meet regulatory and corporate specifications. 
D)  Inventory management involves the research and testing of new products or potential changes to existing products.

Question 5

Production reports range from source documents to key metrics. Which is best description of a bill of operations (BOO)?

Accepted Answer

A)  A long-term plan depicting what will be produced and when based on the customer product demand and allocation of resources 
B)  A list of raw materials, steps, and parts needed to manufacture a product 
C)  A list of sequential steps followed to manufacture a product 
D)  A build plan that compiles planned orders into a short-term schedule 
A)  A long-term plan depicting what will be produced and when based on the customer product demand and allocation of resources 
B)  A list of raw materials, steps, and parts needed to manufacture a product 
C)  A list of sequential steps followed to manufacture a product 
D)  A build plan that compiles planned orders into a short-term schedule

Question 6

For accounting purposes, the salaries, wages, and benefit expenses of an employee who runs a lathe machine on the factory floor would be classified as what?

Accepted Answer

A)  Direct labor 
B)  Indirect factory labor 
C)  Direct material costs 
D)  Indirect material costs 
A)  Direct labor 
B)  Indirect factory labor 
C)  Direct material costs 
D)  Indirect material costs

Question 7

Choose from the following selections the best definition of the bill of materials (BOM).

Accepted Answer

A)  A document that specifies the components of a product, including descriptions and quantities of required raw materials and parts 
B)  A document that provides a sequence of production events 
C)  A document that provides a long-term outline of what and when products will be manufactured 
D)  A document that provides a short-term allocation of plant machinery and resources to the manufacturing of products 
A)  A document that specifies the components of a product, including descriptions and quantities of required raw materials and parts 
B)  A document that provides a sequence of production events 
C)  A document that provides a long-term outline of what and when products will be manufactured 
D)  A document that provides a short-term allocation of plant machinery and resources to the manufacturing of products

Question 8

Choose from the following selections the best definition of a production report.

Accepted Answer

A)  A document where every production operation is scheduled at a specific calendar time, resources and workers are assigned, and steps are outlined to utilize all resources effectively 
B)  A document that authorizes the movement of raw materials from inventory into production 
C)  A barcode tag to authorize and track movements of a single manufacturing job from one location in production to another 
D)  A document that summarizes the total manufacturing cost of a product, which is important in recording the cost of inventory and cost of goods sold in the general ledger 
A)  A document where every production operation is scheduled at a specific calendar time, resources and workers are assigned, and steps are outlined to utilize all resources effectively 
B)  A document that authorizes the movement of raw materials from inventory into production 
C)  A barcode tag to authorize and track movements of a single manufacturing job from one location in production to another 
D)  A document that summarizes the total manufacturing cost of a product, which is important in recording the cost of inventory and cost of goods sold in the general ledger

Question 9

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Accepted Answer

A)  Connecting equipment and asset sensors to the cloud to improve equipment reliability and reduce unplanned outages. 
B)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
C)  Employees might be resistant to change if they fear losing their jobs. 
D)  Leadership support plays an essential role in the success of an initiative. 
A)  Connecting equipment and asset sensors to the cloud to improve equipment reliability and reduce unplanned outages. 
B)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
C)  Employees might be resistant to change if they fear losing their jobs. 
D)  Leadership support plays an essential role in the success of an initiative.

Question 10

Production reports range from source documents to key metrics. Which is the best description of top-selling products?

Accepted Answer

A)  The total number of orders that have been filled or remain outstanding within a period of time 
B)  Summary of costs by product within a period of time 
C)  Comparison of the actual production costs to standard production costs 
D)  Revenue from the sales processes showing top-selling products for production management decision making 
A)  The total number of orders that have been filled or remain outstanding within a period of time 
B)  Summary of costs by product within a period of time 
C)  Comparison of the actual production costs to standard production costs 
D)  Revenue from the sales processes showing top-selling products for production management decision making

Question 11

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is a challenge that companies face when using digital manufacturing?

Accepted Answer

A)  Eliminating manufacturing traffic jams 
B)  IIoT generates huge amounts of data. 
C)  Maintaining machinery and equipment using proactive real-time monitoring with a predictive maintenance model 
D)  Decreasing manufacturing cycle times, which is the time required to produce an order 
A)  Eliminating manufacturing traffic jams 
B)  IIoT generates huge amounts of data. 
C)  Maintaining machinery and equipment using proactive real-time monitoring with a predictive maintenance model 
D)  Decreasing manufacturing cycle times, which is the time required to produce an order

Question 12

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Accepted Answer

A)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
B)  Employees might be resistant to change if they fear losing their jobs. 
C)  Leadership support plays an essential role in the success of an initiative. 
D)  Decreasing manufacturing cycle times, which is the time required to produce an order. 
A)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
B)  Employees might be resistant to change if they fear losing their jobs. 
C)  Leadership support plays an essential role in the success of an initiative. 
D)  Decreasing manufacturing cycle times, which is the time required to produce an order.

Question 13

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Accepted Answer

A)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
B)  Improving production quality and output 
C)  Employees might be resistant to change if they fear losing their jobs. 
D)  Leadership support plays an essential role in the success of an initiative. 
A)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
B)  Improving production quality and output 
C)  Employees might be resistant to change if they fear losing their jobs. 
D)  Leadership support plays an essential role in the success of an initiative.

Question 14

RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. Maeve, a recent college graduate, has been hired as a cost accountant. She will be working with a product development team on designing new car parts. She has recently seen a list of the parts for a new brake that RAM Manufacturing is planning to build:
• Wheel bearing
• Wheel studs
• Wheel cylinder
• Disc rotor
• Disc pads
• Braking plate
• Brake shoes
What is this list of brake components called in the conversion process?

Accepted Answer

This list of compone

Question 15

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is a challenge that companies face when using digital manufacturing?

Accepted Answer

A)  Eliminating manufacturing traffic jams 
B)  Maintaining machinery and equipment using proactive real-time monitoring with a predictive maintenance model 
C)  Corporate risk appetites may not align with IIoT risks. 
D)  Decreasing manufacturing cycle times, which is the time required to produce an order 
A)  Eliminating manufacturing traffic jams 
B)  Maintaining machinery and equipment using proactive real-time monitoring with a predictive maintenance model 
C)  Corporate risk appetites may not align with IIoT risks. 
D)  Decreasing manufacturing cycle times, which is the time required to produce an order

Question 16

RAM Manufacturing LLC is a rapidly growing manufacturer of parts for the automotive industry. Maeve is a newly hired cost accountant. RAM Manufacturing's has developed a new disc brake that lasts longer than brakes from their competitors. After calculating all the direct, indirect and overhead costs, Maeve assigns a cost of $44.50 per disc brake assembly. RAM Manufacturing has manufactured 100,000 of their new disc brake and sold 60,000 to their largest customer. After shipping the 60,000 disc brakes to the largest customer, what is their remaining finished goods inventory?

Accepted Answer

A)  $4,450,000 
B)  $2,670,000 
C)  $1,780,000 
D)  $3,570,000 
A)  $4,450,000 
B)  $2,670,000 
C)  $1,780,000 
D)  $3,570,000

Question 17

Producing products to sell is the primary objective of a manufacturing business. Doing this successfully depends on an efficient and effective manufacturing conversion process. Manufacturing efficiency is a balance between three goals. These goals include: the rate of production, controlling the quality of finished goods, and what other goal?

Accepted Answer

A)  Finished goods inventory levels 
B)  The selling price of the finished goods 
C)  The location of production 
D)  Controlling the costs of resources 
A)  Finished goods inventory levels 
B)  The selling price of the finished goods 
C)  The location of production 
D)  Controlling the costs of resources

Question 18

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Accepted Answer

A)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
B)  Employees might be resistant to change if they fear losing their jobs. 
C)  Eliminating manufacturing traffic jams 
D)  Leadership support plays an essential role in the success of an initiative. 
A)  A digital factory requires securing every network, cloud platform, operating system, and application across its supply chain and production network. 
B)  Employees might be resistant to change if they fear losing their jobs. 
C)  Eliminating manufacturing traffic jams 
D)  Leadership support plays an essential role in the success of an initiative.

Question 19

Traditional cost accounting assigns production costs differently, depending on the product or service. Which choice below best describes process costing?

Accepted Answer

A)  Process costing assigns costs to products or services that meet specific needs of an individual customer. 
B)  Process costing determines the total cost of the production and averages it over the units produced. 
C)  Process costing identifies specific business activity pools or fundamental business processes and then assigns costs based on the resources consumed by that activity or process. 
D)  Process costing assigns costs based on the machinery they are manufactured on. 
A)  Process costing assigns costs to products or services that meet specific needs of an individual customer. 
B)  Process costing determines the total cost of the production and averages it over the units produced. 
C)  Process costing identifies specific business activity pools or fundamental business processes and then assigns costs based on the resources consumed by that activity or process. 
D)  Process costing assigns costs based on the machinery they are manufactured on.

Question 20

What are the source document output(s) of the Product Development process?

Accepted Answer

A)  Bill of materials, operations list 
B)  Production plan 
C)  Production schedule, production orders, material requisitions, move tickets 
D)  Production reports, job time tickets 
A)  Bill of materials, operations list 
B)  Production plan 
C)  Production schedule, production orders, material requisitions, move tickets 
D)  Production reports, job time tickets

Which is the best definition of inventory management?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Production reports range from source documents to key metrics. Which is the best description of actual versus standard or budgeted production costs?

Which is the best definition of supply chain management?

Production reports range from source documents to key metrics. Which is best description of a bill of operations (BOO)?

For accounting purposes, the salaries, wages, and benefit expenses of an employee who runs a lathe machine on the factory floor would be classified as what?

Choose from the following selections the best definition of the bill of materials (BOM).

Choose from the following selections the best definition of a production report.

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Production reports range from source documents to key metrics. Which is the best description of top-selling products?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is a challenge that companies face when using digital manufacturing?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is a challenge that companies face when using digital manufacturing?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Traditional cost accounting assigns production costs differently, depending on the product or service. Which choice below best describes process costing?

What are the source document output(s) of the Product Development process?

Accounting As Information

Risks and Risk Assessments

Risk Management and Internal Controls

Software and Systems

Data Storage and Analysis

Systems and Database Design

Emerging and Disruptive Technologies

Documenting Systems and Processes

Human Resources and Payroll Processes

Purchasing and Payments Process

Marketing, Sales, and Collection Processes

Financial Reporting Processes

Information Systems and Controls

Fraud

Cybersecurity

Data Analytics

Data Visualization

Audit Assurance

Filters

Exam 11: Conversion Processes

Which is the best definition of inventory management?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Production reports range from source documents to key metrics. Which is the best description of actual versus standard or budgeted production costs?

Which is the best definition of supply chain management?

Production reports range from source documents to key metrics. Which is best description of a bill of operations (BOO)?

For accounting purposes, the salaries, wages, and benefit expenses of an employee who runs a lathe machine on the factory floor would be classified as what?

Choose from the following selections the best definition of the bill of materials (BOM).

Choose from the following selections the best definition of a production report.

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Production reports range from source documents to key metrics. Which is the best description of top-selling products?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is a challenge that companies face when using digital manufacturing?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is a challenge that companies face when using digital manufacturing?

A digital factory that is connected, networked, and fully integrated creates opportunities to minimize costs of downtime and underperformance in production and to enable the best output from factory assets and employees. What is an advantage that companies see by using digital manufacturing?

Traditional cost accounting assigns production costs differently, depending on the product or service. Which choice below best describes process costing?

What are the source document output(s) of the Product Development process?

Accounting As Information

Risks and Risk Assessments

Risk Management and Internal Controls

Software and Systems

Data Storage and Analysis

Systems and Database Design

Emerging and Disruptive Technologies

Documenting Systems and Processes

Human Resources and Payroll Processes

Purchasing and Payments Process

Marketing, Sales, and Collection Processes

Financial Reporting Processes

Information Systems and Controls

Fraud

Cybersecurity

Data Analytics

Data Visualization

Audit Assurance

Filters