Question 1

Which of the following is are objectives of lean manufacturing?

Accepted Answer

A) eliminating waste 
B) increasing inventory levels 
C) increased production speed 
D) all of the above 
A) eliminating waste 
B) increasing inventory levels 
C) increased production speed 
D) all of the above

Question 2

In a lean system, there are fewer transactions to record than there are in a traditional system.

Accepted Answer

A) True 
 B)False

Question 3

From the above schedule of activity costs, determine the prevention costs.

Accepted Answer

A) $30,000 
B) $74,000 
C) $76,000 
D) $104,000 
A) $30,000 
B) $74,000 
C) $76,000 
D) $104,000

Question 4

Which of the following is best suited to providing timely and focused performance information?

Accepted Answer

A) nonfinancial information 
B) financial accounting information 
C) cost accounting information 
D) variance analysis 
A) nonfinancial information 
B) financial accounting information 
C) cost accounting information 
D) variance analysis

Question 5

Costs of controlling quality include prevention costs and internal failure costs.

Accepted Answer

A) True 
 B)False

Question 6

Make-to-order companies typically produce in small batch sizes.

Accepted Answer

A) True 
 B)False

Question 7

In a lean environment, operations only respond to customer orders.

Accepted Answer

A) True 
 B)False

Question 8

Lean manufacturing favors organizing work around products rather than around processes.

Accepted Answer

A) True 
 B)False

Question 9

Costs of failing to control quality include prevention costs and external failure costs.

Accepted Answer

A) True 
 B)False

Question 10

In a push manufacturing system, raw materials are released to production based on forecasted demand.

Accepted Answer

A) True 
 B)False

Question 11

Long setups and large batch sizes result in smaller inventories.

Accepted Answer

A) True 
 B)False

Question 12

Christmas Express makes wreaths in batch sizes of 12.The cutting & assembly process takes 8 minutes per wreath and the decorating process time is 10 minutes per wreath.It takes 12 minutes to move the wreaths from the cutting & assembly process to the decorating process.
a Compute the value-added, non-value-added, and the total lead time of the wreath process.
b Compute the value-added ratio.Round to the nearest decimal.

Accepted Answer

a
 @#IMG-DLM& b Valu

Question 13

From the foregoing information, determine the production costs transferred to Finished Goods during August.

Accepted Answer

A) $369,840 
B) $408,480 
C) $428,800 
D) $473,600 
A) $369,840 
B) $408,480 
C) $428,800 
D) $473,600

Question 14

By spending more in costs of controlling quality, the costs of failing to control quality will decrease.

Accepted Answer

A) True 
 B)False

Question 15

Identity the following by their type of quality cost.
-Warranty work

Accepted Answer

A) Preventive costs 
B) Appraisal costs 
C) Internal failure costs 
D) External failure costs 
A) Preventive costs 
B) Appraisal costs 
C) Internal failure costs 
D) External failure costs

Question 16

Which of the following results in fewer transactions in lean accounting?

Accepted Answer

A) all manufacturing costs are combined in one account called Raw and In Process Inventory. 
B) the distinction between direct and indirect costs is eliminated. 
C) there is less movement of inventory between departments. 
D) All of the above. 
A) all manufacturing costs are combined in one account called Raw and In Process Inventory. 
B) the distinction between direct and indirect costs is eliminated. 
C) there is less movement of inventory between departments. 
D) All of the above.

Question 17

A local college is aggressively working to reduce the time it takes students to enroll for each semester.Which of the following changes would not help achieve this goal?

Accepted Answer

A) Counselors are specializing in common degree plans 
B) One application is good at the community college and at the transferring university 
C) A one stop area includes admissions, advising, registration and student ID's 
D) Having more number of staff to help facilitate admission process 
A) Counselors are specializing in common degree plans 
B) One application is good at the community college and at the transferring university 
C) A one stop area includes admissions, advising, registration and student ID's 
D) Having more number of staff to help facilitate admission process

Question 18

Which of the following is not a prevention cost?

Accepted Answer

A) preventive maintenance 
B) operator training 
C) design engineering 
D) testing finished products 
A) preventive maintenance 
B) operator training 
C) design engineering 
D) testing finished products

Question 19

Identity the following by their type of quality cost.
-Scrap

Accepted Answer

A) Preventive costs 
B) Appraisal costs 
C) Internal failure costs 
D) External failure costs 
A) Preventive costs 
B) Appraisal costs 
C) Internal failure costs 
D) External failure costs

Question 20

From the above schedule of activity costs, determine the non-value-added costs.

Accepted Answer

A) $30,000 
B) $50,000 
C) $64,000 
D) $85,000 
A) $30,000 
B) $50,000 
C) $64,000 
D) $85,000

Which of the following is are objectives of lean manufacturing?

In a lean system, there are fewer transactions to record than there are in a traditional system.

From the above schedule of activity costs, determine the prevention costs.

Which of the following is best suited to providing timely and focused performance information?

Costs of controlling quality include prevention costs and internal failure costs.

Make-to-order companies typically produce in small batch sizes.

In a lean environment, operations only respond to customer orders.

Lean manufacturing favors organizing work around products rather than around processes.

Costs of failing to control quality include prevention costs and external failure costs.

In a push manufacturing system, raw materials are released to production based on forecasted demand.

Long setups and large batch sizes result in smaller inventories.

From the foregoing information, determine the production costs transferred to Finished Goods during August.

By spending more in costs of controlling quality, the costs of failing to control quality will decrease.

Identity the following by their type of quality cost. -Warranty work

Which of the following results in fewer transactions in lean accounting?

A local college is aggressively working to reduce the time it takes students to enroll for each semester.Which of the following changes would not help achieve this goal?

Which of the following is not a prevention cost?

Identity the following by their type of quality cost. -Scrap

From the above schedule of activity costs, determine the non-value-added costs.

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Statement of Cash Flows

Financial Statement Analysis

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Exam 12: Lean Principles, Lean Accounting, and Activity Analysis

Which of the following is are objectives of lean manufacturing?

In a lean system, there are fewer transactions to record than there are in a traditional system.

From the above schedule of activity costs, determine the prevention costs.

Which of the following is best suited to providing timely and focused performance information?

Costs of controlling quality include prevention costs and internal failure costs.

Make-to-order companies typically produce in small batch sizes.

In a lean environment, operations only respond to customer orders.

Lean manufacturing favors organizing work around products rather than around processes.

Costs of failing to control quality include prevention costs and external failure costs.

In a push manufacturing system, raw materials are released to production based on forecasted demand.

Long setups and large batch sizes result in smaller inventories.

From the foregoing information, determine the production costs transferred to Finished Goods during August.

By spending more in costs of controlling quality, the costs of failing to control quality will decrease.

Identity the following by their type of quality cost. -Warranty work

Which of the following results in fewer transactions in lean accounting?

A local college is aggressively working to reduce the time it takes students to enroll for each semester.Which of the following changes would not help achieve this goal?

Which of the following is not a prevention cost?

Identity the following by their type of quality cost. -Scrap

From the above schedule of activity costs, determine the non-value-added costs.

Managerial Accounting Concepts and Principles

Job Order Costing

Process Cost Systems

Cost Behavior and Cost-Volume-Profit Analysis

Variable Costing for Management Analysis

Budgeting

Performance Evaluation Using Variances From Standard Costs

Performance Evaluation for Decentralized Operations

Differential Analysis, Product Pricing, and Activity-Based Costing

Capital Investment Analysis

Cost Allocation and Activity-Based Costing

Statement of Cash Flows

Financial Statement Analysis

Filters