Question 1

The ending balance of the Cost of Goods Sold account will differ in traditional and backflush costing.

Accepted Answer

A) True 
 B)False

Question 2

Backflush costing aims at reducing waste in the

Accepted Answer

A) accounting system. 
B) cost of goods sold. 
C) storage of raw materials. 
D) production process. 
A) accounting system. 
B) cost of goods sold. 
C) storage of raw materials. 
D) production process.

Question 3

Value -based systems are information systems that provide customer- related,activity -based information.

Accepted Answer

A) True 
 B)False

Question 4

How does pull-through production help minimize inventories in a just-in-time operating environment?

Accepted Answer

A) Products are made in anticipation of customer demand. 
B) Products are made only when customer orders are received. 
C) Products always goes through two or more processes. 
D) Products produced are always identical. 
A) Products are made in anticipation of customer demand. 
B) Products are made only when customer orders are received. 
C) Products always goes through two or more processes. 
D) Products produced are always identical.

Question 5

Which of the following is the first step in assigning costs in the activity-based costing?

Accepted Answer

A) Analyze all nonvalue-adding activities to determine if they are necessary support areas 
B) Accumulate costs for each activity 
C) Identify and classify each activity 
D) Separate nonvalue-adding activities from value-adding activities 
A) Analyze all nonvalue-adding activities to determine if they are necessary support areas 
B) Accumulate costs for each activity 
C) Identify and classify each activity 
D) Separate nonvalue-adding activities from value-adding activities

Question 6

Reports and analyses prepared in traditional management settings will match the requirement of the new manufacturing environment.

Accepted Answer

A) True 
 B)False

The ending balance of the Cost of Goods Sold account will differ in traditional and backflush costing.

Backflush costing aims at reducing waste in the

Value -based systems are information systems that provide customer- related,activity -based information.

How does pull-through production help minimize inventories in a just-in-time operating environment?

Which of the following is the first step in assigning costs in the activity-based costing?

Reports and analyses prepared in traditional management settings will match the requirement of the new manufacturing environment.

Accounting Principles and the Financial Statements

Analyzing and Recording Business Transactions

Adjusting the Accounts

Completing the Accounting Cycle

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting and Cost Concepts

Costing Systems: Job Order Costing

Costing Systems Process Costing

Cost-Volume-Profit Analysis

The Budgeting Process

Flexible Budgets and Performance Analysis

Standard Costing and Variance Analysis

Short-Run Decision Analysis and Capital Budgeting

Filters

Exam 20: Value-Based Systems: Activity-Based Costing and Lean Accounting

The ending balance of the Cost of Goods Sold account will differ in traditional and backflush costing.

Backflush costing aims at reducing waste in the

Value -based systems are information systems that provide customer- related,activity -based information.

How does pull-through production help minimize inventories in a just-in-time operating environment?

Which of the following is the first step in assigning costs in the activity-based costing?

Reports and analyses prepared in traditional management settings will match the requirement of the new manufacturing environment.

Accounting Principles and the Financial Statements

Analyzing and Recording Business Transactions

Adjusting the Accounts

Completing the Accounting Cycle

Foundations of Financial Reporting and the Classified Balance Sheet

Accounting for Merchandising Operations

Inventories

Cash and Internal Control

Receivables

Long -Term Assets

Current Liabilities and Fair Value Accounting

Accounting for Partnerships

Accounting for Corporations

Long Term Liabilities

The Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting and Cost Concepts

Costing Systems: Job Order Costing

Costing Systems Process Costing

Cost-Volume-Profit Analysis

The Budgeting Process

Flexible Budgets and Performance Analysis

Standard Costing and Variance Analysis

Short-Run Decision Analysis and Capital Budgeting

Filters