Question 1

Transaction authorization occurs in a traditional manufacturing environment in all of the following ways except

Accepted Answer

A)  production planning and control initiates production with a work order 
B)  movement of the work through the production process follows the move ticket 
C)  the sales department modifies work orders to match changes in demand 
D)  the materials requisition authorizes the storekeeper to release materials to the work centers 
A)  production planning and control initiates production with a work order 
B)  movement of the work through the production process follows the move ticket 
C)  the sales department modifies work orders to match changes in demand 
D)  the materials requisition authorizes the storekeeper to release materials to the work centers

Question 2

Move tickets authorize the storekeeper to release materials to work centers.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A materials requisition authorizes the s

Question 4

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 5

Firms hold safety stock to compensate for

Accepted Answer

A)  mathematical weaknesses of the Economic Order Quantity model 
B)  variations in lead time or daily demand 
C)  fluctuations in carrying costs 
D)  uncertainty in the estimation of ordering costs 
A)  mathematical weaknesses of the Economic Order Quantity model 
B)  variations in lead time or daily demand 
C)  fluctuations in carrying costs 
D)  uncertainty in the estimation of ordering costs

Question 6

A company's value stream map depicts only the value added activities needed to complete a process or product.

Accepted Answer

A) True 
 B)False

Question 7

Cement and petrochemicals are produced by the batch manufacturing method.

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

The value stream map (VSM) graphically r

Question 9

The work-in-process file is the subsidiary ledger for the work-in-process control account.

Accepted Answer

A) True 
 B)False

Question 10

Pull processing involves pulling products from the consumer end (demand), rather than pushing them from the production end (supply).

Accepted Answer

A) True 
 B)False

Question 11

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 12

Explain how CAD can contribute to a firm's move toward world-class status.

Accepted Answer

Engineers use computer-aided design (CAD

Question 13

What document signals the completion of the production process?

Accepted Answer

The receipt by cost accounting

Question 14

Reports generated by the cost accounting system include performance reports and budget reports.

Accepted Answer

A) True 
 B)False

Question 15

Discuss the documents used in a batch processing system.

Accepted Answer

The production schedule is the formal pl

Question 16

What information is contained in the bill of materials (BOM)?

Accepted Answer

The BOM specifies the types an

Question 17

Name five documents associated with batch production systems.

Accepted Answer

Sales forecast, production sch

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

The production schedule is

Accepted Answer

A)  the expected demand for the firm's finished goods for a given year 
B)  the formal plan and authority to begin production 
C)  a description of the type and quantity of raw materials and subassemblies used to produce a single unit of finished product 
D)  the sequence of operations during manufacturing 
A)  the expected demand for the firm's finished goods for a given year 
B)  the formal plan and authority to begin production 
C)  a description of the type and quantity of raw materials and subassemblies used to produce a single unit of finished product 
D)  the sequence of operations during manufacturing

Question 20

What document triggers the beginning of the cost accounting process for a given production run?

Accepted Answer

The work order from the produc

Transaction authorization occurs in a traditional manufacturing environment in all of the following ways except

Move tickets authorize the storekeeper to release materials to work centers.

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

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

Firms hold safety stock to compensate for

A company's value stream map depicts only the value added activities needed to complete a process or product.

Cement and petrochemicals are produced by the batch manufacturing method.

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

The work-in-process file is the subsidiary ledger for the work-in-process control account.

Pull processing involves pulling products from the consumer end (demand), rather than pushing them from the production end (supply).

Characteristics of lean manufacturing include all of the following except

Explain how CAD can contribute to a firm's move toward world-class status.

What document signals the completion of the production process?

Reports generated by the cost accounting system include performance reports and budget reports.

Discuss the documents used in a batch processing system.

What information is contained in the bill of materials (BOM)?

Name five documents associated with batch production systems.

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

The production schedule is

What document triggers the beginning of the cost accounting process for a given production run?

The Information System: an Accountants 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

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 Part I: Sarbanes-Oxley and It Governance

IT Controls Part II: Security and Access

IT Controls Part III: Systems Development, Program Changes, and Application Controls

Filters

Exam 7: The Conversion Cycle

Transaction authorization occurs in a traditional manufacturing environment in all of the following ways except

Move tickets authorize the storekeeper to release materials to work centers.

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

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

Firms hold safety stock to compensate for

A company's value stream map depicts only the value added activities needed to complete a process or product.

Cement and petrochemicals are produced by the batch manufacturing method.

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

The work-in-process file is the subsidiary ledger for the work-in-process control account.

Pull processing involves pulling products from the consumer end (demand), rather than pushing them from the production end (supply).

Characteristics of lean manufacturing include all of the following except

Explain how CAD can contribute to a firm's move toward world-class status.

What document signals the completion of the production process?

Reports generated by the cost accounting system include performance reports and budget reports.

Discuss the documents used in a batch processing system.

What information is contained in the bill of materials (BOM)?

Name five documents associated with batch production systems.

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

The production schedule is

What document triggers the beginning of the cost accounting process for a given production run?

The Information System: an Accountants 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

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 Part I: Sarbanes-Oxley and It Governance

IT Controls Part II: Security and Access

IT Controls Part III: Systems Development, Program Changes, and Application Controls

Filters