Question 1

What is a company's value stream?

Accepted Answer

A company's value stream inclu

Question 2

Inventory control performs all of the following tasks except it

Accepted Answer

A)  provides production planning and control with the inventory status report of finished goods 
B)  updates the raw material inventory records 
C)  prepares a materials requisition for each production batch 
D)  records the completed production as an increase to finished goods inventory 
A)  provides production planning and control with the inventory status report of finished goods 
B)  updates the raw material inventory records 
C)  prepares a materials requisition for each production batch 
D)  records the completed production as an increase to finished goods inventory

Question 3

Explain why traditional cost allocation methods fail in a CIM environment.

Accepted Answer

Traditional accounting systems do not ac

Question 4

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 5

Computer Integrated Manufacturing focuses on reducing the complexity of the physical manufacturing layout of the shop floor.

Accepted Answer

A) True 
 B)False

Question 6

What document signals the completion of the production process?

Accepted Answer

The receipt by cost accounting

Question 7

The inventory control function updates and maintains both raw materials and finished goods inventory subsidiary ledgers.

Accepted Answer

A) True 
 B)False

Question 8

What are the key segregation of duties issues in the conversion cycle?

Accepted Answer

Inventory control must be separated from

Question 9

How does automation help achieve manufacturing flexibility?

Accepted Answer

By replacing labor with automation,a fir

Question 10

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 11

Deficiencies of the traditional cost accounting information system include all of the following except

Accepted Answer

A)  an emphasis on financial performance 
B)  inaccurate cost allocations 
C)  an emphasis on standard costs 
D)  immediate feedback about deviations from the norm 
A)  an emphasis on financial performance 
B)  inaccurate cost allocations 
C)  an emphasis on standard costs 
D)  immediate feedback about deviations from the norm

Question 12

Which function is not a part of the batch production process?

Accepted Answer

A)  Plan and control production 
B)  Prepare purchase orders 
C)  Maintain inventory control 
D)  Perform cost accounting 
A)  Plan and control production 
B)  Prepare purchase orders 
C)  Maintain inventory control 
D)  Perform cost accounting

Question 13

All of the following are characteristics of batch processing except

Accepted Answer

A)  each item in the batch is similar 
B)  batches are produced in accordance with detailed customer specifications 
C)  batches are produced to replenish depleted inventory levels 
D)  setting up and retooling is required for different batches 
A)  each item in the batch is similar 
B)  batches are produced in accordance with detailed customer specifications 
C)  batches are produced to replenish depleted inventory levels 
D)  setting up and retooling is required for different batches

Question 14

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

Accepted Answer

A materials requisition authorizes the s

Question 15

The purpose of the cost accounting system is to

Accepted Answer

A)  produce information for inventory valuation 
B)  authorize release of raw materials 
C)  direct the movement of work-in-process 
D)  determine material requirements 
A)  produce information for inventory valuation 
B)  authorize release of raw materials 
C)  direct the movement of work-in-process 
D)  determine material requirements

Question 16

Discuss the principles underlying the lean manufacturing approach.

Accepted Answer

Pull Processing.Products are pulled from

Question 17

An example of a continuous process is the production of

Accepted Answer

A)  wedding invitations 
B)  milk products 
C)  jet aircraft 
D)  all of the above 
A)  wedding invitations 
B)  milk products 
C)  jet aircraft 
D)  all of the above

Question 18

Process simplification focuses on

Accepted Answer

A)  using Computer Numerical Controlled machines which stand alone within a traditional setting 
B)  completely automating the manufacturing environment 
C)  reducing the complexity of the physical manufacturing layout of the shop floor 
D)  organizing the process into functional departments 
A)  using Computer Numerical Controlled machines which stand alone within a traditional setting 
B)  completely automating the manufacturing environment 
C)  reducing the complexity of the physical manufacturing layout of the shop floor 
D)  organizing the process into functional departments

Question 19

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 20

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

Accepted Answer

The value stream map (VSM)graphically re

What is a company's value stream?

Inventory control performs all of the following tasks except it

Explain why traditional cost allocation methods fail in a CIM environment.

Firms hold safety stock to compensate for

Computer Integrated Manufacturing focuses on reducing the complexity of the physical manufacturing layout of the shop floor.

What document signals the completion of the production process?

The inventory control function updates and maintains both raw materials and finished goods inventory subsidiary ledgers.

What are the key segregation of duties issues in the conversion cycle?

How does automation help achieve manufacturing flexibility?

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

Deficiencies of the traditional cost accounting information system include all of the following except

Which function is not a part of the batch production process?

All of the following are characteristics of batch processing except

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

The purpose of the cost accounting system is to

Discuss the principles underlying the lean manufacturing approach.

An example of a continuous process is the production of

Process simplification focuses on

Which statement is true?

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

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

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 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

What is a company's value stream?

Inventory control performs all of the following tasks except it

Explain why traditional cost allocation methods fail in a CIM environment.

Firms hold safety stock to compensate for

Computer Integrated Manufacturing focuses on reducing the complexity of the physical manufacturing layout of the shop floor.

What document signals the completion of the production process?

The inventory control function updates and maintains both raw materials and finished goods inventory subsidiary ledgers.

What are the key segregation of duties issues in the conversion cycle?

How does automation help achieve manufacturing flexibility?

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

Deficiencies of the traditional cost accounting information system include all of the following except

Which function is not a part of the batch production process?

All of the following are characteristics of batch processing except

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

The purpose of the cost accounting system is to

Discuss the principles underlying the lean manufacturing approach.

An example of a continuous process is the production of

Process simplification focuses on

Which statement is true?

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

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

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 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