Question 1

The objective of the Economic Order Quantity model is to reduce total inventory costs by minimizing carrying costs and ordering costs.

Accepted Answer

A) True 
 B)False

Question 2

The cost accounting system authorizes the release of raw materials into production.

Accepted Answer

A) True 
 B)False

Question 3

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 4

Outline the characteristic of a world-class company.

Accepted Answer

•World-class companies must maintain str

Question 5

An example of automation of manufacturing planning is

Accepted Answer

A)  Computer Aided Engineering 
B)  Automated Storage and Retrieval Systems 
C)  Materials Requirements Planning 
D)  Computer Numerical Control 
A)  Computer Aided Engineering 
B)  Automated Storage and Retrieval Systems 
C)  Materials Requirements Planning 
D)  Computer Numerical Control

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is not a problem associated with standard cost accounting?

Accepted Answer

A)  Standard costing motivates management to produce large batches of products and build inventory. 
B)  Applying standard costing leads to product cost distortions in a lean environment. 
C)  Standard cost data are associated with excessive time lags that reduce its usefulness. 
D)  The financial orientation of standard costing may promote bad decisions. 
E)  All of the above are problems with standard costing. 
A)  Standard costing motivates management to produce large batches of products and build inventory. 
B)  Applying standard costing leads to product cost distortions in a lean environment. 
C)  Standard cost data are associated with excessive time lags that reduce its usefulness. 
D)  The financial orientation of standard costing may promote bad decisions. 
E)  All of the above are problems with standard costing.

Question 8

Which type of manufacturing creates a homogeneous product through a continuous series of standard procedures?

Accepted Answer

continuous

Question 9

List two disadvantages of using a traditional cost accounting system.

Accepted Answer

Cost allocations may be inaccu

Question 10

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 11

Batch processing creates a homogeneous product through a continuous series of standard procedures.

Accepted Answer

A) True 
 B)False

Question 12

Discuss the key segregations of duties that should exist in the traditional manufacturing environment.

Accepted Answer

Production planning and control should b

Question 13

Traditional accounting assumes that products cause costs.ABC assumes that _________________ cause costs.

Accepted Answer

The answer of Traditional accounting assumes that products cause costs.ABC...

Question 14

The cost of poor quality includes all of the following except

Accepted Answer

A)  cost of rework 
B)  warranty claims 
C)  scheduling delays 
D)  proceeds from the sale of scrap 
A)  cost of rework 
B)  warranty claims 
C)  scheduling delays 
D)  proceeds from the sale of scrap

Question 15

The storekeeper releases raw materials based on the

Accepted Answer

A)  production schedule 
B)  materials requisition 
C)  work order 
D)  bill of materials 
A)  production schedule 
B)  materials requisition 
C)  work order 
D)  bill of materials

Question 16

Discuss the importance to the cost-accounting department of the move ticket.

Accepted Answer

The various work centers send cost accou

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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 19

ABC assigns cost to cost objects based on their use of activities.

Accepted Answer

A) True 
 B)False

Question 20

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

The objective of the Economic Order Quantity model is to reduce total inventory costs by minimizing carrying costs and ordering costs.

The cost accounting system authorizes the release of raw materials into production.

Characteristics of lean manufacturing include all of the following except

Outline the characteristic of a world-class company.

An example of automation of manufacturing planning is

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

Which of the following is not a problem associated with standard cost accounting?

Which type of manufacturing creates a homogeneous product through a continuous series of standard procedures?

List two disadvantages of using a traditional cost accounting system.

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

Batch processing creates a homogeneous product through a continuous series of standard procedures.

Discuss the key segregations of duties that should exist in the traditional manufacturing environment.

Traditional accounting assumes that products cause costs.ABC assumes that _________________ cause costs.

The cost of poor quality includes all of the following except

The storekeeper releases raw materials based on the

Discuss the importance to the cost-accounting department of the move ticket.

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

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

ABC assigns cost to cost objects based on their use of activities.

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

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

The objective of the Economic Order Quantity model is to reduce total inventory costs by minimizing carrying costs and ordering costs.

The cost accounting system authorizes the release of raw materials into production.

Characteristics of lean manufacturing include all of the following except

Outline the characteristic of a world-class company.

An example of automation of manufacturing planning is

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

Which of the following is not a problem associated with standard cost accounting?

Which type of manufacturing creates a homogeneous product through a continuous series of standard procedures?

List two disadvantages of using a traditional cost accounting system.

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

Batch processing creates a homogeneous product through a continuous series of standard procedures.

Discuss the key segregations of duties that should exist in the traditional manufacturing environment.

Traditional accounting assumes that products cause costs.ABC assumes that _________________ cause costs.

The cost of poor quality includes all of the following except

The storekeeper releases raw materials based on the

Discuss the importance to the cost-accounting department of the move ticket.

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

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

ABC assigns cost to cost objects based on their use of activities.

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

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