Homework Answers
True, the implementation of just in time processing is because, the main reason behind it would be reduction of storage costs, the material required for production will be ordered only after the requisition of material resulting no storage costs for raw material. Once the production gets started till it gets delivered to the customer, there will not be any holding of material resulting no storage costs in work in process or finished goods also. This is possible with a well established supply chain management.
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Inventory storage costs are reduced in just-in-time processing. O True O False
The just−in−time management system results in an increase in the costs to buy, store, insure, and move inventory. true...
The just−in−time management system results in an increase in the costs to buy, store, insure, and move inventory. true or false
just-in-time costing system do not use a separate work-in-process inventory account. true or false?
just-in-time costing system do not use a separate work-in-process inventory account. true or false?
TRUE OR FALSE A. True or False / When units are completed, costs are transferred out...
TRUE OR FALSE A. True or False / When units are completed, costs are transferred out of WIP and into finished goods inventory. B True or False / When units are sold, costs are transferred out of finished goods inventory and into cost of goods sold (COGS). C True or False / MOH is increased by the purchase of indirect materials, indirect labor and costs to run the factory, and reduced by MOH applied to WIP. D. True or False...
24. Risk is reduced when a high proportion of costs are fixed. True False
24. Risk is reduced when a high proportion of costs are fixed. True False
Question 16 Just-in-time processing is based on a just-in-case philosophy. results in higher inventory amounts. eliminates...
Question 16 Just-in-time processing is based on a just-in-case philosophy. results in higher inventory amounts. eliminates the push approach. all of the above.
RISC architecture has a very simple instruction set. True False Interrupts & procedure calls have max processing time in any architecture. True False The time consumed by a procedure call with few...
RISC architecture has a very simple instruction set. True False Interrupts & procedure calls have max processing time in any architecture. True False The time consumed by a procedure call with fewer variables is more compared to a one that has a lot of variables. True False A process and thread switch incur the same amount of time/cost. True False
Manufacturing companies have inventory accounts, but merchandising companies do not. O True False Repair and maintenance...
Manufacturing companies have inventory accounts, but merchandising companies do not. O True False Repair and maintenance costs for manufacturing equipment are included in manufacturing overhead. O O True False
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather...
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
Costs associated with holding inventory include hidden costs, such as low employee motivation. True or False...
Costs associated with holding inventory include hidden costs, such as low employee motivation. True or False True False
Maximizing profit just means finding the best use of resources. O True © False A loss...
Maximizing profit just means finding the best use of resources. O True © False A loss of a business owner is the punishment for not using resources in the best way. True False Allowing for bankruptcy is unfortunate for the business owner but desirable for the society. O True False If you have absolute advantage in an activity, you also have comparative advantage in that activity. True False There is much more specialization in small communities than in large cities...
24. Risk is reduced when a high proportion of costs are fixed. True False
Question 16 Just-in-time processing is based on a just-in-case philosophy. results in higher inventory amounts. eliminates the push approach. all of the above.
Manufacturing companies have inventory accounts, but merchandising companies do not. O True False Repair and maintenance costs for manufacturing equipment are included in manufacturing overhead. O O True False
Name TRUE/FALSE 1. In a process cost system, product costs are accumulated by processing department rather than by job 2. If factory overhead applied exceeds the actual costs, then factory overhead is said to be underapplied. 3. A manufacturer may employ a job order cost system for some of its products and a process cost system for others. 4. Period costs can be found on the balance sheet or on the income statement. 5. Managerial accounting reports are always prepared...
Costs associated with holding inventory include hidden costs, such as low employee motivation. True or False True False
Maximizing profit just means finding the best use of resources. O True © False A loss of a business owner is the punishment for not using resources in the best way. True False Allowing for bankruptcy is unfortunate for the business owner but desirable for the society. O True False If you have absolute advantage in an activity, you also have comparative advantage in that activity. True False There is much more specialization in small communities than in large cities...
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