Question

91% 18. A management concept based on an understanding of the changing wants and needs of customers, and which leads to flexible product designs and production processes, is called: a Continuous improvement b. Customer orientation c. Just-in-time d. Theory of constraints e. Total quality management 19. A document in a job order costing system that is used to record the costs of producing a job is ain a. Job cost sheet b. Job lot Finished goods summary d Process cost system e. Units-of-production sheet 20. The three major cost components of manufacturing a product are: a Direct materials, direct labor and factory overhead b. Period costs, product costs, and conversion costs c. Indirect Labor, Indirect materials and fixed expenses d Variable costs, fixed costs and period costs Overhead costs, fixed costs and direct costs

Answer 1

18. Answer : Option D

TQM is considered a customer-focused process and aims for continual improvement of business operations. It strives to ensure all associated employees work toward the common goals of improving product or service quality, as well as improving the procedures that are in place for production.

19. Answer : Option "A"

The materials-requisition, time-ticket, and overhead-allocation information all goes on the job order cost sheet. To determine the total cost of the completed job, employees simply add up the job order cost sheet

20. Answer: Option "A"

Manufacturing costs are composed of three major elements: direct labor, materials, and overhead. Direct labor represents the salary, payroll taxes, fringe benefits, and overtime costs of those employees that work on the manufacturing floor. Materials include raw materials and packaging that are used in the product. Overhead are all other manufacturing costs