Texbook Questions
End of chp 11 question: Which of the following is an overall equipment effectiveness (OEE) measure? Time spent on a job ticket Time spent developing a product Overall production run time % of productive manufacturing time
% of productive manufacturing time
What is taxonomy?
A classification system
Choose the best definition of a production report A document that summarizes the total manufacturing cost of a product, which is important in recording the cost of inventory and COGS in the general ledger A document that summarizes the total manufacturing cost of a product, which is important in recording the product costs and cost of goods manufactured in the general ledger A document that summarizes the total product cost, which is important in recording the cost of overhead and costs of goods sold in the general ledger A document that summarizes the total product cost, which is important in recording the cost of inventory and cost of goods manufactured in the general ledger
A document that summarizes the total manufacturing cost of a product, which is important in recording the cost of inventory and COGS in the general ledger
Production reports range from source documents to key metrics. Which is the best description of a bill of materials (BOM)? A list of individual steps needed to manufacture a product A list of individual product costs that make up a product A list of raw materials, steps, and parts needed to manufacture a product A list of production steps needed to manufacture a product
A list of raw materials, steps, and parts needed to manufacture a product
What is eXtensible Business Reporting Language (XBRL) A markup language for business info A programming language for creating web pages A data base querying language A subset of data visualization languages
A markup language for business info
A successful employee onboarding program reduces way risk for a company decrease productivity decreasing companying reputation training expenses All of the above
All of the above
For what reason do employee terminations present risks to a company Employee onboarding is time consuming and expensive Changing employees decreases productivity Ex-employees could retaliate with legal or defamatory actions All of these answer are correct
All of these answer are correct
Financial reporting is the output of accounting professionals that work in corporate accounting internal audit tax All of these answer choices are correct
All of these answer choices are correct
For what reasons might a company decide to implement XBRL? The company plans to go public next year The company would like to compare data from the other public companies The company seeks greater financial consolidation efficiency All of these answer choices are correct
All of these answer choices are correct
Henri joined a firm as an intern. His final project was to evaluate the firms employee termination control activities with a goal of developing additional control activities to prevent unnecessary reputation damages for the firm. Which of the following control activities might he suggest? Complete an HR authorized employee termination checklist and submit to HR Require HR presence at firing to ensure proper procedures and mitigate risks Move employees authority to act on behalf of the firm and conduct firm business All of these answer choices are correct
All of these answer choices are correct
Payroll expenses reduce NI on the IS Stockholders equity on the BS Stockholders equity on the statement of stockholders equity All of these answer choices are correct
All of these answer choices are correct
Poor employee boarding leads to high employee turnover. What risks are associated with high employee turnover? Expenses of training an ever changing workforce Challenges associated with negative reputation from employees and past employees Decreased productivity from employees who are not integrated in the company All of these answer choices are correct
All of these answer choices are correct
Which of the following would be considered an accounting transaction for Cold Brews a local coffee and beer shop Cold Brews supplier drops off fresh kegs on Thursday morning Cold Brews supplier emails an invoice for an order that arrived yesterday A Cold Brew manager uses the company credit card to purchase printer ink All of these answer choices are correct
All of these answer choices are correct
End of chp 11 question: Hamish works in a factory that builds tractors in Des Moines, Iowa. He can't remember whether the B352 or the C917 sprocket is needed in building a X793 tractor. The document, form, or screen that would help him decide is: Bill of materials Materials requisition Move ticket Picking ticket
Bill of materials
End of chp 9 question: Payroll accounting begins by recording______ in the form of journal entries Biz transactions involving an exchange of economic resources financial info corporate minutes biz contracts
Biz transactions involving an exchange of economic resources
What role in a company is responsible for ensuring legal compliance for reporting purposes? Controller Treasurer CEO AIS
CEO
External auditors for a firm found errors in the recent financial statements. After further investigation into the issue, the auditors discovered a strong control environment that should have prevented the financial statement errors. Based on the info provided by the auditors, who do you suggest would be responsible for the errors? Controller External auditors Internal auditors CFO
CFO
Which of the following characteristics is information presents similar items in the same manner to make it easy to identify similarities and differences when necessary? Verifiability Understandability Timeliness Comparability
Comparability
Employee termination analytics may lead to improvements in business processes and departmental ops. What type of analytics may identify issues between the onboarding experience and retention? (not on exam) Analysis of employee productivity metrices within the first year of employment Analysis of onboarding satisfaction surveys completed by managers Analysis of employee training results Comparison of length of employment to feedback from onboarding activities
Comparison of length of employment to feedback from onboarding activities
Which of the following characteristics is with all information necessary included? Neutral Understandability Error free Complete
Complete
End of chp 9 question: Which sample control activity is the best option for mitigating the risk of employee records remaining active in the payroll system? Executing a noncompete agreement Clearing all employee receivables Conducting independent reviews of the stars of employee records Closing corporate card accounts
Conducting independent reviews of the stars of employee records
Which of the following characteristics have the ability to either confirm or change previous decisions? Predictive value Confirmatory value Error free Complete
Confirmatory value
What type of payroll processing control is designed to prevent unauthorized payroll transactions being processed? Complete a payroll processing checklist for each pay period Manager reviews and signs payroll checks Keep the payroll functionality in-house Controller reviews and signs payroll checks
Controller reviews and signs payroll checks
Select the best definition of conversion processes Conversion processes are the operating business activities that combine resources and convert them into products or services Conversion processes are manufacturing activities that combine resources and convert them into products Conversion processes are production activities that convert raw materials into finished goods Conversion processes are production business activities that combine resources and convert them into products
Conversion processes are the operating business activities that combine resources and convert them into products or services
Which of the following generic business strategies seeks to be the low cost producer in its industry Differentiation Cost focus Differentiation focus Cost leadership
Cost leadership
Which of the following is the responsibility of HR during the employee termination process? A) HR answers questions from the departing employee. B) HR answers questions from the departing employee's managers. C) HR minimizes potential damage during the termination process. D) All of these answer choices are correct.
D) All of these answer choices are correct.
Lebron is asked to review the financial statements created by the company to determine priorities and frequency of creation for each report as each report utilizes man hours that could be used for other activities. Lebron must consider the quality of info produced and how well the report presents the info to the end user. What info characteristic is Lebron asked to review for in his assessment of the financial reporting? Error free Decision usefulness Verifiability Predictive value
Decision usefulness
Which of the following is not cost-effectiveness? Gathering the data Processing the data Deleting the data Storing the data
Deleting the data
End of chp 9 question: What is the main use of employee termination analytics? Identify fraud in payroll Determine why employees tend to leave the organization Identify training opportunities Compare compensation packages
Determine why employees tend to leave the organization
What is the main use of employee termination analytics? (not on exam) Identify training opportunities Determine why employees tend to leave the organization Identify fraud in payroll Compare compensation packages
Determine why employees tend to leave the organization
For accounting purposes, the cost of steel consumed in the manufacturing of a brake drum would be classified as what? indirect factory labor indirect material costs manufacturing overhead direct material costs
Direct material cost
Which activity does HR not perform? Updating and maintaining employee main table data Recruiting and hiring employees Directly supervising and signing daily tasks to employees Terminating employees
Directly supervising and signing daily tasks to employees
Employee termination analytics may lead to improvements in business processes and departmental ops. What type of analytics may identify potential issues with specific managers? (not on exam) Analysis of new hires by department and supervisors Drilling into salary reports by department and supervisors Analysis of satisfaction surveys completed by managers Drilling into employees termination reports by department and supervisors
Drilling into employees termination reports by department and supervisors
End of chp 9 question: Which HR process involves establishing a new employee in the company systems? Employee onboarding Employee retention New hire training Task modeling
Employee onboarding
Cost accounting function determines product costs, COGS, and inventory values. What is a sample control activity that could be used to control for a poorly designed cost accounting system which may result in misallocation of costs to products? Ensure that system development is reviewed by appropriate IT and accounting staff. Cost accountant Control and account for raw materials issued to production. Cost accountant Ensure that system development is reviewed by appropriate IT and accounting staff. CTO Control and account for raw materials issued to production. Financial accountant
Ensure that system development is reviewed by appropriate IT and accounting staff. CTO
Which of the following characteristics is accurate? Complete Error free Neutral Understandability
Error free
End of chp 9 question: Which control activity would best mitigate the risk of violation of employment laws for hiring new employees? Review of payroll journal Credible background checks Extension of offer letters only by the HR department Hands on approach to onboarding new emplyees
Extension of offer letters only by the HR department
Which of the following is an example of a deduction from an employees payroll check?
Fed and state insurance premiums retirement contribution
End of chp 9 question: Which of the following data analytics test identifies instances of payroll processed after an employees termination date? Duplicate payroll Exit interviews Wage equality Ghost employees
Ghost employees
End of chp 9 question: What is the main use of employee onboarding analytics? Identify trends in feedback about HR employees Identify outgoing corporate issues Prepare tax filings Update new hire policies
Identify trends in feedback about HR employees
Consolidated financial statements are based on the concept that In the preparation of financial statements, legal form takes precedence over economic substance. In the preparation of financial statements, economic substance takes precedence over legal form. Financial information should be presented separately for each legal entity. Separate financial statements are more meaningful than consolidated financial statements.
In the preparation of financial statements, economic substance takes precedence over legal form.
What is Relevance?
Information must be capable of influencing a decision
What is faithful representation?
Information must be unbiased and accurate
What is digital manufacturing?
Involves automated, digital processes using IIoT technologies
End of chp 9 question: Why should payroll employees be separate from HR employees? Payroll personnel may work fewer hours HR can better compensate employees It ensures segregation of duties to prevent fraud HR can focus on legal issues
It ensures segregation of duties to prevent fraud
Why should payroll employees be separate from HR employees? HR can better compensate employees It ensures segregation of duties to prevent fraud Payroll personnel may work fewer hours HR can focus on legal issues
It ensures segregation of duties to prevent fraud
End of chp 9 question: Which of the following internal control activities would prevent an employee from being paid an inappropriate hourly wage? Having the supervisor of the data entry clerk verify that each employees hours worked are correctly entered into the system Using real time posting of payroll so there can be no after the fact data manipulation of the payroll register giving payroll data entry clerks the ability to change any suspicious hourly pay rates to a reasonable rate Limiting access to the employee main table to authorized employees in the HR department
Limiting access to the employee main table to authorized employees in the HR department
What are the two types of competitive advantage? Low cost and high cost Low cost and product differentiation Cheap product and high cost product differentiation and broad market
Low cost and product differentiation
End of chp 11 question: Which business activity generates transaction? Scheduling production Manufacturing the product Testing the product Planning production
Manufacturing the product
Which business activity generates an accounting transaction? Planning production Testing the product Scheduling production Manufacturing the product
Manufacturing the product
Which is an example of a period cost? product costs marketing expenses indirect material costs raw material costs
Marketing expenses
______ shows the specific calendar time when every production operation is scheduled to occur, the resources and workers assigned, and the steps required to utilize all resources effectively. Move tickets Materials requisition request Master production schedule Production reports
Master production schedule
Which of the following characteristics has significant impact on the decision (not including it would influence the decision)? Confirmatory value Materiality Comparability Predictive value
Materiality
Which of the following characteristics is not in enhancing characteristics? Verifiability Understandability Materiality Timeliness
Materiality
End of chp 9 question: What is the primary economic purpose of a company? Help employees love their job Fulfill goals Create opportunities for employees Maximize profits
Maximize profits
End of chp 9 question: What key roles does HR play during the employee termination process? Tracking hiring violations Minimizing potential damages Helping employees pack up their items Removing system access
Minimizing potential damages
What key roles does HR play during employee termination process? Tracking hiring violations Removing system access Minimizing potential damages Helping employees pack up their items
Minimizing potential damages
Which of the following characteristics is not favoring a particular outcome? Error free Neutral Complete Understandability
Neutral
Which of the following is not in relevance? Predictive value Confirmatory value Materiality Neutral
Neutral
Which employee onboarding action may prevent high employee turnover? Onboard training and engagement with employees after their onboarding Individual online training for employees Emails including policies and procedures A first day on the job that gets the employee started in their assigned role
Onboard training and engagement with employees after their onboarding
Which of the following statements concerning payroll is true? Payroll and HR data remain separate to allow for data control via duplication Payroll is not as straightforward as simply distributing the hourly rate or annual salary to employees Payroll processing occurs at third-party vendors so it is not under control of the company Payroll is a straightforward process of distributing wages to employees
Payroll is not as straightforward as simply distributing the hourly rate or annual salary to employees
Which of the following characteristics is applicable to future events? Predictive value Confirmatory value Materiality Neutral
Predictive value
What is the source document output of the Production Planning process? Production plan Production reports Operations list Material requisitions
Production Plan
"develop a long term outlook of production activities" describes which manufacturing conversion process production development product development production operations production planning
Production Planning
What is the order of manufacturing conversion processes?
Production development, production planning, production scheduling, manufacturing operations, quality management
_______ is the short-term allocation of plant machinery and resources to the manufacturing of products. Production planning Production scheduling Production development Production process
Production scheduling
End of chp 9 question: The outsourced model helps HR perform the following kinds of value driven tasks: Performing HR SW development Promoting innovation, creativity, and flexibility in the work model Helping with HR and payroll audits Processing payroll
Promoting innovation, creativity, and flexibility in the work model
End of chp 9 question: Identify HR's next activity after the department manager contacts HR to discuss plans for an involuntary termination Conduct an exit interview Have the employees sign required documents Collect the employees badge and equipment Provide a severance agreement to the employees manager
Provide a severance agreement to the employees manager
End of chp 9 question: Which sample control activity is best to mitigate the risk of incorrect employee data resulting in incorrect payments to the employee? Reviewing the payroll journal Reviewing the payroll calander Reconciling the data in payroll records and HR main table Controller signing payroll checks
Reconciling the data in payroll records and HR main table
End of chp 9 question: James hires illegals workers. Which of the core activities of the HR department should have identified and prevented this violation of law? Compliance with laws and regulations Training and development Salaries and benefits Recruiting and hiring of employees
Recruiting and hiring of employees
End of chp 11 question: A master production schedule is most likely to be useful in Identifying erroneous journal entries Inventory shrinkage Pricing of goods for sale Reducing excess production of inventory
Reducing excess production of inventory
As the report creator for your company's AIS, you recently received a request for some custom reports to show detail about outstanding accounts receivable for the accounts receivable manager. What category of accounting is the report is the accounts receivable manager asking you to create? Financial accounting Responsibility accounting Cost accounting All of these answer choices are correct
Responsibility accounting
End of chp 11 question: Which quality control activity generates an accounting transaction? Releasing products Inspecting products Scrapping defective products Testing products
Scrapping defective products
What does Cost focus seeks? Seeks to be the low-cost producer in its industry Seeks to be unique in its industry with widely valued products Seeks differentiation in a narrow-target market Seeks a cost advantage in a narrow-target market
Seeks a cost advantage in a narrow-target market
What does Differentiation focus? Seeks differentiation in a narrow-target market Seeks to be the low-cost producer in its industry Seeks to be unique in its industry with widely valued products Seeks a cost advantage in a narrow-target market
Seeks differentiation in a narrow-target market
What does cost leadership seeks? Seeks to be the low-cost producer in its industry Seeks a cost advantage in a narrow-target market Seeks to be unique in its industry with widely valued products Seeks differentiation in a narrow-target market
Seeks to be the low-cost producer in its industry
What does Differentiation seeks? Seeks to be the low-cost producer in its industry Seeks to be unique in its industry with widely valued products Seeks a cost advantage in a narrow-target market Seeks differentiation in a narrow-target market
Seeks to be unique in its industry with widely valued products
End of chp 9 question: Which of the following activities should occur next after HR receives the offer acceptance from a candidate? Submit data to background check provider Send start date to IT department Process notice of offer withdrawl Review information for completeness
Submit data to background check provider
Which of the following transactions is not an accounting transaction for Sunshine Eats, a catering company? Sunshine signs a contract to cater a wedding three months from now at a local event center. The catering job will be paid by the event center as a part of a wedding package. Sunshine sends a monthly bill to a local coffee shop to which Sunshine delivers fresh muffins each Tuesday and Thursday. Sunshine receives a down payment on a catered dinner for a new business grand opening coming up in two weeks. Sunshine delivers box lunches each Monday to teachers at a local school. The delivery is set up to automatically charge credit card for payment.
Sunshine signs a contract to cater a wedding three months from now at a local event center. The catering job will be paid by the event center as a part of a wedding package.
What does quality management process involves?
Testing products to ensure that they meet regulatory and corporate specifications
Which of the following is not manufacturing efficiency? Controlling the cost of resources The rate of production The price of raw materials The quality of finished goods
The price of raw materials
Which of the following characteristics is information is recent and available in time to influence relevant decisions? Understandability Verifiability Comparability Timeliness
Timeliness
Which of the following characteristics is information is easy to understand because it is properly classified and presented clearly? Verifiability Comparability Understandability Timeliness
Understandability
Which of the following is not in faithful representation? Neutral Understandability Error free Complete
Understandability
Which of the following statements is false? Relevance of information carries more priority than consistency and verifiability Information quality is the suitability of information for a particular purpose in a specific task Understandability and timeliness of data has a higher priority than relevance Financial accounting information only serves a purpose if it is useful for decision making
Understandability and timeliness of data has a higher priority than relevance
Which of the following characteristics is information results in the same conclusions by independent and knowledgeable individuals? Timeliness Understandability Verifiability Comparability
Verifiability
Which of the following internal controls over financial reporting could be automated in AIS? Resolution of reconciliation discrepancies in a timely manner Verification that journal entries are posted in the correct reporting period Identification of contingent liabilities and make necessary accruals Assign responsibilities to ensure segregation of duties
Verification that journal entries are posted in the correct reporting period
Which of the following is an example of Cost leadership? Walmart Monster Porsche Nike
Walmart
Which of the following is an open standard markup language, specifically designed for electronic financial reporting? EBRL XBRL XML EML
XBRL
Which of the following is the underlying language that eXtendible business reporting language uses? XML Java HTML python
XML
What is eXtensible business reporting language (XBRL)? a programming language for creating web pages a markup language for business information a database querying language a subset of data visualization language
a markup language for business information
A document that authorizes the movement of raw materials from inventory into production is referred to as a product transfer request a production conversion request a materials transfer request a materials requisition request
a materials requisition request
End of chp 11 question: Which of these reports does not relate to production? bill of materials accounts payable agin analysis machine downtime bill of operations
accounts payable agin analysis
The HR department activities are a part of
acquisition and payment processes
Which of the following keywords does not indicate inappropriate journal entires meant to balance accounts? reconcile plug allowance for doubtful accounts true up
allowance for doubtful accounts
Financial reporting provides external stakeholders shares of the company an accurate depiction of company's financial situation a clear determination on whether they should or should not invest in the company a breakdown of key performance indicators
an accurate depiction of company's financial situation
Compensated employees is a business process that results in
an economic exchange of resources
Which of the following is a series of sequential numbers that are reserved for accounts? blockchain chart of accounts block coding primary key
block coding
Which of the following is an example of cost-effectiveness? building a product for the lowest possible expense reviewing costs of operations for cost saving opportunities balancing corporate profits with corporate losses comparing the cost of creating useful information to the value it could provide
comparing the cost of creating useful information to the value it could provide
When a parent company owns one or more subsidiaries, it prepares data visualization dashboards an enhanced statement of cash flows consolidated financial statements a balanced scorecard
consolidated financial statements
Companies mitigate risks associated with employee onboarding by implementing and enforcing external payroll administration control activities background checks All of these answer choices are correct
control activities
End of chp 11 question: What accounting method allocates indirect costs based on volume? cash accrual conventional activity-based
conventional
End of chp 11 question: This accounting subdiscipline applies only to conversion processes. managerial accounting financial accounting cost accounting data analytics
cost accounting
Which of the following generic business strategies seeks to be the low-cost producer in its industry? cost leadership differentiation cost focus differentiation focus
cost leadership
Which of the following balanced scorecard perspectives examines a company's success in targeted market segments? financial customer relationships internal processes learning and growth
customer relationships
End of chp 11 question: Name a major challenge in digital manufacturing. eliminating manufacturing issues cyber risk maintaining equipment flexibility
cyber risk
End of chp 11 question: Concerns about IoT include all of the following except reduced privacy cycle times data storage risk exposure
cycle times
Which of the following is an example of a balanced scorecard customer relationships metric? delivery performance cash flow employee turnover process alignment
delivery performance
What must businesses do before starting the financial reporting process? develop a chart of accounts identify accounting transactions determine cash on hand run baseline financial reports
develop a chart of accounts
End of chp 11 question: What is the term for a digital duplicate of a physical object? digital twin carbon copy backup failover
digital twin
Cost accounting function determines product costs, COGS, and inventory values. What is a sample control activity that could be used to control for misstatement in costs that may rest in a material misstatement of financial reports document and authorize product cost accounting procedures that describe costing methods ensure that system development is reviewed by appropriate IT and accounting staff allocate indirect labor and overhead to products on an approved and consistent basis Use a BOM for every product in all steps of production
document and authorize product cost accounting procedures that describe costing methods
An important follow-up internal control when management reviews reports is restricting access to authorized users documenting that the review was performed sharing the review with all the internal stakeholders scheduling the next review 18 months late
documenting that the review was performed
A(n)____ is a piece of data assigned a tag by XBRL. sheet element instance taxonomy
element
Which describes the process of helping new employees adapt to the companies systems positions and the company
employee onboarding
Why are journal entries posted at unusual times considered a high fraud risk? fraud perpetrators may post journal entries outside traditional working ours to avoid detection they indicate a spike in revenue fraud perpetrators do not work at the company and can only access the system outside traditional working hours it is illegal to post a journal entry on Saturday
fraud perpetrators may post journal entries outside traditional working ours to avoid detection
End of chp 9 question: The advantage of a higher level of maturity for payroll processing do not include Having a single source of HR and payroll data improving data accuracy reducing data redundancies having disparate or separate systems for HR and payroll
having disparate or separate systems for HR and payroll
End of chp 9 question: Companies use maturity models for assessing how they audit their processes how they judge their current performance and create plans for improvement how they administer benefits the efficiency of their onboarding process
how they judge their current performance and create plans for improvement
The first step of the financial reporting process, which occurs during the reporting period, is to create journal entries review adjusting journal entries identify accounting transactions locate source documents
identify accounting transactions
End of chp 11 question: What do we call a network of intelligent devices that collect and analyze data? intranet industrial internet of things data analytics data warehouse
industrial internet of things
HR are one of the most important
inputs into a business
The output of XBRL that users access to view the financial information is a(n) style sheet taxonomy document interactive financial statement instance document
instance document
Which of the following best explains a trial balance rollforward? it uses calculations to ensure that all the journal entries in the general ledger are present it uses calculations to create the ending trial balance it recalculates the beginning trial balance to perform a completeness test it reperforms the work of internal auditors to provide external auditors with sufficient assurance over the general ledger
it uses calculations to ensure that all the journal entries in the general ledger are present
End of chp 11 question: What type of production costing is used to assign costs to a unique or custom job? process costing job-order costing standardized costing just-in-time costing
job-order costing
The success of using a balanced scorecard is the accuracy of the data reflected use of multiple types of key performance indicators ability to update the scorecard frequently link to the organizations strategic plan
link to the organizations strategic plan
End of chp 11 question: Depreciation expenses on fixed assets used in production for a reporting period are classified as current assets indirect materials direct materials manufacturing overhead
manufacturing overhead
End of chp 11 question: Hamish works in a. factory that builds tractors in Des Moines Iowa. He needs a B352 socket to build a X793 tractor. The document, form, or screen that would authorize this action is a: bill of materials move ticket materials requisition picking ticket
materials requisition
What is the most important purpose of a balanced scorecard? develop strategy measure performance develop cause-and-effect linkages set priorities
measure performance
Capacity utilization rate measures production efficiency by comparing actual production costs versus budgeted production costs measures production efficiency as a percentage of actual production output compared to the potential max measures production efficiency by comparing actual production costs versus budgeted production costs measures the potential maximum production output
measures production efficiency as a percentage of actual production output compared to the potential max
Which is the best definition of inventory management? Inventory management involves overseeing the life cycle of a product from procuring raw materials through customer sales Inventory management involves testing products to ensure that they meet regulatory and corporate specifications Inventory management involves overseeing the processes of ordering, storing, and using a business's inventory Inventory management involves the research and testing of new products or potential changes to existing products
overseeing the processes of ordering, storing, and using a business inventory
The primary objective of financial reporting processes is to increase profitability produce financial information for external auditors produce statements containing info that is useful to external users produce information used to create balanced scorecards
produce statements containing info that is useful to external users
The primary objective of financial reporting process is to produce financial information for external auditors increase profitabilty produce statements containing information that is useful to external users produce information used to create balanced scorecards
produce statements containing information that is useful to external users
End of chp 11 question: What is the objective of production planning and scheduling? increase cost efficiency decrease excessive costs provide the right product at the right time reduce the number of defective products manufactured
provide the right product at the right time
Resources like ____. and _____ are combined and converted into a product that can be purchased and used raw materials, equipment equipment, labor finished goods, labor raw materials, labor
raw materials, labor
Within the context of the qualitative characteristics of accounting information, which of the following is a fundamental qualitative characteristic? relevance timeliness comparability confirmatory value
relevance
End of chp 11 question: Recalculation of embedded calculations in database tables provides an auditor with additional assurance about _______ in the database. truth timeliness lack of bias reliability
reliability
Which of the following is not one of the four traditional dimensions of a balanced scorecard? customer relationships learning and growth internal processes research and development
research and development
____ is used to trace expenses throughout the organization by aggregating expenses from departments up to the CEO. digital tracing block coding responsibility accounting consolidated balance sheet
responsibility accounting
GAAP for financial reporting requires that a manufactures inventory on the balance sheet and COGS on the income statement consist of: _____, the cost of direct labor, and the cost of manufacturing OH. the expense of IT the cost of sales, general and administration SG&A the cost of shipping the cost of direct materials
the cost of direct materials
The objectives of financial reporting are based on which of the following sources? the need for conservatism the needs of the external users of the information reporting on management's consistency reporting on management's stewardship
the needs of the external users of the information
End of chp 11 question: Process fragmentation in production happens when there are different production processes for different products there are efficient handoffs between departments, teams, and systems there is not a unified workflow for critical production processes different manufacturing teams handle different parts of the production process.
there is not a unified workflow for critical production processes
Which of these dashboards is not used by management to monitor KPIs for production processes? machine downtime causes top five customers defective products by reason throughput
top five customers
