Accounting problem…please see attached.

Accounting problem…please see attached.

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Problem 1
1.
Just-in-time processing
a. Is based on a just-in-case philosophy.
b. Results in a push approach.
c. Minimizes inventory storage and waiting time.
d. All of the above.
2.
An element of just-in-time processing is
a. Dependable suppliers who are willing to deliver on short notice.
b. A multi-skilled workforce.
c. A total quality control system.
d. All of these apply.
3.
Which one of the following is not a benefit of just-in-time processing?
a. Control of significant inventory balances.
b. Enhanced product quality.
c. Reduction of rework costs.
d. All of the above are benefits.
4.
Which one of the following statements describes just-in-time (JIT) inventory management?
a. JIT is an effective approach for shifting inventory costs to vendors.
b. JIT is a customer service driven strategy that seeks to strategically produce some
excess inventory to guarantee that inventories are always available to customers in
a timely manner.
c. JIT is only used when a company’s vendors ship goods when they are ordered.
d. None of the above describes JIT inventory management.
5.
Which one of the following is not a just-in-time inventory management approach?
a. Developing long-term relationships with vendors.
b. Accepting vendor deliveries directly to the ship floor.
c. Establishing procedures for production employees to order raw materials from
vendors.
d. Selecting only the vendors who can provide inventory at the lowest price.
6.
Lowering cycle times reduces the need for
a. Raw materials.
b. Speculative inventories.
c. Inspection.
d. Materials handling.
7.
The use of flexible manufacturing systems, properly sequencing jobs, and properly placing
tools will minimize
a. Setup time.
b. Processing time.
c. Moving time.

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d. Inspection time.
8.
Which one of the following is not a just-in-time supportive performance measure?
a. Inventory turnover.
b. Cycle time.
c. Unitized cost of goods sold.
d. Cycle efficiency.
9. Which lean manufacturing model assigns all manufacturing costs to Cost of Goods Sold and
then subtracts inventory costs from the Cost of Goods Sold account?
a. Absorption costing.
b. Backflush costing.
c. Value-added inventory accounting.
d. None of the above.
10. A goal of performance reporting in a lean accounting system is
a. To provide information to managers for constant improvement in cost efficiency
and quality.
b. To show which producing departments are using approximately the same or
different percentages of services.
c. Both of the above.
d. None of the above.
11. Which one of the following is not a drawback to cost-based pricing?
a. Cost-based pricing requires accurate cost assignments.
b. The greater the portion of unassigned costs, the greater the likelihood of
overpricing or underpricing individual products.
c. Cost-based pricing assumes goods or services are relatively scarce, and customers
who want a product or service are generally willing to pay the price.
d. In a competitive environment, cost-based approaches decrease the time and cost of
bringing new products to market.
12. Which one of the following statements is true?
a. Kaisen costing, a mutually exclusive alternative to target costing, was developed
by the Japanese.
b. Kaisen costing means continuous improvement costing.
c. Both a and b are true.
d. None of the above are true.
13. Harbor Company had sales of $12,000,000, asset turnover of 120%, and an ROI of 27%.
Harbor’s net assets equal
a. $
2,160,000
b. $
3,240,000
c. $10,000,000
d. $42,222,222

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