Exam 1 Fall 07 - Exam 1 Fall 07 There are 30 multiple...

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Exam 1 Fall 07 There are 30 multiple choice questions in total. In all cases, select the BEST answer. 1. The plans of management are often expressed formally in: A. financial statements. B. budgets. C. ledgers. D. performance reports. 2. A staff position: A. relates directly to the carrying out of the basic objectives of the organization. B. is supportive in nature, providing service and assistance to other parts of the organization. C. is superior in authority to a line position. D. none of these. 3. Which of the following is NOT one of the three major customer value propositions discussed in the text? A. customer intimacy B. operational excellence C. product leadership D. discount pricing 4. All of the following are characteristics of a pull production system EXCEPT: A. Products are completed just in time to be shipped to customers. B. Raw materials are released to production far in advance of being needed to ensure no interruptions in work flows due to shortages of raw materials. C. Manufactured parts are completed just in time to be assembled into products. D. Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand.
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5. The Sarbanes-Oxley Act of 2002 contains all of the following provisions EXCEPT: A. Both the CEO and CFO must certify in writing that their company's financial statements and accompanying disclosures fairly represent the results of operations. B. Financial statements must be audited once every three years by the Government Accounting Office. C. The audit committee of the board of directors of a company must hire, compensate, and terminate the public accounting firm that audits the company's financial reports. D. A company's annual report must contain an internal control report. 6. The cost of the cushions that are used to manufacture sofas is best described as a: A. variable cost. B. conversion cost. C. period cost. D. manufacturing overhead cost. 7. Manufacturing overhead includes: A. all manufacturing costs except direct labor and direct materials. B. all direct material, direct labor and administrative costs. C. all selling and administrative costs.
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This test prep was uploaded on 04/22/2008 for the course ACCT 2113 taught by Professor Knapp during the Fall '08 term at The University of Oklahoma.

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Exam 1 Fall 07 - Exam 1 Fall 07 There are 30 multiple...

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