Test 1 2007 - ACIS Test 1 Part 1, True or False False 1. In...

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ACIS Test 1 Part 1, True or False False 1. In JIT purchasing, as many suppliers as possible are used so as to avoid relying too much on a few suppliers. False 2. Efforts designed to increase the rate of output should generally be applied to non-constraint workstations. True 3. Work in process inventories consist of units that are only partially complete and will require further work before they are ready for sale to a customer. True 4. In external financial reports, factory depreciation costs may be included in an asset account on the balance sheet at the end of the period. True 5. Job-order costing would be more likely to be used than process costing in situations where many different products or services are produced each period to customer specifications. True 6. The three basic costs of a manufactured product are direct material, direct labor and manufacturing overhead. False 7. The most common accounting treatment of underapplied manufacturing overhead is to transfer it to the Manufacturing Overhead control account. True 8. Nonmanufacturing costs are expensed as incurred, rather than going into the Work in Process account. False 9. A credit balance in the Manufacturing Overhead account at the end of the year means that overhead was underapplied. True 10. Managerial accounting places less emphasis on precision and more emphasis on flexibility and relevance of data than does financial accounting. True 11. Just-In-Time is a production system in which units are produced and materials are purchased only as needed to meet actual customer demand. True 12. There is a greater danger of undermining employee morale with Process Reengineering than with Total Quality Management.
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Part II. Multiple Choice 13. Which of the following does not describe a feature of managerial accounting? 1. It is not mandatory, as is financial accounting 2. It focuses on providing information for external users 3. It places more emphasis on the future 4. It emphasizes the segments of an organization 14. A staff position: 1. is supportive in nature, providing service and assistance to other parts of the organization. 2. is superior in authority to a line position. 3. relates directly to the carrying out of the basic objectives of the organization 4. None of these. 15. Which of the following persons would occupy a line position in a department store? A. Sales manager B. Manager, jewelry department C. Manager, advertising department D. Manager, personnel department 1. Only A. 2. Only A and B. 3. Only A, B, and C 4. A, B, C, and D 16. The benefits of a successful Just-In-Time system include all of the following except: 1. inventory buffers are increased. 2. throughput time is reduced. 3. defect rates are decreased.
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This note was uploaded on 10/13/2008 for the course ACIS 2116 taught by Professor Cmeasterwood during the Spring '08 term at Virginia Tech.

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Test 1 2007 - ACIS Test 1 Part 1, True or False False 1. In...

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