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Quiz - BUS 121 Ch. 1 _1A

Quiz - BUS 121 Ch. 1 _1A - with the company’s product or...

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NAME CHRISTINE DONALDSON SCORE ______________ BUS 121: Managerial Accounting Chapter 1 Quiz #1 T/F Questions: (1 point each) ___TRUE ____ 1.Managerial Accounting is concerned with providing information to company managers and others interested parties within the organization. ___FALSE ___ 2.In general, reporting for Managerial Accounting is strict in its application, while Financial Accounting is more flexible with respect to the data and its reporting. ___FALSE ____ 3.The Theory of Constraints is a systems improvement model that relies on customer feedback and fact-based information and analysis to affect positive change. ___TRUE ____ 4.Successful implementation of JIT should result in both space being freed for alternative uses and the improvement in the working capital position of the company. ___FALSE ____ 5.In an organization that operates with a philosophy of decentralization, most operational decisions are made by top management. ___FALSE ____ 6.Because the Chief Financial Officer deals with financial reporting and typically, not
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Unformatted text preview: with the company’s product or customers, the position is considered a “staff” rather than a “line” position. MC Questions: (2 points each) 1. The process of overseeing day-to-day activities and keeping the organization functioning smoothly is called: A.) Planning. B.) Directing and Motivating. C.) Controlling. D.) The Budgeting Process. The answer is __ C _____. 2. Within Lean Production, the flow of goods through a JIT system is based on: A.) each work station working at its maximum possible rate of output. B.) processing goods in large batch sizes rather than less economical small batches. C.) producing output to meet customer demand with no buildup of inventory at any point in the production process. D.) maintaining a stockpile of raw materials and finished goods in anticipation of error that will inevitably occur during production. The answer is __ C _____....
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