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ch1 accnt - 1 All of the following are characteristics of a...

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1. All of the following are characteristics of a pull production system EXCEPT: A) Inventories are reduced to a minimum by purchasing raw materials and producing units only as needed to meet consumer demand. 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) Products are completed just in time to be shipped to customers. D) Manufactured parts are completed just in time to be assembled into products. Feedback: AACSB: Reflective Thinking AICPA BB: Resource Management AICPA FN: Decision Making LO: 3 Level: Medium Points Earned: 10.0/10.0 Correct Answer(s): B 2. When carrying out their directing and motivating activities, managers select a course of action and specify how the action will be implemented. A) True B) False Feedback: AACSB: Reflective Thinking AICPA BB: Resource Management AICPA FN: Decision Making LO: 2 Level: Medium Points Earned: 0.0/10.0 Correct Answer(s): B 3. An enterprise system integrates data across an organization into a single software system that enables all employees to have simultaneous access to a common set of data.
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4. The plans of management are often expressed formally in: 5. Companies that choose an operational excellence strategy are in essence saying to their customers, “Choose us rather than our competitors because we strive for zero defects.” A) True B) False Feedback: AACSB: Reflective Thinking AICPA BB: Marketing AICPA FN: Decision Making LO: 2 Level: Medium Points Earned: 10.0/10.0 Correct Answer(s): B
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6. Managerial accounting places considerable Persons occupying staff positions provide support and assistance to other parts of the organization. Persons occupying staff positions provide support and assistance to other parts of the organization. The Institute of Management Accountants' Standards of Ethical Conduct contains a policy regarding confidentiality that requires that management accountants: on: A) generally accepted accounting principles. B) the financial history of the entity. C) ensuring that all transactions are properly recorded. D) detailed segment reports about departments, products, and customers. Feedback: AACSB: Reflective Thinking AICPA BB: Critical Thinking AICPA FN: Measurement LO: 1 Level: Easy Points Earned: 10.0/10.0 Correct Answer(s): D
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