6.Which control procedure is probablyleasteffective in reducing the threat of inventoryloss?a.Limiting physical access to inventoryb.Documenting all transfers of inventory within the companyc.Regular materials usage reports that highlight variances from standardsd.Periodically counting inventory and investigating any discrepancies between thosecounts and recorded amounts Show
7.Which of the following is an important part of the audit trail? Get answer to your question and much more 8.Theft of inventory can result in significant losses to an organisation. Which control wouldbest address this risk? Get answer to your question and much more 9.Inaccurate order recording can be reduced by? Get answer to your question and much more 10.A control can operate by either reducing the $ Loss incurred once an adverse event hashappened or by reducing the Probability of the event occurring. Backup controls operateby:a.Reducing the probability of an event occurringb.Providing authorisation concerning actions to be takenc.Reducing the cost consequences once an adverse event has occurredd.All of the answers provided
A document that specifies the part number, description, and quantity of each component needed. A document that specifies the sequence of steps to follow in making a product, which equipment to use, and how long each step should take. Manufacturing resource planning (MRP-II)
Master Production Schedule (MPS) It specifies how much of each product is to be produced during the planning period and when the production should occur. A document authorizing the manufacturing of a specified quantity of a product. It authorizes the removal of necessary quantity of raw materials. Documents that identify the internal transfer of parts, the location to which they are transferred, and the time of the transfer. Objectives of Cost Accounting
A measure of production efficiency representing the number of "good" units produced in a given period of time. Most costs are locked in at which stage in the production cycle? a. product design b. production planning c. production operations d. cost accounting Which of the following is an advantage of bar-coding over RFID? a. speed b. accuracy c. cost d. safety Which document lists the components needed to manufacture a specific product? a. operations list b. master production schedule c. bill of materials d. production order Which document captures information about labor used in production? a. move ticket b. job-time ticket c. operations list d. bill of materials An increase in which component of quality costs is most likely to result in a decrease in the other three components? a. prevention costs b. inspection costs c. internal failure costs d. external failure costs Activity-based costing can be used to refine which of the following? a. job-order costing b. process costing c. both job-order and process costing d. neither job-order nor process costing c. both job-order and process costing Which system is most likely to be used by a company that mass-produces large batches of standard items in anticipation of customer demand? a. MRP-II b. lean manufacturing c. activity-based costing d. throughput The development of an MPS would be most effective in preventing which of the following threats? a. recording and posting errors b. loss of inventory c. production of poor-quality goods d. excess production Which control procedure is probably least effective in reducing the threat of inventory loss? a. limiting physical access to inventory b. documenting all transfers of inventory within the company c. regular materials usage reports that highlight variances from standards d. periodically counting inventory and investigating any discrepancies be-tween those counts and recorded amounts c. regular materials usage reports that highlight variances from standards What is the number of good units produced in a given period of time called? a. productive capacity b. productive processing time c. yield d. throughput In terms of quality control measures, scrap and rework costs are part of _____. a. prevention costs b. inspection costs c. internal failure costs d. external failure costs c. internal failure costs Which part of the throughput formula provides information about the impact of equipment downtime on overall productivity? a. Productive capacity b. Productive processing time c. Yield d. None of the above b. productive processing time Which of the following is most likely the cost driver for accounts payable expenses associated with processing supplier invoices? a. Number of different parts purchased b. Total price of purchases c. Number of suppliers used d. Number of purchases made e. All of the metrics listed above d. number of purchases made Move tickets are a control procedure designed to reduce the risk of ______. a. loss or destruction of production data b. theft of inventory c. disruption of operations d. inappropriate allocation of overhead costs At which stage of the production process can accountants contribute to significantly reducing the cost of goods sold? a. Product design b. Planning and scheduling c. Production operations d. None of the above MRP-II would most likely be used by a company that produces _____. a. different grades of milk (e.g., whole, 2%, and skim) b. toner cartridges for laser printers c. toys based on a new movie d. all of the above e. none of the above a. different grades of milk In terms of quality control measures, the costs associated with issuing credit memos to customers who return defective products is part of _______. a. prevention costs b. inspection costs c. internal failure costs d. external failure costs e. none of the above d. external failure costs Which control procedure would be most effective in reducing the risk of over- or under-production?a. Reviewing all changes to master data b. Activity-based costing c. Production planning systems d. Computer-integrated manufacturing e. Reports that highlight the components of throughput c. Production planning systems What are the major threats in the production cycle?66 THREATS IN PRODUCTION OPERATIONS
Loss of assets. Misstated financial data. Potential underproduction of inventory. Controls: Physical access to inventory should be restricted.
Which system is most likely to be used by a company that mass produces large batches of standard items in anticipation of customers demand?Which system is most likely to be used by a company that mass-produces large batches of standard items in anticipation of customer demand? (Correct. MRP-II is a push form of manufacturing that is appropriate for mass production of standardized items for which demand is predictable.)
What is the number of good units produced in a given period of time called?Output is a quantity of goods or services produced in a specific time period (for instance, a year). For a business producing one good, output could simply be the number of units of that good produced in each time period, such as a month or a year.
Which of the following is not a benefit of Activity Based Costing lower cost better decisions improved cost management identification of cost drivers?Answer and Explanation: The correct option is (D) less costly to use. The activity-based costing is more costly to use than the traditional method of overhead allocation.
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Which control procedure is probably least effective in reducing the threat of inventory loss?
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