AC642 Test1 Review Questions And Answers
Latest Update
cost accounting information system
is a cost management subsystem designed to assign costs to individual
products and services and other objects as specified by management.
operational control information system
is a cost management subsystem designed to provide accurate and timely
feedback concerning the performance of managers and others relative to
their planning and control of activities. Increases customer value. Focuses
on identifying opportunities for improvement
Which of the following statements regarding the financial accounting
information system is true?
It is primarily concerned with producing outputs such as the balance sheet
and income statement for external users.
Financial Accounting Information System:
well specified economic events processes- rules and conventions est. by
SEC and FASB outputs- financial statements for external users
Legal disputes can be settled/forensic accounting
identifying, recording, settling, extracting, reporting, and verifying past
financial data in an activity known
lean manufacturing
The persistent pursuit and elimination of waste in manufacturing that
simultaneously embodies respect for people is called
total quality management
, Solution 2024/2025
Pepper
If a manager strives to create a work environment in which her organization
will be able to produce defect-free products and services, she is working
under the philosophy
Just-in-time manufacturing approach
Which of the following manufacturing approaches strives to produce a
product only when it is needed and only in the quantities demanded by
customers?
Theory of Constraints
Recognizing that all resources are finite
Theory of Constraints use
used to continuously improve manf. And non-manf activities
line positions
Positions that have direct responsibility for the basic objectives of an
organization are referred
example of a line position in a manufacturing company
Factory manager
treasurer of a company
responsible for the finance function, including raising capital
The controller of a company
responsibility for both internal and external accounting requirements,
including internal audit, budgeting support, economic analysis, taxes, and
so on
staff positions
Positions that are supportive in nature and have only indirect responsibility
for an organization's basic objectives are called
Chief accounting officer is an example
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.99. You're not tied to anything after your purchase.