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Accounting Expert Answers & Study Resources : Page 493

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49.Investment processes: A.issue stock. B.issue bonds. C.purchase of fixed assets. D.invest excess funds. 50.The _____________ of a corporation has the responsibility for making investment decision. A.board of directors. B.chief financial officer. C.treasurer. D.president/CEO. 51.The _____________ of a corporation usually has physical custody of securities held as investments. A.treasurer. B.president/CEO. C.board of directors. D.chief financial officer. 52.Corporations with complex IT systems: A.may automate their investment process. B.still handle.

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  • 49.Investment processes: A.issue stock. B.issue bonds. C.purchase of fixed assets. D.invest excess funds. 50.The _____________
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TRUE / FALSE 1.The sale of bonds should be considered a regular, recurring process since these types of transactions are recorded in the general ledger. 2.Administrative processes are transactions and activities that either are specifically authorized by top managers or are used by managers to perform administrative functions. 3.Not all organizations require long-term,.

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  • TRUE / FALSE 1.The sale of bonds should be considered a
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68.               Rework refers to: A.generating a better quote for a customer. B.overhaul of a manufacturing machine. C.additional procedures to bring a product up to specifications.   D.parts that are beyond repair at any cost. 69.              The final hub in the logistics function which involves a follow-up to production, where the       products are inspected.

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  • 68.               Rework refers to: A.generating a better quote for a
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- CHAPTER 11 – END OF CHAPTER QUESTIONS:               108.Manufacturing has changed in recent years as a result of each of the following factors except: A.globalization B.technological advances C.increased competition D.lack of economic prosperity               109.The term conversion processes is often used synonymously with A.operations. B.production. C.manufacturing. D.All of the above.               110.Which of the following activities is not part of.

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  • - CHAPTER 11 – END OF CHAPTER QUESTIONS:               108.Manufacturing has
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69.Closing entries: A.close all of the general ledger accounts. B.end the fiscal period. C.close all of the subsidiary ledger accounts. D.are journalized in the subsidiary ledgers. 70.Today’s automated accounting process: A.is built on a structure independent of manual accounting. B.does not require special journals or subsidiary ledgers. C.is built on an operational structure similar to manual accounting. D.eliminate errors.

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  • 69.Closing entries: A.close all of the general ledger accounts. B.end the fiscal
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88.              Physical controls include all but: A.fences and alarm systems. B.security guards. C.high tech security tools.   D.Each of the answers, A, B, and C are correct. 89.              Physical inventory counts should only include: A.finished goods. B.finished goods and raw materials. C.finished goods and work-in-process.   D.raw materials, work-in-process, and finished goods. 90.              When there is a.

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  • 88.              Physical controls include all but: A.fences and alarm systems. B.security
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58.              Production orders: A.outline the specific timing required for sales orders. B.authorize production activities for a particular need or order. C.are forecasts of needs based on known and anticipated sales.   D.are issued by the engineering department to correct product deficiency issues. 59.              A production schedule: A.does not contain requirements due to sales forecasts. B.does.

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  • 58.              Production orders: A.outline the specific timing required for sales
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137.What should be done when unfavorable variances are discovered?               138.Why would perpetual inventory records be preferable to periodic inventory records in a manufacturing company?               139.Which three activities in the conversion process should require specific authorization before they are begun? 140.Why is it important to separate the functions of inventory control and.

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  • 137.What should be done when unfavorable variances discovered?               138.Why would
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152.For the following activities within the conversion process, place them in sequence that indicates the order in which they would normally be performed: Inspection of goods Materials issuance Preparation of time sheets Preparation of a bill of materials Preparation of an inventory status report Preparation of a production schedule               153.Describe the purpose of each of the.

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  • 152.For the following activities within the conversion process, place them
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39.Raw material events can be found in which two processes? A.1) Revenue and return processes, systems & controls and 2) expenditures and return processes, systems & controls. B.1) Expenditures and return processes, systems & controls and 2) conversion processes, systems & controls. C.1) Conversion processes, systems & controls and 2) Administrative processes, systems.

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  • 39.Raw material events can be found in which two processes? A.1)
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132.What are the conversion responsibilities of the maintenance and control, inventory control, inventory stores, and human resources departments?               133.What is the purpose of an inventory status report?               134.What is the overall goal of the inventory control department?               135.What is the purpose of the quality control department? 136.What is the purpose of.

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  • 132.What the conversion responsibilities of the maintenance and control, inventory
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89.Financial statements: A.are generated from the values of the special journals and subsidiary ledgers. B.are presented with complete chart of account detail. C.may contain condensed data from the general ledger. D.show units in inventory and dollar value of those units. 90.The four general purpose financial statements: A.are generated at the end of each month. B.are generated at.

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  • 89.Financial statements: A.are generated from the values of the special journals
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– CHAPTER 11 – MULTIPLE CHOICE 28.              A company’s conversion processes includes all of the following except: A.materials. B.              office supplies. C.labor.   D.overhead 29.              A company must have systems in place to accomplish all of the following except: A.capture data. B.vocalize data. C.record data.   D.              summarize data. 30.               The conversion process is initiated when the company.

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  • – CHAPTER 11 – MULTIPLE CHOICE 28.              A company’s conversion
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– CHAPTER 12 – MULTIPLE CHOICE 29.Capital or investment processes: A.is a regular and frequent event. B.only requires the specific approval of someone such as a senior accountant. C.requires the specific approval of top management or board of directors. D.can be considered revenue since it results in cash inflows. 30.Capital or investment processes: A.is a regular and.

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  • – CHAPTER 12 – MULTIPLE CHOICE 29.Capital or investment processes: A.is a
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21.              MRP stands for Management Resource Projections. 22.              Just-in-time (JIT) production systems are concerned with minimizing or eliminating inventory      levels of all inventory items. 23.               Earnings management is the act of misstating financial information in order to improve financial      statement results. 24.              Absorption costing involves the inclusion of both.

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  • 21.              MRP stands for Management Resource Projections. 22.              Just-in-time
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78.              Variances: A.represent the differences between actual costs and the standard costs applied. B.represent the difference between design specifications and production results. C.represent flaws in the production results.   D.Each of the answers, A, B, and C are correct. 79.              Variances: A.are only investigated if they are unfavorable. B.are always investigated. C.will always result in the.

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  • 78.              Variances: A.represent the differences between actual costs and the
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11.Business processes in an organization do not include events that are accounting transactions. 12.Subsidiary ledgers maintain the detail information regarding routine transactions, with an account established for each entity. 13.Special journals are journals that are established to record the transactions of specific customers and vendors. 14.In the case of a manual accounting system,.

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  • 11.Business processes in an organization do not include events that
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- CHAPTER 11 - SHORT ANSWER QUESTIONS               123.What are the three resources that an organization must have to conduct a conversion (or transformation) process?               124.Do conversion processes occur in manufacturing companies only? Why or why not?               125Why are conversion activities typically considered routine data processes?               126.Differentiate between a bill of.

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  • - CHAPTER 11 - SHORT ANSWER QUESTIONS               123.What the three
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38.              The process that plans the timing for production activities is referred to as: A.operations list. B.bill of materials. C.scheduling.   D.capital budgeting. 39.              The form that authorizes production activities for a particular sales order or forecasted needs is       referred to as the: A.production schedule. B.production orders. C.maintenance and control process.   D.human resources process. 40.              The.

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  • 38.              The process that plans the timing for production
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TRUE / FALSE   1.               Because of the manpower and computer programmers required to control robotics, robotics has       had little influence manufacturing.   2.              Resources required in the conversion process include materials, labor, overhead, and fixed       assets.   3.               Even if a firm is a service or sales firm it.

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  • TRUE / FALSE   1.               Because of the manpower and
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98.              Select the true statement. A.Computer-aided manufacturing (CAM) requires computer-aided design. B.Computer-aided design is always two dimensional. C.Computer-aided design may be three dimensional.   D.Computer-aided design requires additional manpower during assembly. 99.              Just-in-time (JIT) production systems: A.require close communications with the engineering department. B.do not require close communications with vendors. C.require closely controlled inventory levels.   D.do.

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  • 98.              Select the true statement. A.Computer-aided manufacturing (CAM) requires computer-aided
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128.What are the two types of documents or reports are likely to trigger the conversion process?               129.What are the three primary components of logistics?               130.What types of information must be taken into consideration when scheduling production? 131.Differentiate between a routing slip and an inventory status report. .

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  • 128.What the two types of documents or reports likely to
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48.              The component of the logistics function that directs the focus of operations is the: A.operations component. B.resource management component. C.planning component.   D.the sales component. 49.              The planning component of the logistics function has all of the following elements except: A.maintenance and control. B.engineering. C.scheduling.   D.capital budgeting. 50.              The resource management component of the logistics.

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  • 48.              The component of the logistics function that directs
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79.Segregation of duties: A.remains unchanged between computerized and manual accounting. B.may be more difficult in less complex computerized accounting systems. C.is not a factor with computerized accounting systems. D.is not a factor with manual accounting systems. 80.When transactions are posted in a computerized accounting system: A.the user must post all transactions awaiting in the module. B.segregation of.

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  • 79.Segregation of duties: A.remains unchanged between computerized and manual accounting. B.may be
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11.               The final hub in the logistics function is sales. 12.              Standard costs are expected costs based on projections of a product’s required resources. 13.              Standard costs include direct materials, direct labor, and overhead. 14. Perpetual inventory systems involve updating the inventory and cost of sales accounts only at the     .

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  • 11.               The final hub in the logistics function sales. 12.             
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- CHAPTER 11 - PROBLEMS 158. Question not available. 159.Question not available.               160.Using an Internet search engine, search for the terms “CAD” _“industrial robots.” Identify a company (name and location) that provides manufacturing automation by using robotics. Describe some of the robotic operations that are featured on the company’s website. .

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  • - CHAPTER 11 - PROBLEMS 158. Question not available. 159.Question not available.              
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