Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 1, Problem 23MC
Which of the following is not true regarding continuous improvement?
- It applies to both service and manufacturing companies.
- It is used to reduce performance costs.
- It rejects the idea of “good enough.”
- It can be applied only to improve processes and products but not services and practices.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Which of the following is not true regarding continuous improvement?A. It applies to both service and manufacturing companies.B. It is used to reduce performance costs.C. It rejects the idea of “good enough.”D. It can be applied only to improve processes and products but not services and practices.
Which of the following statements is true with respect to the performance metrics useful for productivity improvement?
A)Cost of quality can be a useful measure for improvements conducted in one department of a company (INCORRECT)
B)When the number of the indirect labor increases in relation to the direct labor, the productivity increases
C)When the lead time to work content in a process is nearly equal, the process is likely to have very little waste
D)When the First Pass Yield is more, we have greater opportunity to detect defects in the process when it is executed
Which of the following decreases the non-value added time of producing a product and in turn increases the quality of the product?a. Redesigning products b. Increasing movements of subassemblies c. Adding processes in production d. Increasing time spent on delivery of products
Chapter 1 Solutions
Principles of Accounting Volume 2
Ch. 1 - The managers of an organization are responsible...Ch. 1 - Management accountants help the management of an...Ch. 1 - Which of the following is a primary aspect of the...Ch. 1 - During the control function, the measurements...Ch. 1 - Which of the following is false regarding...Ch. 1 - Managerial accounting produces information: to...Ch. 1 - Management accounting: emphasizes special-purpose...Ch. 1 - Internal users of accounting information would not...Ch. 1 - External users of accounting information would...Ch. 1 - Which of the following statements is incorrect?...
Ch. 1 - The stockholders of a company are: the owners...Ch. 1 - The controller of a corporation: reports to the...Ch. 1 - The Certified Financial Analyst (CFA)...Ch. 1 - The Certified Management Accountant (CMA)...Ch. 1 - Which of the following terms means the ability to...Ch. 1 - Which of the following terms means knowing how a...Ch. 1 - What is the law that protects investors from...Ch. 1 - What year was the Sarbanes-Oxley Act enacted? 2007...Ch. 1 - When a representative of an organization gives...Ch. 1 - The law that specifically prohibits payments to...Ch. 1 - Which of the following is not a step in the...Ch. 1 - Which of the following is not an objective used in...Ch. 1 - Which of the following is not true regarding...Ch. 1 - A companys attempts to utilize sustainable...Ch. 1 - A process that is often linked to Six Sigma and is...Ch. 1 - An inventory system that organizations use to...Ch. 1 - A quality control program that depends on multiple...Ch. 1 - Carlita believes an important part of the planning...Ch. 1 - What are some activities and tasks a manager might...Ch. 1 - If there are deviations from the stated goals and...Ch. 1 - Explain how managerial accountants help managers...Ch. 1 - How do the subject matter of reports and the...Ch. 1 - What is the purpose of management accounting?Ch. 1 - Who are the primary users of the information...Ch. 1 - What are the key differences between financial...Ch. 1 - Other than accounting skills, what six qualities...Ch. 1 - Explain how having more than one of the accounting...Ch. 1 - Briefly discuss the chain of command for someone...Ch. 1 - According to the information available at...Ch. 1 - According to the information on management...Ch. 1 - What other professional business organizations...Ch. 1 - How can having a bonus system based purely on...Ch. 1 - What led to the United States Congress passing the...Ch. 1 - What is an enterprise resource planning (ERP)...Ch. 1 - Describe what is meant by the term balanced in the...Ch. 1 - What is corporate social responsibility, and who...Ch. 1 - Indicate whether each statement describes...Ch. 1 - Identify the following as True or False:...Ch. 1 - Define each of these users of accounting...Ch. 1 - Discuss what information would be most useful for...Ch. 1 - Taylor Speedy has prepared the following list of...Ch. 1 - Match the term with the description:Ch. 1 - After the passage of the Sarbanes-Oxley Act in...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Match each lean business method to the best...Ch. 1 - For each of the activities listed, choose the...Ch. 1 - Look up the definitions for the following terms:...Ch. 1 - Indicate whether the statement describes reporting...Ch. 1 - Identify the following as true or false: Financial...Ch. 1 - Companies need to report both monetary and...Ch. 1 - Marvin has been thinking about the fields of...Ch. 1 - Match the term with the description.Ch. 1 - The Foreign Corrupt Practices Act (FC PA) was...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Table 1.3 shows how different areas within the...Ch. 1 - There are individuals who are under the impression...Ch. 1 - Think about the organization chart in Figure 1.7....Ch. 1 - Controversy tends to surround the topic of...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Horizontal analysis(Learning Objective 2)15-20 min. What were the dollar and percentage changes in Fesslers Fin...
Financial Accounting, Student Value Edition (4th Edition)
Discussion Analysis A13-41 Discussion Questions 1. How do managers use the statement of cash flows? 2. Describ...
Managerial Accounting (4th Edition)
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
E8-13 Identifying internal controls
Learning Objective 1
Consider each situation separately. Identify the missi...
Horngren's Accounting (12th Edition)
S3-5 Identifying types of adjusting entries
Learning Objective 3
A select list of transactions for Anuradh...
Horngren's Accounting (11th Edition)
Compute Cost of Goods Manufactured and Cost of Goods Sold (Learning Objective 5) Compute the Cost of Goods Manu...
Managerial Accounting (5th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following is not a qualitative decision that should be considered in an outsourcing decision? A. employee morale B. product quality C. company reputation D. relevant costsarrow_forwardWhich of the following statements are false? SELECT ALL THAT APPLY a. One of the dangers of allocating common fixed costs to a product line is that such allocations can make the line appear less profitable than it really is. b. A new fixed cost that must be paid if a special offer is accepted is not relevant in making the decision. c. A cost that will be incurred regardless of which course of action a manager takes is relevant to the manager's decision. d. Your Company is considering replacing Machine X. The original cost of Machine X is not relevant to this decision.arrow_forwardWhich of the following is not a consideration when a manager is deciding to discontinue a product or product line? Whether the product has a positive or negative contribution margin. Determining if direct fixed costs could be avoided if the product or product line is discontinued. If discontinuing the product or product line will affect sales of remaining products. Not having any free capacity.arrow_forward
- Which of the following is NOT a principle of lean manufacturing? a. Products are pushed from the production end to the customer. b. All activities that do not add value and maximize the use of scarce resources must be eliminated. c. Achieve high inventory turnover rate. d. A lean manufacturing firm must have established and cooperative relationships with vendors. e. All of the above are lean manufacturing principles.arrow_forwardWhich of the following is not a qualitative decision that should be considered in an outsourcing decision? relevant costs company reputation product quality employee moralearrow_forwardWhich of the following statements is true? An avoidable fixed production cost incurred before the split-off point in a joint process is relevant in a sell or process further decision. It is profitable to continue processing joint products after the split-off point if their total revenues exceed the joint costs. A balanced scorecard contains both customer and internal business process performance measures because improvements in internal business process should result in improvements in customer satisfaction. Incentive compensation for employees, such as bonuses, should be tied to balanced scorecard performance measures only if managers are confident that the performance measures are easily manipulated by those being evaluated If the balanced scorecard is correctly constructed, the performance measures should be independent of each other so that bad performance on one measure will not result in bad performance on another performance measure. If improvement in a performance measure on a…arrow_forward
- Which of the following is NOT a principle of lean manufacturing?a. Achieve high inventory turnover rate.b. All activities that do not add value and maximize the use ofscarce resources must be eliminated.c. Products are pushed from the production end to the customer.d. A lean manufacturing firm must have established andcooperative relationships with vendors.arrow_forwardThe cost of quality are costs incurred to prevent, or costs arising as a result of, the production of low-quality product. These costs focus on conformance quality and are incurred in all business functions of the value chain. Discuss four categories of quality costs, give examples of individual cost of quality items in each category that companies in different economic sectors need to cover and explain how they might impact on companies’ performance.arrow_forward2. What are some possible drawbacks to using standard costs that Sarah might consider? a. Standards limit operating improvements because employees may be discouraged from improving beyond the standards. b. Standards may become “stale” in a dynamic manufacturing environment. c. Employees may focus only on efficiency improvement and their own operations rather than considering the larger objectives of the organization. d. Since standards are impossible to attain, they are a distraction from the work at hand. e. Since standards never change, they do not reflect reality.arrow_forward
- What of the following is NOT a Benefit of Activity Based Management? a.It assists in the budgeting process. b.It aids management in cost cutting and/or cost control and inferentially in product profitability. c.It causes managers to identify non-value added activities and therefore encourages thinking of means of reducing such activities. d.Is more complex than traditional accounting system because it uses multiple cost application rates, one for each activity or cost pool.arrow_forward2. What are some possible drawbacks to using standard costs that Sarah might consider? a. Standards limit operating improvements because employees may be discouraged from improving beyond the standards. b. Standards may become “stale” in a dynamic manufacturing environment. c. Employees may focus only on efficiency improvement and their own operations rather than considering the larger objectives of the organization. d. Since standards are impossible to attain, they are a distraction from the work at hand. e. Since standards never change, they do not reflect reality. Answers a, b and c b, c and d c, d and e a, d and e b, d and earrow_forwardCite a specific example of non-value added activity that can be eliminated in a particular industry. Justify your answer.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Inspection and Quality control in Manufacturing. What is quality inspection?; Author: Educationleaves;https://www.youtube.com/watch?v=Ey4MqC7Kp7g;License: Standard youtube license