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Mindtap Accounting Information Systems Chapter 15 Quiz

Q1. Which if the following helps manufacturing companies competes in the global arena?

• Supply chain management
• Implementing PLM systems
• All the these choices>
• Product innovation

Q2. Fraudulent overstatement of inventories:

• All of these choices
• Is one of the biggest single reasons for the proliferation of accounting scandals and their associated lawsuits
• Is frequently referred to as “cooking the books”
• Impacts all the financial statements

Q3. With information from the OE/S process and inventory levels from the inventory management process, which if the following steps is developed in the IPP?

• A detailed definition of needs for materials
• Detailed production instructions
• All of these choices are correct
• A master production schedule

Q4. Key drivers of manufacturing competitiveness in a global market include:

• Cost competitiveness (e.g., of raw materials and labor)
• Talent (e.g., highly skilled educated workers)
• All of these choices are correct
• Workforce productivity (can offset the benefit of low cost labor)

Q5. The IPP process begins with all of the following information, except for:

• Inventory levels from the inventory management process
• Information about labor productivity and usage
• Information about expected or actual sales orders from the OE/S process
• Detailed production instructions

Q6. Global competition has impacted the domestic manufacturing environment because:

• Manufacturing knows no national boundaries in the rapidly expanding global marketplace
• The use of technology to help deal with global manufacturing complexity
• Manufacturing is often the quickest route for developing countries to increase domestic wealth and the wages of their citizens
• All of these choices are correct

Q7. Which of the following is not true about activity-based costing (ABC) and product life-cycle costing for managing IPP?

• Decreased emphasis on product life-cycle costing
• Using ABC information, product managers can more effectively manage life-cycle costs
• IPP helps to control product life-cycle costs
• Activity-based costing (ABC) is prevalent in companies seeking to increase cost accuracy and usefulness

Q8. Key characteristics of companies that are successful at managing the pressures resulting from global complexity include:

• Better general capabilities in the areas of collaboration, flexibility, visibility, and technology
• Production process innovation
• All of these choices are correct
• Product innovation

Q9. A major challenge in inventory management is:

• Determining appropriate levels of RMs, subassemblies, and finished goods inventory
• Ensuring that production can be maintained and finished goods delivered in a timely manner
• Balancing inventory levels to satisfy customer demands where customer demands are uncertain
• All of these choices are correct

Q10. The challenges of SCM are further magnified in a manufacturing setting for which of the following reasons?

• A manufacturer must plan for the manufacture of finished goods
• A manufacturer must consider the time and resources necessary
• Subassemblies must be manufactured the same plant as the final product
• A manufacturer must forecast demand, determine lead times, and monitor inventory levels for numerous raw materials