The three major types of business activities are operating, financing, and investing.
Answer the following statement true (T) or false (F)
True
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If a company follows a practice of isolating variances at the earliest point in time, what would be the appropriate time to isolate and recognize a direct material price variance?
a. When material is purchased b. When material is used in production c. When purchase order is originated d. When material is issued
Takt time is the cycle time needed to maximize utilization of an organization's workers and equipment
Indicate whether the statement is true or false
The exchange function involves buying, selling, and transporting.
Answer the following statement true (T) or false (F)
Suppose an agency inspector, such as an OSHA safety inspector, discovers an apparent violation of a regulation at a business being inspected:
a. the U.S. Attorney for the relevant district must be contacted to begin prosecution b. under the Administrative Procedures Act, a complaint must be filed and a notice of violation sent to the company c. the inspector must file a formal complaint, but the company could agree to correct the problem before litigation d. all suspected violations must be reported to a U.S. Attorney for consideration for prosecution e. none of the other choices