Explain how just-in-time processes relate to the quality of an organization's outputs
What will be an ideal response?
JIT reduces costs of quality by lowering waste and scrap. JIT improves quality by shortening the time between error detection and error correction. Meanwhile, better quality means less inventory and a better JIT system.
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A physical count of supplies on hand at the end of May for Masters, Inc. indicated $1,250 of supplies on hand. The general ledger balance before any adjustment is $2,100. What is the adjusting entry for office supplies that should be recorded on May 31?
A. Debit Supplies Expense $1,250 and credit Supplies $1,250. B. Debit Supplies Expense $850 and credit Supplies $850. C. Debit Prepaid Supplies $850 and credit Supplies Expense $850. D. Debit Supplies Expense $1,250 and credit Supplies $2,100. E. Debit Supplies $1,250 and credit Cash $1,250.
Which of the following reasons provides the best theoretical support for accelerated depreciation?
a. Assets are more efficient in early years and initially generate more revenue. b. Expenses should be allocated in a manner that "smoothes" earnings. c. Repairs and maintenance costs will probably increase in later periods, so depreciation should decline. d. Accelerated depreciation provides easier replacement because of the time value of money.
In the valuation process, the higher the risk, the greater is the required return
Indicate whether the statement is true or false
Lynne took her earrings off at Marcia's beauty parlor and put them on the counter. She left the shop without remembering the earrings. Betty finds them and wants to keep them. Can she?
A) Yes, since she is a finder B) Yes, she now is the true owner C) No, since the earrings were personal property D) No, Marcia would have first claim if the true owner is not discovered