Explain the difference between an x-bar chart and a R-chart
What will be an ideal response?
X-bar charts are used to monitor central tendency with respect to a variable of a process where the R-chart monitors the variability of the process variable.
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The purpose of standard costing is to:
a. Determine optimal production level for a given period. b. Eliminate the need for subjective decisions by management. c. Control costs and promote efficiency. d. Budget costs with improved accuracy.
XYZ Company has assets that are traditionally 80% of sales, and its liabilities traditionally are
30% of sales. Sales for this year are $70,000 and sales for next year are projected to be $120,000 with a profit margin of 6%. No owner payout will be taken. Using the percentage of sales method, XYZ will need ________ of additional financing. A) $7,200 B) $17,800 C) $25,000 D) $30,000 E) No financing is required.
Ordinarily, which of the following procedures should be applied when an independent accountant conducts a review of interim financial information of a publicly held company?
A) Read the minutes of the board of directors' meetings. B) Perform cutoff tests for cash receipts and disbursements. C) Inspect the open purchase order file. D) Verify changes in key account balances.
According to the Sarbanes-Oxley Act's Section 409, auditors must report on the effectiveness of the organization's system of internal control.
Answer the following statement true (T) or false (F)