Which of the following is NOT an element of Lean production?
A) to have only the required inventory when needed
B) to increase queue lengths
C) to improve quality to zero defects
D) to reduce setup times
Answer: B
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When is revenue from the sale of merchandise normally recognized?
a. On the date the sale is made. b. When the customer pays for the merchandise. c. Either on the date on which the sale occurs, or the date on which the customer pays d. When the merchandise is sold, if sold for cash, or when payment is received, if sold on credit
Some companies use a work sheet approach, which functions like the T account approach, as a tool to aid in preparing the statement of cash flows
a. True b. False Indicate whether the statement is true or false
It is important for "parasite" retailers to delineate their trading area to properly direct their promotional efforts
Indicate whether the statement is true or false
While preparing a contribution margin income statement, the costs are shown into which of the two categories?
A) Direct materials and indirect materials B) Product and period C) Variable and fixed D) Avoidable and unavoidable