News and financial articles about changes in a supplier’s financial condition is an example of a(n) ______.
a. internal source of information
b. external source of information
c. financial source of information
d. supplier source of information
b. external source of information
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According to the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice, performing professional duties in accordance with relevant laws, regulations and technical standards is a component of which standard?
a. Competence b. Confidentiality c. Integrity d. Credibility
______ are functions an organization is required to perform per its charter.
A. Values B. Missions C. Visions D. Mandates
Both job order costing and process costing ________
A) maintain a single Work-in-Process Inventory account B) treat all period costs as product costs C) follow last-in, first-out method for inventory valuation D) have the same type of product costs
A tailor decides to use Taguchi's quality loss function to analyze his shirt making process
Knowing it to be parabolic in shape and of the form L(y) = k(y - t)2 where t is the target, y is the actual measurement, and k is the process constant, the tailor decides to use a recent customer order to calculate his process parameters. He takes the custom shirt and measures the collar, which was requested to have a 17.5" collar but actually has a 17.75" collar. The customer notices the difference and demands a 50% reduction in the price of the shirt, which cost the tailor $45 to make. Instead of selling the shirt for $175, the tailor will reduce his price to $87.50. What is the tailor's process constant for a silk shirt? What will be an ideal response?