What is acceptance sampling?
What will be an ideal response?
Acceptance sampling is a method of measuring random samples of lots or batches of products against predetermined standards.
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Electronic authorization privileges for cash transactions may be best assigned to individuals based on which of the following?
a. Roles and activities falling within appropriate segregation of duties. b. Identification cards with picture identification. c. Encrypted passwords memorized by employees. d. The principle of "absolute knowledge".
A high receivable turnover indicates that
a. many customers are defaulting on their debts. b. a large proportion of the company's sales is on cash. c. the company's inventory is moving very quickly. d. customers are making payments very quickly.
Which of the following statements is INCORRECT concerning the effective use of graphics?
a. Text and graphics work together in an effective document, as both are important to clear understanding. b. Three or four pages of well-designed graphics can effectively convey several hundred pages of text. c. Graphics can be used to convey both quantitative and qualitative information. d. The term "graphics" in business reports refers exclusively to the use of bar charts, line charts, and pie charts.
The projection of how many units of a product the company expects to sell during a specific time period is contained in the expense forecast.
Answer the following statement true (T) or false (F)