Products that use standard components, but the final configuration of those components is customer-specific, are called make-to-order products
Indicate whether the statement is true or false.
Answer: TRUE
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In terms of providing members of a frequency program with rewards, research indicates the best method is to provide rewards:
A) only when requested B) with every person C) using a fixed ratio schedule D) using a variable ratio schedule
If a product is made to customers' orders or specifications or if products are made in separately identifiable "lots" or "batches," the appropriate cost accounting system is a
a. job order system. b. process system. c. perpetual system. d. periodic system.
Answer the following statements true (T) or false (F)
1. A standard cost system is an accounting system that uses standards for product costs. 2. Setting standard costs is a function of the company's production department and does not require input from other departments. 3. Standard costs are developed by the cooperative effort of purchasing, production, human resources, and accounting personnel. 4. Companies conduct time-and-motion studies and use benchmarks from other companies when developing standards. 5. Developing efficiency standards based on best practices is called benchmarking. An efficiency variance measures how well a company keeps unit costs of material and labor inputs within standards.
A(n) ________ is a system that links invited groups of suppliers and partners over the Web, allowing companies to collaborate with suppliers they trust without having to share sensitive information with others
A) corporate Web site B) search engine C) intranet D) private exchange E) professional network