Briefly describe the purpose of MRP systems.
What will be an ideal response?
A successful answer will indicate that MRP systems are used for the analysis of a firm’s internal conditions and the determination of the assembly and purchase requirements for a given product manufacturing schedule.
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Joint ventures are sometimes called:
A. strategic alliances. B. acquisitions. C. mergers. D. leveraged buyouts.
Whitney Chemicals Company received cash of $40,000 and issued common stock. Which of the following accounts will be credited?
A) Accounts Receivable B) Cash C) Common Stock D) Accounts Payable
Which sentence best describes private judging
a. An arbitration that preserves and allows an appeal into the judicial system for the same reasons or grounds as an appeal from a trial court. b. A group of private executives from each side of the dispute who hear and render an advisory opinion to a judge who then renders a decision. c. to facilitate access to traditional systems of providing justice d. A non-binding arbitration
Odette, an accountant, contracts to perform services for Percy. Odette acts in good faith and conforms to generally accepted accounting principles, but makes an incorrect judgment. Odette is most likely? A) liable if Odette failed to discover a defalcation
B) liable if Odette failed to discover a fraud. C) liable if Odette failed to discover an impropriety. D) not liable.