________ practices include early testing of machine parts that may need to be replaced and making workers responsible for routine minor maintenance of their own equipment
Fill in the blanks with correct word
Total Preventive Maintenance, TPM
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Some companies have moved to JIT without changing the substance of their accounting systems. Relying on the former accounting system may present problems for management because
a. traditional accounting systems are designed to track items (labor efficiency, purchase price, overhead absorption) that are no longer primary concerns of management. b. control of cost drivers will be lost. c. managers do not understand the new manufacturing environment. d. traditional accounting systems discourage the creation of large inventories that are necessary to ensure uninterrupted production runs.
Answer the following statements true (T) or false (F)
Agency theory holds that management always tries to maximize the value of the firm.
In dealing with high uncertainty and change, traditional strategic planning approaches based on extrapolation of historical conditions are of ________ value.
Fill in the blank(s) with the appropriate word(s).
Ragged Edge Arts uses a just-in-time (JIT) manufacturing environment. For the month of October, Ragged Edge Arts has completed $2,400 of quilts and paintings. The journal entry required to record the transfer to finished goods is ________
a. Raw and In Process Inventory 2,400 Accounts Payable 2,400 b. Finished Goods Inventory 2,400 Cost of Goods Sold 2,400 c. Finished Goods Inventory 2,400 Raw Materials Inventory 2,400 d. Finished Goods Inventory 2,400 Raw and In Process Inventory 2,400