______ is designed to anticipate and prevent possible problems.
a. Concurrent control
b. Preliminary control
c. Rework control
d. Damage control
b. Preliminary control
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Modern Living Furniture manufactures a small table and a large table. The small table sells for $1000, has variable costs of $550 per table, and takes 10 direct labor hours to manufacture. The large table sells for $1600, has variable costs of $960, and takes eight direct labor hours to manufacture. The company has a maximum of 5000 direct labor hours per month when operating at full capacity. If there are no constraints on sales of either of the products and the company could choose any proportions of product mix that they wanted, the maximum contribution margin that the company could earn will be ________.
A) $1,000,000 B) $600,000 C) $1,600,000 D) $400,000
(CMA adapted, Dec 95 #27) Somali Inc is a profitable company with the goal to maximize cash flow. A valid reason for Somali not to adopt the last-in, first-out (LIFO) method of inventory valuation is the
a. prices are rising. b. prices are falling. c. company has high administrative costs. d. reduction effect on inventory. e. difficulty in segregating goods in the warehouse.
The ________ reflects the approximate change in the objective function resulting from a unit change in the quantity (right-hand-side) value of the constraint
Fill in the blank with correct word.
Genity Corporation records business transactions in dollars and disregards changes in the value of a dollar over time. Which of the following accounting assumptions does this represent?
A) economic entity assumption B) going concern assumption C) accounting period assumption D) monetary unit assumption