Total quality management
A. refers to quality control in not only the production of the firm's products, but also to quality control of all suppliers.
B. requires adoption of concurrent engineering principles in product design.
C. is the control of quality in all areas of the organization, not just production.
D. refers to the control of quality in all functional areas of the firm.
Answer: C
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Expense accounts are debited in the closing process
a. True b. False Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1) Cost of Goods Sold is based on the company's cost, not the retail price. 2) When a sale is made on account, Accounts Receivable is debited. 3) A reduction in the amount of revenue earned on sales for early payment is known as a sales discount. 4) Using the gross method for recording sales, sales are recorded at the amount of the sale less any sales discounts. 5) Using the gross method for recording sales, if a customer pays within the discount period, the seller records the discount as a decrease in Sales Revenue. 6) A merchandiser using the gross method sold goods on account to Customer A for $8,000 with terms of 2/10, n/30. If the payment is received within the discount period, Accounts Receivable is decreased by $7,800.
Devon Company uses activity-based costing to determine the costs of its two products: A and B. The total estimated cost of the purchasing function activity pool is $14,000. The cost driver for that pool equals number of purchase orders. A total of 400 purchase orders are expected to be issued for the budgeted production of Product A and 300 purchase orders are expected to be issued for the budgeted production of Product B. The activity rate for the purchasing cost pool is:
The expectancy theory of motivation is employed to explain the motivation process in ______.
A. supportive leadership B. participative leadership C. achievement-oriented leadership D. path–goal theory