Financial Reporting
Final Test Solutions
Course Introduction
Financial Reporting is a comprehensive course that explores the fundamental principles and practices of preparing, presenting, and interpreting financial statements in accordance with prescribed accounting standards. The course examines the structure and content of key financial documents, such as balance sheets, income statements, and cash flow statements, emphasizing their role in communicating an organizations financial performance and position to external stakeholders. Students will develop skills in analyzing financial reports, understanding the regulatory environment, and evaluating ethical considerations in financial disclosure, equipping them for informed decision-making in professional accounting and business contexts.
Recommended Textbook
Financial Managerial Accounting 14th Edition by Carl Warren
Available Study Resources on Quizplus
26 Chapters
4705 Verified Questions
4705 Flashcards
Source URL: https://quizplus.com/study-set/3661
Page 2
Chapter 1: Introduction to Accounting and Business
Available Study Resources on Quizplus for this Chatper
176 Verified Questions
176 Flashcards
Source URL: https://quizplus.com/quiz/72876
Sample Questions
Q1) Receiving a bill or otherwise being notified that an amount is owed is not recorded until the amount is paid.
A)True
B)False
Answer: False
Q2) The primary role of accounting is to determine the amount of taxes a business will be required to pay to taxing entities.
A)True
B)False
Answer: False
Q3) If net income for a company was $50,000,$20,000 in cash dividends were paid and the shareholders invested $10,000 in cash,the stockholders' equity increased by $40,000.
A)True
B)False
Answer: True
Q4) What are the three sections of the statement of cash flows?
Answer: Operating Activities,Investing Activities,and Financing Activities
Q5) Prepare a balance sheet for the current year ended March 31.
Answer: 11ea8952_b5d8_f6da_861b_5b75de2a6d66_TB6238_00
To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Analyzing Transactions
Available Study Resources on Quizplus for this Chatper
210 Verified Questions
210 Flashcards
Source URL: https://quizplus.com/quiz/72868
Sample Questions
Q1) All stockholders' equity accounts record increases to the accounts with credits.
A)True
B)False
Answer: False
Q2) Even when a trial balance is in balance,there may be errors in the individual accounts.
A)True
B)False
Answer: True
Q3) Which of the following groups of accounts are increased with a debit?
A) assets,liabilities,stockholders' equity
B) assets,dividends,expenses
C) assets,revenues,expenses
D) assets,liabilities,revenues
Answer: B
Q4) On November 1,Nikle Company made a cash payment of $200,000 on a note payable that was generated in the purchase of a building and land.Provide the journal entry for this transaction.
Answer: 11ea8952_b5b5_6908_861b_45d76e388586_TB6238_00
To view all questions and flashcards with answers, click on the resource link above. Page 4
Chapter 3: The Adjusting Process
Available Study Resources on Quizplus for this Chatper
183 Verified Questions
183 Flashcards
Source URL: https://quizplus.com/quiz/72867
Sample Questions
Q1) The adjusting entry to adjust supplies was omitted at the end of the year.This would affect the income statement by having
A) expenses understated and therefore net income overstated
B) revenues understated and therefore net income understated
C) expenses understated and therefore net income understated
D) expenses overstated and therefore net income understated
Answer: A
Q2) The matching principle
A) addresses the relationship between the journal and the balance sheet
B) determines whether the normal balance of an account is a debit or credit
C) requires that the dollar amount of debits equal the dollar amount of credits on a trial balance
D) states that the revenues and related expenses should be reported in the same period
Answer: D
Q3) Adjusting journal entries are dated on the last day of the period.
A)True
B)False
Answer: True
To view all questions and flashcards with answers, click on the resource link above.
5
Chapter 4: Completing the Accounting Cycle
Available Study Resources on Quizplus for this Chatper
168 Verified Questions
168 Flashcards
Source URL: https://quizplus.com/quiz/72866
Sample Questions
Q1) The dividends account is a temporary account.
A)True
B)False
Q2) The balance sheet should be prepared
A) before the income statement and the retained earnings statement
B) before the income statement and after the retained earnings statement
C) after the income statement and the retained earnings statement
D) after the income statement and before the retained earnings statement
Q3) The classified balance sheet will show which liability subsections?
A) current liabilities and long-term liabilities
B) current liabilities and other liabilities
C) other liabilities and long-term liabilities
D) present liabilities and tomorrow's liabilities
Q4) The journal entry to close revenues would be:
A) debit Income Summary,$155,000; credit Fees Earned,$155,000
B) debit Common Stock,$155,000; credit Fees Earned,$155,000
C) debit Fees Earned,$155,000; credit Income Summary,$155,000
D) credit Fees Earned,$155,000; credit Common Stock,$155,000
Q5) Describe a classified balance sheet.
To view all questions and flashcards with answers, click on the resource link above. Page 6
Chapter 5: Accounting for Merchandising Businesses
Available Study Resources on Quizplus for this Chatper
205 Verified Questions
205 Flashcards
Source URL: https://quizplus.com/quiz/72865
Sample Questions
Q1) Bradford Company had sales of $700,000 for a year.The total assets at the beginning of the year were $240,000,and the total assets at the end of the year were $280,000.The asset turnover ratio is (round answer to 2 decimal places)
A) 2.69
B) 0.40
C) 2.92
D) 0.34
Q2) Using a perpetual inventory system,the entry to record the sale of merchandise on account includes a
A) debit to Sales
B) debit to Inventory
C) credit to Inventory
D) credit to Accounts Receivable
Q3) Under a periodic inventory system,the cost of inventory on hand at the end of the accounting period is determined by a physical count of the inventory.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Inventories
Available Study Resources on Quizplus for this Chatper
161 Verified Questions
161 Flashcards
Source URL: https://quizplus.com/quiz/72864
Sample Questions
Q1) Cost flow is in the order in which costs were incurred when using A) average cost
B) last-in,first-out
C) first-in,first-out
D) weighted average
Q2) If a company mistakenly counts less items during a physical inventory than actually exist,how will the error affect the cost of goods sold?
A) understated
B) overstated
C) no change
D) only inventory will be affected
Q3) Which of the following companies would be more likely to use the specific identification inventory costing method?
A) Gordon's Jewelers
B) Lowe's
C) Best Buy
D) Walmart
Q4) Average cost periodic (round average to nearest cent)
To view all questions and flashcards with answers, click on the resource link above. Page 8
Chapter 7: Internal Control and Cash
Available Study Resources on Quizplus for this Chatper
155 Verified Questions
155 Flashcards
Source URL: https://quizplus.com/quiz/72863
Sample Questions
Q1) The Sarbanes-Oxley Act requires that financial statements of all public companies report on management's conclusions about the effectiveness of the company's internal control procedures.
A)True
B)False
Q2) Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.This item is a(n)
A) deduction from the balance per company's records
B) addition to the balance per bank statement
C) deduction from the balance per bank statement
D) addition to the balance per company's records
Q3) Internal control does not consist of policies and procedures that
A) protect assets from misuse
B) ensure employees and managers comply with laws and regulations
C) guarantee the company will earn a profit
D) ensure that business information is accurate
Q4) The petty cash fund eliminates the need for a bank checking account.
A)True
B)False
Q5) Why would a bank require a company to maintain a compensating balance?
Page 9
To view all questions and flashcards with answers, click on the resource link above.
Chapter 8: Receivables
Available Study Resources on Quizplus for this Chatper
163 Verified Questions
163 Flashcards
Source URL: https://quizplus.com/quiz/72862
Sample Questions
Q1) On October 1,Black Company receives a 9% interest-bearing note from Reese Company to settle a $20,000 account receivable.The note is due in six months.At December 31,Black should record interest revenue of
A) $0
B) $450
C) $900
D) $1,800
Q2) No allowance account is used with the direct write-off method.
A)True
B)False
Q3) At the end of a period (before adjustment),Allowance for Doubtful Accounts has a debit balance of $2,000.The Accounts Receivable balance is analyzed by aging the accounts and,the amount estimated to be uncollectible is $15,000.The amount to be recorded in the adjusting entry for the bad debt expense is $15,000.
A)True
B)False
Q4) Discuss the two methods for recording bad debt expense.What type of company uses each method?
To view all questions and flashcards with answers, click on the resource link above.
Page 10
Chapter 9: Long-Term Assets: Fixed and Intangible
Available Study Resources on Quizplus for this Chatper
177 Verified Questions
177 Flashcards
Source URL: https://quizplus.com/quiz/72861
Sample Questions
Q1) The cost of new equipment is called a revenue expenditure because it will help generate revenues in the future.
A)True
B)False
Q2) Sands Company purchased mining rights for $500,000.They expect to harvest 1 million tons of ore over the next five years.During the current year,Sands mined 350,000 tons of ore.The entry to record the depletion would include
A) a debit to Depletion Expense for $175,000
B) a credit to Depletion Expense for $350,000
C) a debit to Accumulated Depletion for $175,000
D) a credit to Accumulated Depletion for $350,000
Q3) When a company establishes an outstanding reputation and has a competitive advantage because of it,the company should record goodwill on its financial statements.
A)True
B)False
Q4) A gain can be realized when a fixed asset is discarded.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 11
Chapter 10: Liabilities: Current,installment Notes,and Contingencies
Available Study Resources on Quizplus for this Chatper
188 Verified Questions
188 Flashcards
Source URL: https://quizplus.com/quiz/72886
Sample Questions
Q1) An employee receives an hourly wage rate of $15,with time and a half for all hours worked in excess of 40 during the first week of the calendar year.Payroll data for the first week of the calendar year are as follows: hours worked,48; federal income tax withheld,$120; social security tax rate,6%; and Medicare tax rate,1.5%; state unemployment compensation tax,3.4% on the first $7,000; federal unemployment compensation tax,0.8% on the first $7,000.What is the net amount to be paid to the employee?
A) $568.74
B) $601.50
C) $660.00
D) $574.90
Q2) During the first year of operations,a company granted warranties on its products at an estimated cost of $8,500.The product warranty expense should be recorded in the years of the expenditures to repair the products covered by the warranty payments.
A)True
B)False
Q3) FICA tax is a payroll tax that is paid only by employers.
A)True
B)False
Page 12
To view all questions and flashcards with answers, click on the resource link above.
Chapter 11: Liabilities: Bonds Payable
Available Study Resources on Quizplus for this Chatper
154 Verified Questions
154 Flashcards
Source URL: https://quizplus.com/quiz/72885
Sample Questions
Q1) If $1,000,000 of 8% bonds are issued at 102 3 / 4,the amount of cash received from the sale is
A) $1,080,000
B) $972,500
C) $1,000,000
D) $1,027,500
Q2) The interest expense recorded on an interest payment date is increased
A) only if the market rate of interest is less than the stated rate of interest on that date
B) by the amortization of premium on bonds payable
C) by the amortization of discount on bonds payable
D) only if the bonds were sold at face value
Q3) When the maturities of a bond issue are spread over several dates,the bonds are called
A) serial bonds
B) bearer bonds
C) debenture bonds
D) term bonds
To view all questions and flashcards with answers, click on the resource link above. Page 13
Chapter 12: Corporations: Organization, stock Transactions, and Dividends
Available Study Resources on Quizplus for this Chatper
193 Verified Questions
193 Flashcards
Source URL: https://quizplus.com/quiz/72884
Sample Questions
Q1) The dollar amount assigned to each share of stock
A)authorized shares
B)issued shares
C)outstanding shares
D)par value
E)common stock
F)preferred stock
G)Paid-In Capital in Excess of Par
H)transfer agent
Q2) A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of the shares at $20.What is the amount of revenue realized from the sale?
A) $0
B) $5,000
C) $2,500
D) $10,000
Q3) Cash dividends become a liability to a corporation on the date of record.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 14
Chapter 13: Statement of Cash Flows
Available Study Resources on Quizplus for this Chatper
175 Verified Questions
175 Flashcards
Source URL: https://quizplus.com/quiz/72883
Sample Questions
Q1) Samuel Company's accumulated depreciation-equipment increased by $6,000,while patents decreased by $2,200 between balance sheet dates.There were no purchases or sales of depreciable or intangible assets during the year.In addition,the income statement showed a loss of $3,200 from the sale of investments.Assume no changes in noncash current assets and liabilities.
Reconcile a net income of $92,000 to net cash flow from operating activities.
Q2) On the statement of cash flows,the cash flows from financing activities section would include
A) receipts from the sale of investments
B) payments for the acquisition of investments
C) receipts from a note receivable
D) receipts from the issuance of capital stock
Q3) A major disadvantage of the indirect method of reporting cash flows from operating activities is that the difference between the net amount of cash flows from operating activities and net income is emphasized.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: Financial Statement Analysis
Available Study Resources on Quizplus for this Chatper
189 Verified Questions
189 Flashcards
Source URL: https://quizplus.com/quiz/72882
Sample Questions
Q1) One reason that a common-sized statement is a useful tool in financial analysis is that it enables the user to
A) judge the relative potential of two companies of similar size in different industries
B) determine which companies in a single industry are of the same value
C) determine which companies in a single industry are of the same size
D) make a better comparison of two companies of different sizes in the same industry
Q2) In horizontal analysis,the current year is the base year.
A)True
B)False
Q3) If a firm has a current ratio of 2,the subsequent collection of a 60-day note receivable on account will cause the ratio to decrease.
A)True
B)False
Q4) An increase in the accounts receivable turnover may be due to a change in how credit is granted and / or in collection practices.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
16
Chapter 15: Introduction to Managerial Accounting
Available Study Resources on Quizplus for this Chatper
195 Verified Questions
195 Flashcards
Source URL: https://quizplus.com/quiz/72881
Sample Questions
Q1) Goods that are part way through the manufacturing process,but not yet complete,are referred to as materials inventory.
A)True
B)False
Q2) Costs other than direct materials cost and direct labor cost incurred in the manufacturing process are classified as factory overhead cost.
A)True
B)False
Q3) Finished goods inventory is reported on the
A) income statement as a period cost
B) balance sheet as a long-term asset
C) balance sheet as a current asset
D) income statement as revenue
Q4) A cost object indicates how costs are related or identified.
A)True
B)False
Q5) A staff department has no direct authority over a line department.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Job Order Costing
Available Study Resources on Quizplus for this Chatper
185 Verified Questions
185 Flashcards
Source URL: https://quizplus.com/quiz/72880
Sample Questions
Q1) Which of the following systems provides for a separate record of the cost of each particular quantity of product that passes through the factory?
A) job order cost system
B) general cost system
C) replacement cost system
D) process cost system
Q2) In a job order cost accounting system for a service business,materials costs are normally included as part of overhead.
A)True
B)False
Q3) For which of the following businesses would the process cost system be appropriate?
A) a custom cabinet maker
B) a landscaper
C) a paper mill
D) a catering firm
Q4) Discuss the use of job order costing for professional services businesses.What are the similarities and differences between service and manufacturing business job order costing?
To view all questions and flashcards with answers, click on the resource link above. Page 18
Chapter 17: Process Cost Systems
Available Study Resources on Quizplus for this Chatper
180 Verified Questions
180 Flashcards
Source URL: https://quizplus.com/quiz/72879
Sample Questions
Q1) All direct materials are placed in process at the beginning of production and the first-in,first-out method of inventory costing is used.What is the total cost of 3,600 units of beginning inventory which were completed during the period (round unit cost calculations to four decimal places)?
A) $62,206
B) $16,163
C) $40,000
D) $19,275
Q2) If 30,000 units of materials enter production during the first year of operations,25,000 of the units are finished,and 5,000 are 50% completed,the number of equivalent units of production would be 28,500.
A)True
B)False
Q3) The Mountain Springs Water Company has two departments,Purifying and Bottling.The Bottling Department received 67,000 liters from the Purifying Department.During the period,the Bottling Department completed 65,000 liters,including 3,000 liters of work in process at the beginning of the period.The ending work in process was 5,000 liters.How many liters were started and completed during the period?
To view all questions and flashcards with answers, click on the resource link above.
Page 19
Chapter 18: Activity-Based Costing
Available Study Resources on Quizplus for this Chatper
110 Verified Questions
110 Flashcards
Source URL: https://quizplus.com/quiz/72878
Sample Questions
Q1) Multiple production department factory overhead rates are most useful when production departments significantly differ in their manufacturing processes.
A)True
B)False
Q2) Service companies can effectively use multiple department overhead rate costing to compute product (service)costs.
A)True B)False
Q3) Multiple production department factory overhead rates are most useful when production departments are very similar in their manufacturing processes.
A)True
B)False
Q4) Calculate the plantwide factory overhead rate for Adirondack Marketing Inc.
A) $25.00 per dlh
B) $0.07 per dlh
C) $14.77 per dlh
D) $ 6.25 per dlh
Q5) Calculate the cost of services for a highlight.
To view all questions and flashcards with answers, click on the resource link above.
Page 20
Chapter 19: Cost-Volume-Profit Analysis
Available Study Resources on Quizplus for this Chatper
421 Verified Questions
421 Flashcards
Source URL: https://quizplus.com/quiz/72877
Sample Questions
Q1) Variable costs are costs that remain constant on a per-unit basis as the level of activity changes.
A)True
B)False
Q2) If employees accept a wage contract that increases the unit contribution margin,the break-even point will decrease.
A)True
B)False
Q3) Which of the following is an example of a cost that varies in total as the number of units produced changes?
A) salary of a production supervisor
B) direct materials cost
C) property taxes on factory buildings
D) straight-line depreciation on factory equipment
Q4) The contribution margin ratio is the same as the profit-volume ratio.
A)True
B)False
Q5) The Dean Company has sales of $500,000,and the break-even point in sales dollars of $300,000.Determine the company's margin of safety percentage.
To view all questions and flashcards with answers, click on the resource link above. Page 21
Chapter 20: Variable Costing for Management Analysis
Available Study Resources on Quizplus for this Chatper
151 Verified Questions
151 Flashcards
Source URL: https://quizplus.com/quiz/72875
Sample Questions
Q1) The taxes on the factory superintendent's salary would be included as part of the cost of products manufactured under the variable costing concept.
A)True
B)False
Q2) If sales totaled $800,000 for the year (80,000 units at $10.00 each)and the planned sales totaled $799,500 (78,000 units at $10.25 each),the effect of the quantity factor on the change in sales is:
A) $20,500 increase
B) $20,000 decrease
C) $20,500 decrease
D) $20,000 increase
Q3) For short-run production planning,information in the variable costing format is more useful to management than is information in the absorption costing concept format. A)True
B)False
Q4) The actual price for a product was $50 per unit,while the planned price was $44 per unit.The volume increased by 4,000 to 60,000 total units.Determine (a)the quantity factor and (b)the price factor for sales.
To view all questions and flashcards with answers, click on the resource link above.
Page 22
Chapter 21: Budgeting
Available Study Resources on Quizplus for this Chatper
181 Verified Questions
181 Flashcards
Source URL: https://quizplus.com/quiz/72874
Sample Questions
Q1) What is the amount of cash excess or deficiency (after considering the minimum cash balance required)for February?
A) deficiency of $109,100
B) excess of $10,900
C) deficiency of $900
D) excess of $109,100
Q2) Miller and Sons' static budget for 10,000 units of production includes $50,000 for direct materials,$44,000 for direct labor,variable utilities of $5,000,and supervisor salaries of $24,000.A flexible budget for 12,000 units of production would show
A) the same cost structure in total
B) direct materials of $60,000,direct labor of $52,800,utilities of $6,000,and supervisor salaries of $29,000
C) total variable costs of $148,000
D) direct materials of $60,000,direct labor of $52,800,utilities of $6,000,and supervisor salaries of $24,000
Q3) Budget preparation is best determined in a top-down managerial approach.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above.
23
Chapter 22: Evaluating Variances From Standard Costs
Available Study Resources on Quizplus for this Chatper
130 Verified Questions
130 Flashcards
Source URL: https://quizplus.com/quiz/72873
Sample Questions
Q1) The direct labor rate variance is
A) $5,490 unfavorable
B) $5,490 favorable
C) $33,000 favorable
D) $33,000 unfavorable
Q2) Favorable volume variances may be harmful when
A) machine repairs cause work stoppages
B) supervisors fail to maintain an even flow of work
C) production in excess of normal capacity cannot be sold
D) all of the answers are correct
Q3) The fixed factory overhead volume variance is
A) $73,250 unfavorable
B) $73,250 favorable
C) $59,400 favorable
D) $59,400 unfavorable
Q4) A company should only use nonfinancial performance measures when financial measures cannot be calculated.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 24
Chapter 23: Evaluating Decentralized Operations
Available Study Resources on Quizplus for this Chatper
175 Verified Questions
175 Flashcards
Source URL: https://quizplus.com/quiz/72872
Sample Questions
Q1) The income from operations for the Rails Division is
A) $60,800
B) $33,600
C) $8,700
D) $21,150
Q2) Income from operations for Division H is $220,000,and income from operations before service department charges is $975,000.As a result,
A) total operating expenses are $565,000
B) total manufacturing expenses are $565,000
C) direct materials,direct labor,and factory overhead total $565,000
D) total service department charges are $755,000
Q3) How much will Division A's income from operations increase?
A) $0
B) $75,000
C) $25,000
D) $50,000
Q4) The ratio of sales to investment is termed the rate of return on investment.
A)True
B)False
To view all questions and flashcards with answers, click on the resource link above. Page 25
Chapter 24: Differential Analysis and Product Pricing
Available Study Resources on Quizplus for this Chatper
173 Verified Questions
173 Flashcards
Source URL: https://quizplus.com/quiz/72871
Sample Questions
Q1) Mighty Safe Fire Alarm is currently buying 50,000 motherboards from MotherBoard,Inc.at a price of $65 per board.Mighty Safe is considering making its own boards.The costs to make the board are as follows: direct materials,$32 per unit; direct labor,$10 per unit; and variable factory overhead,$16.00 per unit.Fixed costs for the plant would increase by $75,000.Which option should be selected and why?
A) buy,$75,000 more in profits
B) make,$275,000 increase in profits
C) buy,$275,000 more in profits
D) make,$350,000 increase in profits
Q2) An employee of Morgan Corporation has found some partially completed units of Model X in a dusty corner of the warehouse.A job ticket attached to the units indicates that a total of $750 in manufacturing costs have been used to bring the materials to this point in the manufacturing process.The units can be sold in their current condition for $275 to a scrap metal dealer.If Morgan spends $250 to complete the units,they could be sold for $600.
(a)What should Morgan do? Why?
(b)Identify the sunk cost,if any.
To view all questions and flashcards with answers, click on the resource link above.
26
Chapter 25: Capital Investment Analysis
Available Study Resources on Quizplus for this Chatper
186 Verified Questions
186 Flashcards
Source URL: https://quizplus.com/quiz/72870
Sample Questions
Q1) If in evaluating a proposal by use of the net present value method there is a deficiency of the present value of future cash inflows over the amount to be invested,the proposal should be rejected.
A)True
B)False
Q2) Briefly describe the time value of money.Why is the time value of money important in capital investment analysis?
Q3) All of the following qualitative considerations may impact upon capital investment analysis except
A) time value of money
B) employee morale
C) the impact on product quality
D) manufacturing flexibility
Q4) Using the tables above,what would be the present value of $30,000 to be received 3 years from today,assuming an earnings rate of 6%?
A) $25,200
B) $26,700
C) $23,760
D) $80,190
To view all questions and flashcards with answers, click on the resource link above. Page 27
Chapter 26: Lean Manufacturing and Activity Analysis
Available Study Resources on Quizplus for this Chatper
121 Verified Questions
121 Flashcards
Source URL: https://quizplus.com/quiz/72869
Sample Questions
Q1) From the above schedule,calculate the (a)prevention and (b)appraisal costs.
Q2) Which of the following is a value-added activity?
A) scrap processing
B) rework
C) preventive maintenance
D) warranty work
Q3) Employee involvement does not include performing any indirect manufacturing functions.
A)True
B)False
Q4) Traditional manufacturing emphasizes all of the following except
A) team oriented employee involvement
B) process-oriented layout
C) push manufacturing
D) cost accumulation by department
Q5) Maximum effectiveness and efficiency are reached when the lean philosophy is used mainly by manufacturers.
A)True
B)False
Q6) From the above schedule,calculate the internal failure costs.
To view all questions and flashcards with answers, click on the resource link above. Page 28