ACCTMIS 3600 Final Exam || 100% Verified Answers.
Production Cycle correct answers Recurring set of business activities and related information
processing operations associated with the manufacture of products.
1) goods, services, supplies, raw materials
2) purchase requisition
3) cost of goods manufactured
4) sales order and sales forecast
5) finished goods
6) hours worked, labor needs
7) reports correct answers 1) From Exp to Production
2) From Production to Exp
3) From Production to GL reporting
4) From Rev to Production
5) From production to rev
6) from production to HR
7) from production to management
Product Design, Planning and Scheduling, Product Operations, and Cost Accounting correct
answers Four Basic Activities of Production Cycle
cost accounting stage correct answers Accountants are primarily involved in the _______ stage
1) Meeting customer requirements for quality, durability, and functionality; and
2.Minimizing production costs. correct answers The objective of product design is to design a
product that strikes the optimal balance of: (These two often conflict with one another)
,Bill of materials and Operations List correct answers What are the key documents of product
design
Bill of Materials correct answers specifies the part number, description, and quantity of each
component to be used in a finished product
Operations List correct answers lists the sequence of steps required to produce each product,
including the equipment needed and the amount of time required
65-80% correct answers Accountants participate in this part because ___% - ____% of cost is
determined in this stage
Designing an AIS that measures and collects the needed data (e.g., information about machine
setups, material handling costs, repair and warranty costs).
Helping the design team use that data to improve profitability correct answers Accountants add
value by: 2 things
1.Meets existing orders, and
2.Anticipates shorter-term demand, while still minimizing inventories of both raw materials and
finished goods.
3.Minimizes cost (maximizes efficient use of resources) correct answers The objective of the
planning and scheduling activity is to develop a plan that
Manufacture Resource Planning and Lean Manufacturing correct answers Two common
approaches to production planning
Balance production capacity and raw materials needs to meet forecast sales demands.
Referred to as push manufacturing because goods are produced in expectation of customer
demand. correct answers MRP 2 is an extension of MRP inventory Control Systems that:
,Minimize or eliminate inventories of raw materials, work-in-process, and finished goods.
Produces only in response to customer orders, but there are short-run production plans (allowing
suppliers to plan their production schedules to make deliveries as needed).
Pull manufacturing- response to customer demand correct answers Lean manufacturing is an
extension of the principles of JIT inventory Systems that:
Both plan production in advance, they differ in the length of the planning horizon.
MRP-II plans for up to 12 months ahead vs Lean manufacturing uses shorter planning horizons
Consequently: MRP-II is more appropriate for products with predictable demand and a long life
cycle. vs Lean manufacturing more appropriate for products with unpredictable demand, short
life cycles, and frequent markdowns of excess inventory. correct answers Compare the two
planning systems (lean manufacturing and material resource planning)
Master Production schedule correct answers Key document in the planning and scheduling stage;
Specifies how much of each product is to be produced during the planning period and when that
production should occur.
Use to determine if raw materials should be purchased.
Labor correct answers First of raw materials that should be planned for in Planning and
scheduling
Production order and Materials requisition form correct answers Documents used for other raw
materials:
, Production Order correct answers Authorizes the production of a specified quantity of a product.
Materials Requisition Form correct answers Authorizes the movement of the needed raw
materials from the storeroom to the factory floor.
Move ticket correct answers The Key document used in the actual distribution of raw materials
to the manufacturing sites, Document the transfer of parts and materials throughout the factory
Preventative Maintenance Schedule correct answers Key document in assuring lowered
production risk via operations consistency:
Ensure the AIS collects and reports costs in a manner consistent with the company's production
planning techniques. correct answers Role of accountants in planning & scheduling:
Stage 3: Product operations correct answers The actual manufacture of products
Computer integrated manufacturing correct answers use of robots and computer controlled
machinery:
1. Provide information for planning, controlling, and evaluating the performance of production
operations.
2.Gather accurate cost data of products to use in pricing and product mix decisions
3. To collect and process information used to calculate inventory and cost of goods sold values
for the financial statements. correct answers Three objectives of cost accounting are:
Job order costing; Process costing correct answers Two traditional types of cost accounting
systems
Production Cycle correct answers Recurring set of business activities and related information
processing operations associated with the manufacture of products.
1) goods, services, supplies, raw materials
2) purchase requisition
3) cost of goods manufactured
4) sales order and sales forecast
5) finished goods
6) hours worked, labor needs
7) reports correct answers 1) From Exp to Production
2) From Production to Exp
3) From Production to GL reporting
4) From Rev to Production
5) From production to rev
6) from production to HR
7) from production to management
Product Design, Planning and Scheduling, Product Operations, and Cost Accounting correct
answers Four Basic Activities of Production Cycle
cost accounting stage correct answers Accountants are primarily involved in the _______ stage
1) Meeting customer requirements for quality, durability, and functionality; and
2.Minimizing production costs. correct answers The objective of product design is to design a
product that strikes the optimal balance of: (These two often conflict with one another)
,Bill of materials and Operations List correct answers What are the key documents of product
design
Bill of Materials correct answers specifies the part number, description, and quantity of each
component to be used in a finished product
Operations List correct answers lists the sequence of steps required to produce each product,
including the equipment needed and the amount of time required
65-80% correct answers Accountants participate in this part because ___% - ____% of cost is
determined in this stage
Designing an AIS that measures and collects the needed data (e.g., information about machine
setups, material handling costs, repair and warranty costs).
Helping the design team use that data to improve profitability correct answers Accountants add
value by: 2 things
1.Meets existing orders, and
2.Anticipates shorter-term demand, while still minimizing inventories of both raw materials and
finished goods.
3.Minimizes cost (maximizes efficient use of resources) correct answers The objective of the
planning and scheduling activity is to develop a plan that
Manufacture Resource Planning and Lean Manufacturing correct answers Two common
approaches to production planning
Balance production capacity and raw materials needs to meet forecast sales demands.
Referred to as push manufacturing because goods are produced in expectation of customer
demand. correct answers MRP 2 is an extension of MRP inventory Control Systems that:
,Minimize or eliminate inventories of raw materials, work-in-process, and finished goods.
Produces only in response to customer orders, but there are short-run production plans (allowing
suppliers to plan their production schedules to make deliveries as needed).
Pull manufacturing- response to customer demand correct answers Lean manufacturing is an
extension of the principles of JIT inventory Systems that:
Both plan production in advance, they differ in the length of the planning horizon.
MRP-II plans for up to 12 months ahead vs Lean manufacturing uses shorter planning horizons
Consequently: MRP-II is more appropriate for products with predictable demand and a long life
cycle. vs Lean manufacturing more appropriate for products with unpredictable demand, short
life cycles, and frequent markdowns of excess inventory. correct answers Compare the two
planning systems (lean manufacturing and material resource planning)
Master Production schedule correct answers Key document in the planning and scheduling stage;
Specifies how much of each product is to be produced during the planning period and when that
production should occur.
Use to determine if raw materials should be purchased.
Labor correct answers First of raw materials that should be planned for in Planning and
scheduling
Production order and Materials requisition form correct answers Documents used for other raw
materials:
, Production Order correct answers Authorizes the production of a specified quantity of a product.
Materials Requisition Form correct answers Authorizes the movement of the needed raw
materials from the storeroom to the factory floor.
Move ticket correct answers The Key document used in the actual distribution of raw materials
to the manufacturing sites, Document the transfer of parts and materials throughout the factory
Preventative Maintenance Schedule correct answers Key document in assuring lowered
production risk via operations consistency:
Ensure the AIS collects and reports costs in a manner consistent with the company's production
planning techniques. correct answers Role of accountants in planning & scheduling:
Stage 3: Product operations correct answers The actual manufacture of products
Computer integrated manufacturing correct answers use of robots and computer controlled
machinery:
1. Provide information for planning, controlling, and evaluating the performance of production
operations.
2.Gather accurate cost data of products to use in pricing and product mix decisions
3. To collect and process information used to calculate inventory and cost of goods sold values
for the financial statements. correct answers Three objectives of cost accounting are:
Job order costing; Process costing correct answers Two traditional types of cost accounting
systems
