...Environment Unit 1 A Picnic by the River A. New Words 1. litter 2. lunch 4. empty 5. throw B. Understanding the Context 1. (b) 2. (c) C. Focus on Details 1. picnic 2. hungry 3. empty 4. litter D. Summary 1. (3) 4. (4) 3. hungry 6. picnic Unit 4 Bird Watching A. New Words 1. boring 2. beautiful 4. park 5. feathers B. Understanding the Context 1. (d) 2. (a) C. Focus on Details 1. area 2. tomorrow 3. boring 4. feathers D. True or False 1. T 2. T 4. F 5. T 3. area 6. tomorrow 3. F 2. (2) 5. (1) 3. (5) Unit 5 Trees in the Forest A. New Words 1. forest 2. hundred 4. damage 5. visitor 3. recycle 6. government B. Understanding the Context 1. (b) 2. (c) C. Focus on Details 1. forests 2. hundred 3. Several 4. Visitors D. Summary 1. (2) 4. (5) 3. T 3. several 6. fee Unit 2 Let’s Recycle! A. New Words 1. environment 2. extra 4. money 5. return B. Understanding the Context 1. (a) 2. (d) C. Focus on Details 1. recycle 2. money 3. government 4. environment D. True or False 1. T 2. F 4. F 5. T 2. (3) 5. (4) 3. (1) Unit 3 Growing Roses A. New Words 1. bush 2. produce 4. Fertilizer 5. liquid B. Understanding the Context 1. (d) 2. (c) C. Focus on Details 1. problem 2. fertilizer 3. liquid 4. recover D. Summary 1. (2) 4. (5) 3. recover 6. problem Science and Technology Unit 6 An Easy Way to Shop A. New Words 1. website 2. online 4. button 5. item B. Understanding the Context 1. (c) 2. (a) C. Focus on Details 1. website 2. online 3. choose 4. item 3. (4) 3. easy 6...
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...CHAPTER I INTRODUCTION International Christian College of Manila (ICCM) according to the Wikipedia, is a private, non-profit co-educational Bible college of the non-denominational Christian Churches/Churches of Christ as rooted on the Stone-Campbell Restoration Movement, whose existence is anchored, among others, on the preservation of primitive New Testament Christianity. Its main campus is in San Jose, Antipolo City, province of Rizal, Philippines. In accordance with the Philippine law, ICCM first received its permit to operate from the country’s Commission on Higher Education (CHED) on 8 March 2005. The college started in July 2000 when a number of advanced students of theology from other Bible seminaries found that they no longer had a Bible college in which to study. The students approached church ministers of Metro Manila like Nick Alfafara, Robert and Nezie Cabalteja, and Ross and Cheryl Wissmann for help with a new college where they could continue their training for the church. The first classes were held in the Wissmann’s residence then in Mapayapa Village I, Quezon City. The first professors were Bobby and Nezie Cabalteja, Tito Pel, Ferdinand Rosete, and Ross and Cheryl Wissmann. By August 2000, premises were rented in Village Plaza Building at the corner of Narra and Sampaguita streets at Mapayapa Village III that served as boys’ dorm and classrooms while the girls’ dormitory was at the nearby Bueno Sol, Ramax Subdivision...
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...through reasonably efficient operations. * False The typical starting point of a master budget would be to prepare a budgeted balance sheet. * False In preparing a master budget, budgeted levels for production, manufacturing costs, and operating expenses normally are determined after preparing the sales forecast. * True A company's operating cycle is the time between purchases of direct materials and conversion of these materials back into cash. * True If the behavioral approach is employed to determine the levels at which budgeted amounts are set, then reasonable and achievable levels should be used. * True The behavioral approach to budgeting has as its goal the complete elimination of inefficiency. * False A master budget actually includes a number of related budgets. * True A budget prepared using the total quality management approach is always achievable by departments within a company. * False Flexible budgeting may be viewed as combining the concepts of budgeting with cost-volume-profit analysis. * True If the total quality management approach is employed to determine the level at which budgeted amounts are set, then absolute efficiency is assumed. * True A cash budget determines the maximum limit amount of money that can be spent during the period. * False A master budget is a comprehensive financial plan setting forth the financial and operational goals of a business. * True The preparation of a budgeted balance sheet...
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...revenue is less than expected at the actual level of activity for the period. Spending Variance Difference between how much anexpense should have been at the actual level of activity and the actual amount of expense incurred. Favorable spending variance occurs when the cost is less than expected at the actual level of activity for the period. Unfavorable spending variance occurs when the cost is greater than expectedat the actual level of activity for the period. Page 1 of 26 Revised Fall 2012 Standards: Standards are benchmarks or “norms” for measuring performance. Standards relate to the quantity and costs of inputs used in manufacturing goods or providing services. Price Standards specify how much should be paid for each unit of the input. Quantity Standards specify how much of an input such as raw material should be used to make a product or provide service. Standard Costing: Standard costing allows companies to compare the actual results to expected or standard results and to analyze the differences or variances between them. If there is a significant variance...
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...Answers Possibly for week 1 Quiz in BUS 308 The correct answer for each question is indicated by a . | ------------------------------------------------- Top of Form | 1 CORRECT | | A random sample is selected so that on each selection from the population every unit remaining in the population has an equal chance of being chosen. | | | A) | True | | | B) | False | | | | | | | | 2 INCORRECT | | Any characteristic of a population unit is called a(n): | | | A) | measurement. | | | B) | sample. | | | C) | observation. | | | D) | variable. | | | | | | | | 3 INCORRECT | | An example of a qualitative variable is the mileage of a car. | | | A) | True | | | B) | False | | | | | | | | 4 INCORRECT | | A list of all of the units in a population is called a: | | | A) | census. | | | B) | frame. | | | C) | sample. | | | D) | variable. | | | | | | | | 5 CORRECT | | Which of the following is a quantitative variable? | | | A) | The make of a TV | | | B) | A person's gender | | | C) | The mileage of a car | | | D) | Whether a person is a college graduate | | | E) | Whether a person has a charge account | | | | | | | | 6 INCORRECT | | Measurements from a population are called: | | | A) | statistics. | | | B) | observations. | | | C) | variables. | | | D) | inferences. | | | | | | | | 7 INCORRECT |...
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...whether the supply chain is continuous replenishment or not. Question 1 options: | 1) | True | | 2) | False | Hide Check my answer | | Time Series Methods | ------------------------------------------------- Question 2 The Delphi method generates forecasts based on informed judgments and opinions from knowledgeable individuals. Question 2 options: | 1) | True | | 2) | False | Hide Check my answer | | Components of Forecasting Demand | ------------------------------------------------- Question 3 The larger the mean absolute deviation (MAD) the more accurate the forecast. Question 3 options: | 1) | True | | 2) | False | Hide Check my answer | | Forecast Accuracy | ------------------------------------------------- Question 4 A gradual, long-term up or down movement of demand is called a trend. Question 4 options: | 1) | True | | 2) | False | Hide Check my answer | | Components of Forecasting Demand | ------------------------------------------------- Question 5 Sharing demand forecasts with supply chain members has resulted in an increased bullwhip effect. Question 5 options: | 1) | True | | 2) | False | Hide Check my answer | | The Strategic Role of Forecasting | ------------------------------------------------- Question 6 The demand behavior for skis is considered cyclical. Question 6 options: | 1) | True | | 2) | False | Hide Check my answer | | Components of Forecasting Demand | ------------------------------------------------- ...
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...process. Conversion costs are allocated evenly throughout production. Daltry Tractor uses weighted-average costing. Data for the Assembly Department for April 2012 are: Work in process, beginning inventory 400 units Direct materials (100% complete) Conversion costs (30% complete) Units started during April 1,200 units Work in process, ending inventory: 250 units Direct materials (100% complete) Conversion costs (50% complete) Costs for April 2012: Work in process, beginning inventory: Direct materials $230,000 Conversion costs $220,000 Direct materials costs added during April $700,000 Conversion costs added during April $1,175,000 What are the equivalent units for direct materials and conversion costs, respectively, for April? Select one: a. 1,600 units; 1,600 units b. 1,600 units; 1,475 units c. 250 units; 125 units d. 1,350 units; 1,350 units Question 2 Answer saved Marked out of 4 Question text A manufacturing company uses process costing with an average cost flow assumption in its two processing departments. On August 1, the subsequent department had zero units. During August, 25,000 units were received from the first department. On August 31, the subsequent department had 5,000 incomplete units which were sixty percent complete as to labor and forty percent complete as to overhead....
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...Revised Spring 2011 EXAM REVIEW UNIT II - CHAPTERS 4, 5, & 6 Study Suggestions Review your class notes, homework exercises and problems. Review Summary, Review Problem and Glossary at the end of each chapter. Use your Study Guide, especially Multiple Choice and True & False questions Review the resource materials and practice quizzes and exams available on the Textbook Website: http://highered.mcgraw-hill.com/sites/0073048836/information_center_view0/ Additional review materials are available online at sites such as: http://www.cliffsnotes.com/WileyCDA/Section/id-305261.html Key Terms and Concepts to Know Chapter 4 – Systems Design: Process Costing Differences and similarities between job order and process costing. Flow of product costs through the inventory accounts and intocost of goods sold. Each production department has a unique Production Report and separate workin-process inventory account. Journal entries required in a Process Cost system. Concept of "Equivalent Units" and how to calculate equivalent units Prepare a Production Report consisting of: Quantity Schedule Equivalent Units Cost per Equivalent Unit Cost Reconciliation/Assignment Chapter 5 - Cost Behavior: Analysis And Use Variable costs o Effect of a change in volume of total and per unit variable costs o Relationship between variable cost and the activity base. o True variable costs versus step variable costs. o Effect of the relevant range on the behavior of variable costs...
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...REWORKED UNITS, AND SCRAP TRUE/FALSE 1. Reducing defects helps to reduce costs, but does not make the business more competitive. Answer: False Difficulty: 2 Reducing defects does make the business more competitive. 2. Objective: 1 Reworked goods are unacceptable units of production usually not capable of being repaired or converted into a salable product. Answer: False Difficulty: 2 Objective: 1 Reworked goods are unacceptable units of production that can be repaired into a salable product. 3. The value of scrap material can have either a high or low sales value relative to the product with which it is associated. Answer: False Difficulty: 2 Scrap material by definition has a low sales value. Objective: 1 4. Normal spoilage adds to the cost of the job to which it is attributed in a job order costing system. Answer: True Difficulty: 2 Objective: 2 5. When calculating normal spoilage rates, the base should be actual units started in production. Answer: False Difficulty: 2 The base should be good units started into production. Objective: 2 6. Abnormal spoilage is spoilage that should arise under efficient operating conditions. Answer: False Difficulty: 2 Objective: Abnormal spoilage should not arise under efficient operating conditions. 2 7. A company whose goal is zero defects would usually treat all spoilage as abnormal. Answer: True Difficulty: 2 Objective: 2 8. Counting spoiled units as part of output units in a process-costing system usually results in a higher cost per unit. Answer:...
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...Chapter 13 Aggregate Planning True / False Questions 1. Aggregate planning is intermediate-range capacity planning that typically covers a time horizon of one to three months. FALSE Difficulty: Medium TLO: 1 Taxonomy: Knowledge 2. The goal of aggregate planning is to achieve a production plan that attempts to balance the organization's resources and meet expected demand. TRUE Difficulty: Easy TLO: 1 Taxonomy: Knowledge 3. Aggregate planners are concerned with the quality and quantity of expected demand. FALSE Difficulty: Easy TLO: 1 Taxonomy: Knowledge 4. Aggregate planning is used to establish general levels of employment, output, and inventories over an intermediate-range of time. TRUE Difficulty: Easy TLO: 1 Taxonomy: Knowledge 5. The assignment of work to specific machines and people are examples of aggregate planning. FALSE Difficulty: Medium TLO: 1 Taxonomy: Knowledge 6. The output from aggregate planning is a detailed business plan covering the next 2 to 12 months. FALSE Difficulty: Easy TLO: 1 Taxonomy: Knowledge 7. Demand can be altered in aggregate planning by promotion and producing additional product using overtime. FALSE Difficulty: Hard TLO: 2 Taxonomy: Knowledge 8. Capacity can be modified in aggregate planning by promotion and producing additional product using overtime. FALSE Difficulty: Hard TLO: 2 Taxonomy: Knowledge 9. Organizations...
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...safety stock calculations. Answer: FALSE Diff: 1 Topic: Global company profile Objective: no LO 2) A major challenge in inventory management is to maintain a balance between inventory investment and customer service. Answer: TRUE Diff: 1 Topic: The importance of inventory Objective: no LO 3) Which item to order and with which supplier the order should be placed are the two fundamental issues in inventory management. Answer: FALSE Diff: 2 Topic: The importance of inventory Objective: no LO 4) One function of inventory is to take advantage of quantity discounts. Answer: TRUE Diff: 1 Topic: Functions of inventory Objective: no LO 5) Work-in-process inventory is devoted to maintenance, repair, and operations. Answer: FALSE Diff: 1 Topic: Functions of inventory Objective: no LO 6) ABC analysis classifies inventoried items into three groups, usually based on annual units or quantities used. Answer: FALSE Diff: 1 Topic: Managing inventory Objective: LO12-1 7) In ABC analysis, "A" Items are the most tightly controlled. Answer: TRUE Diff: 2 Topic: Managing inventory Objective: LO12-1 1 Copyright © 2011 Pearson Education, Inc 8) ABC analysis is based on the presumption that carefully controlling all items is necessary to produce important inventory savings. Answer: FALSE Diff: 1 Topic: Managing inventory Objective: LO12-1 9) Cycle counting is an inventory control technique exclusively used for cyclical items. Answer: FALSE Diff: 2 Topic: Managing inventory...
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...Unit 8 : Unit 8: Performance Evaluation for Decentralized Operations - Practice Quiz ------------------------------------------------- Top of Form | | 1. Separation of businesses into more manageable operating units is termed decentralization. (Points : 1) | True False | 2. The process of measuring and reporting operating data by areas of responsibility is termed responsibility accounting. (Points : 1) | True False | 3. A decentralized business organization is one in which all major planning and operating decisions are made by top management. (Points : 1) | True False | 4. A centralized business organization is one in which all major planning and operating decisions are made by top management. (Points : 1) | True False | 5. The primary disadvantage of decentralized operations is that decisions made by one manager may affect other managers in such a way that the profitability of the entire company may suffer. (Points : 1) | True False | 6. The three common types of responsibility centers are referred to as cost centers, profit centers, and investment centers. (Points : 1) | True False | 7. One of the advantages of decentralization is that delegating authority to managers closest to the operation always results in better decisions. (Points : 1) | True False | 8. Developing and retaining quality managers is an advantage of decentralization...
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...Chapter 15 The design of the supply chain and establishing partnerships with vendors and distributors are examples of operating issues in a supply chain. | True | | False | These are tactical responsibilities. Returned goods are part of reverse logistics. | True | | False | Reverse logistics involves managing the flow of goods back up the supply chain. Using third-party fulfillment means losing control of fulfillment. | True | | False | Outsource this key function means a loss of control. Small changes in consumer demand can result in large variations in orders placed because of the … | Safety stock requirement | | FCFS scheduling | | Lead time effect | | Bullwhip effect | | Supply chain | Variations are amplified as they move backwards in the supply chain. A factor that makes it desirable for business organizations to actively manage their supply chains is: | more potential vendors | | increasing globalization | | the internet | | downsizing | | RFID's | Globalization is making supply chain management more important. Which of the following is a barrier to integration of separate organizations in the supply chain? (I) conflicting objectives of the companies in the chain. (II) different level of capacity of the companies in the chain. (III) reluctance of the organizations in the chain to allow other organizations access to their data. | I, II and III | | I only | | II and III | → | I and...
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...fixed manufacturing overhead volume variance will necessarily occur in a month in which there is a fixed manufacturing overhead budget variance. True False 3) Todco planned to produce 3,000 units of its single product, Teragram, during November. The standard specifications for one unit of Teragram include six pounds of material at $0.30 per pound. Actual production in November was 3,100 units of Teragram. The accountant computed a favorable materials purchase price variance of $380 and an unfavorable materials quantity variance of $120. Based on these variances, one could conclude that: more materials were used than were purchased. more materials were purchased than were used. the actual usage of materials was less than the standard allowed. the actual cost of materials was less than the standard cost. 4)The cost of a resource that has no alternative use in a make or buy decision problem has an opportunity cost of zero. True False 5)An unfavorable direct labor efficiency variance could be caused by: an unfavorable variable overhead rate variance. a favorable materials quantity variance. an unfavorable materials quantity variance. a favorable variable overhead rate variance. 6) The fixed manufacturing overhead volume variance will be unfavorable if production volume is less than sales volume. True False 7) If by dropping a product a firm can...
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...2 The profit motive is one characteristic of a command economy. True False Question 3 In a market system, the government enforces laws ensuring that private enterprises and conditions of competition will prevail. True False Question 4 The most common type of business in the United States is the corporation. True False Question 5 Laissez-faire is a policy of no government intervention in the economic activities of individuals and businesses. True False Question 6 In a partnership, each partner’s liability is limited to his or her contribution to the partnership. True False Question 7 There are no government-regulated markets in the U.S. economy. True False Question 8 Which of the following is not among the United States’ economic goals? full employment stable prices healthy economic growth equal distribution of income Question 9 Under the U.S. market system, land and capital goods are owned mainly by the federal government individuals and firms local governments state governments Question 10 The biggest disadvantage of a sole proprietorship is the lack of distinction between the business and the owner. True False Question 11 In the United States, marketing cooperatives are most commonly found in the agriculture industry. True False Question 12 Self-interest is a major tenet of economic liberalism. True False Question 13 Which of the following is considered a command...
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