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Past Exam for ACIS 2116 - Principles of Accounting at Virginia Tech (VT)

Exam Information

Material Type:Exam
Professor:Staff
Class:ACIS 2116 - Principles of Accounting
Subject:Accounting & Information Systems
University:Virginia Polytechnic Institute And State University
Term:--
Keywords:
  • Period Cost
  • Overhead Account
  • Production Equipment
  • Relevant Range
  • Raw Materials
  • Commissions
  • Following Transactions
  • Staff Position
  • Direct Material
  • Goods Inventory
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Sample Document Text

Part I, True - False, 12 points (Be sure to transfer these answers to the op scan.) Use: 1 = TRUE 2 = FALSE 1. Managerial accounting places less emphasis on precision and more emphasis on flexibility and relevance of data than does financial accounting. ~ ~ 2. Just-in-time is a production system in which units are produced and materials are purchased only as needed to meet actual customer demand. --T 3. There is a greater danger of undermining employee morale with Process Reengineering than with Total Quality Management. ~ 4. In JIT purchasing, as many suppliers as possible are used so as to avoid relying too much on a few suppliers. F- 5. Efforts designed to increase the rate of output should generally be applied to non-constraint workstations. _, _ 6. Work in process inventories consist of units that are only partially complete and will require further work before they are ready for sale to a customer. ~ 'if 7. In external financial reports, factory depreciation costs may be ...

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