When JIT Is Implemented,which of the Following Changes in the Accounting

question 58

Multiple Choice

When JIT is implemented,which of the following changes in the accounting system would not be expected?

• A)fewer cost allocations
• B)elimination of standard costs
• C)combining labor and overhead into one product cost category
• D)combing raw material and materials in work-in-process into one product cost category

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Definitions:

Short Run

A period of time during which at least one of a firm's inputs is fixed, limiting its ability to adjust to changes in market demand or supply.

Many Firms

A situation in a market where numerous firms compete against each other to sell their products or services.

Perfect Competition

A market structure characterized by a large number of buyers and sellers, homogeneous products, and easy entry and exit, leading to price-taking behavior.

Most Efficient Output

The level of production at which a firm or economy can produce goods at the lowest average cost, maximizing the use of resources.