Marion Uses a Computer-Based Production Planning System by Which a Company

question 68

Multiple Choice

Marion uses a computer-based production planning system by which a company can ensure that it has needed parts and materials available at the right time and place and in the correct amounts.Marion uses

• A)materials requirement planning.
• B)just-in-time inventory system.
• C)computer-aided manufacturing.
• D)vendor-managed inventory.

Understand the effects of buying and selling portions of investments on the investment account balance.

Understand and apply the equity method for accounting for investments.

Prepare journal entries related to equity method investments including initial recognition, recognition of investee's net income or loss, and dividends received.

Calculate and defer gross profit on inter-entity inventory sales and recognize it appropriately in subsequent periods.

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Definitions:

Goods and Services

The products and activities offered by businesses to satisfy economic needs or wants; goods are tangible items, while services are intangible acts or performances.

Factors of Production

Resources used in the production of goods and services, typically categorized into land, labor, capital, and entrepreneurship.

Households

Economic units consisting of all the people who occupy a housing unit, making decisions about resource allocation, consumption, and labor supply.

Goods and Services

Physical items (goods) and intangible benefits (services) that fulfill human wants or needs.