Which of the Following Is a Way of Organizing Production

question 306

Multiple Choice

Which of the following is a way of organizing production activities in which labour,equipment,materials and other resources are brought to the geographic location where all operations work is done?

• A)Fixed position layout
• B)Product layout
• C)Process layout
• D)Assembly line
• E)Stationary line

Understand how financial reporting systems use the principle of exceptions to focus on variances.

Learn about variance analysis, including how to calculate and interpret different variances.

Appreciate the role of standards and variances in efficient production and cost control.

Understand the concepts of standard costs and how they are used in budgeting and variance analysis.

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Definitions:

Checks

Checks are written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or a designated party.

Bank

A financial institution licensed to receive deposits and make loans.

Lockbox System

A service provided by banks to process payments quickly by having those payments mailed directly to a location accessible by the bank.

Collection Time

The average period it takes a company to receive payments owed by its customers, reflecting its efficiency in managing credit and collecting debts.