Flexible Manufacturing Technologies Are Specially Targeted at Enabling Companies to

question 45

Multiple Choice

Flexible manufacturing technologies are specially targeted at enabling companies to

• A) establish multiple manufacturing facilities in each major national market.
• B) build large inventories.
• C) achieve product standardization across markets.
• D) increase their work in progress.
• E) produce customized products without a significant cost penalty.

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Definitions:

Income Summary Account

An account used during the closing entry process to transfer the balances of temporary income and expense accounts to permanent accounts, such as retained earnings.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the accounts for the next period.

Revenue Account Balance

The total amount of income generated from sales before any expenses are subtracted.

Expense Account Balance

The total amount recorded as expenditures by a company within a specific period, awaiting reimbursement or allocation.