Which of the Following Accounts Is an Asset

question 24

Multiple Choice

Which of the following accounts is an asset?

• A)Expenses
• B)Drawings
• C)Cash
• D)Bills payable

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Definitions:

MRP

Material Requirements Planning; a system for managing manufacturing processes through inventory control, scheduling, and procurement.

JIT

Just In Time, a production strategy that aims to reduce in-process inventory and associated carrying costs by producing and delivering products just in time to be sold or used.

Gross Requirements Plan

A schedule that specifies the amount and timing of future material and component requirements necessary to fulfill the production plan.

Net Requirements Plan

An output of the manufacturing planning process that identifies the quantity and timing of future material or product demands based on current inventory levels and scheduled supply.