A Flexible Manufacturing System Is a Production System That Can

question 71

True/False

A flexible manufacturing system is a production system that can be easily changed from continuous to repetitive to intermittent.

---

Definitions:

Purchases Returns And Allowances

From the buyer’s perspective, returned merchandise or an adjustment for defective merchandise.

Periodic Inventory System

An inventory valuation method where inventory and cost of goods sold are determined at set periods, not after each transaction.

Price Adjustments

Changes made to the selling price of goods or services in response to market conditions, cost changes, or errors in the original pricing.

Single-step Income Statement

A simplified form of income statement that calculates net income by subtracting total expenses directly from total revenues without categorization.