A Methods and Measurements Analyst for Timepiece, Inc

question 58

Multiple Choice

A methods and measurements analyst for Timepiece, Inc., needs to develop a time standard for the task of attaching a watch to a wristband. In a preliminary study, he observed one of his workers perform this task five times, with the following results:

What is the standard time for this task if the employee worked at a 20 percent faster pace than average, and an allowance of 20 percent of the workday is used?

• A)20 seconds
• B)24 seconds
• C)25 seconds
• D)28.8 seconds
• E)30 seconds

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Definitions:

Accounting Cycle

The series of steps followed by an organization to record and analyze financial transactions, culminating in financial statements.

Post-closing Trial Balance

A financial report created after all adjusting and closing entries are made, showing account balances ready for the next accounting period.

Closing Entries

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 accounting period.

Correcting Entry

A journal entry made in the accounting records to amend an error or oversight in previously recorded transactions.