A Flexible Manufacturing System Is Defined by the Text as

question 91

Multiple Choice

A flexible manufacturing system is defined by the text as

• A)one-of-a-kind production using skilled labor.
• B)highly automated assembly lines making one mass-produced product using little human labor.
• C)the grouping of parts into manufacturing families to produce a wide variety of mass-produced items.
• D)a process utilizing the just-in-time (JIT)method of manufacturing.

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Definitions:

Effective-Interest Method

A method of calculating the interest expense on a bond that factors in the bond's book value and yield to maturity.

Discounted Bond Issue

The sale of bonds for less than their face value, typically to compensate investors for taking on additional risk or for interest rates being higher than the bond's coupon rate.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the compilation of financial statements in the U.S.

Lessee

The party in a lease agreement who rents or leases property from the lessor.