Which of the Following Statements Is true

question 86

Multiple Choice

Which of the following statements is true?

• A) The person most responsible for initiating the use of interchangeable parts in manufacturing was Eli Whitney.
• B) The origins of management by exception are generally credited to Frederick W. Taylor.
• C) The person most responsible for initiating the use of interchangeable parts in manufacturing was Walter Shewhart.
• D) The origins of the scientific management movement are generally credited to Henry Ford.
• E) The person most responsible for initiating the use of interchangeable parts in manufacturing was Henry Ford.

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Definitions:

Direct Materials

Direct materials are raw materials that are directly incorporated into a final product and are directly attributable to the product being manufactured.

Work in Process Account

A Work in Process Account tracks the costs associated with unfinished goods that are still undergoing manufacturing or production processes.

Product Costs

Direct costs associated with manufacturing a product, including materials, labor, and overhead expenses.

Valuation of Inventories

The process of determining the monetary value of inventory, using methods like FIFO, LIFO, or weighted average cost.