Ron Has Established a Preventative Maintenance Program at His Company

question 55

Multiple Choice

Ron has established a preventative maintenance program at his company where the machines used in production are serviced on a regular basis to prevent breakdowns in the future.Which of the following control mechanisms does this best exemplify?

• A)Feedforward control
• B)Concurrent control
• C)Feedback control
• D)In-process control

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Definitions:

Note Payable

A written promise to pay a specific sum of money to a party on demand or at a predetermined future date.

Account Payable

The amount of money owed by a business to its suppliers or creditors for goods and services purchased on credit.

Notes Payable

Liabilities represented by written promises to pay specific sums of money at future dates, typically evidenced by formal instruments of credit.

Accounts Payable

Liabilities to creditors for goods or services purchased on credit, representing obligations that a company needs to pay off in the near term.