XYZ Corp Is Focusing on the Objective of Low-Cost, High Quality

question 23

Multiple Choice

XYZ Corp. is focusing on the objective of low-cost, high quality, on-time production by minimizing idle productive facilities and workers. The XYZ Corp. is taking advantage of a __________ system.

• A)Last In, First Out (LIFO)
• B)Highly mechanized
• C)First In, First Out (FIFO)
• D)Just-In-Time (JIT)

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Definitions:

Cash Over and Short

An account that records discrepancies between physical cash and recorded amounts due to errors or theft.

Journal Entry

A record of a financial transaction that includes the date of the transaction, the affected accounts, the amounts, and a brief description.

Petty Cash

A small amount of cash on hand used for minor, incidental expenses of a business to avoid writing checks.

Cash Over and Short

An accounting line item that indicates the discrepancies between the amount of cash in the register and the amount of cash according to the accounting records.