Rinker Audio Products Wants to Adopt the Total Quality Management

question 105

Multiple Choice

Rinker Audio Products wants to adopt the total quality management (TQM) philosophy as developed by,among others,W.Edwards Deming.The company employees are,however,confused as to what TQM entails.As a consultant,you are helping Rinker's employees understand TQM as it would impact them.Which of the following is true of W.Edward Deming's beliefs about the total quality management philosophy?

• A)Quality of supervision should be improved by allowing more time for supervisors to work with employees.
• B)Management should embrace the philosophy that mistakes are often acceptable.
• C)Work standards should be defined only as numbers or quotas.
• D)Achieving better quality requires commitment more at the top management than at any other level.
• E)Management should create an environment in which employees will follow recommendations rather than recommend changes.

Identify what constitutes a capital asset versus ordinary asset and the implications for tax purposes.

Recognize the special tax rates applicable to certain gains and the conditions under which they apply, including the treatment of Section 1250 and 1231 assets.

Grasp how to calculate gain or loss on the sale of property, including the implications of debt assumption and adjusted basis.

Understand the tax implications of capital gain distributions and the requirement for filing Schedule D.

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