Presented Below Is a List of Terms Relating to Accounting

question 85

Short Answer

Presented below is a list of terms relating to accounting information systems,followed by definitions of those terms.
Required: Match the letter next to each definition with the appropriate term.Each answer will be used only once.
________ 1.RTGs
________ 2.Job costing
________ 3.Reorder point
________ 4.Economic order quantity (EOQ)
________ 5.Just-in-time production
________ 6.Computer-integrated manufacturing
________ 7.Flexible manufacturing system (FMS)
________ 8.Finite element analysis
________ 9.Job
________ 10.Fixed asset register
A.A synonym for production order
B.Documents that indicate the sequence of operations required to manufacture a product
C.A system in which items are only produced as they are required in subsequent operations
D.The order quantity that minimizes total inventory cost.
E.A systematic list of assets such as land,buildings,machines,and equipment that is maintained for control purposes
F.A CAM system that incorporates programmable production processes that can be quickly reconfigured to produce different types of products
G.A mathematical model used to determine mechanical characteristics,such as stresses of structures under load
H.Integrates the physical manufacturing system and the manufacturing resource planning (MRP II)systems
I.The level of inventory at which it is desirable to order or produce additional items to avoid an out-of-stock condition
J.Production costs are assigned to production orders

Understand the concept of scienter and its importance in establishing fraud.

Differentiate between mistakes in contract terms and how they affect contract enforceability.

Recognize the elements required to establish a case of fraud, including reliance and misrepresentation.

Understand the role of physical compulsion and improper threats as forms of duress in contract law.

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Definitions:

Per-unit Basis

A method of expressing costs, revenues, or other financial measures on a per unit of production, sale, or other relevant unit basis.

Level Of Activity

A measure of the volume of production, work, or business operations, often influencing the costs and expenses of a company.

Production Supervisor's Salary

The financial compensation awarded to an individual overseeing the work and activities within a manufacturing or production setting, ensuring efficiency and quality.

Fixed Cost

Costs that do not change with the level of production or sales, such as rent, salaries, and insurance.