Question : 61.The _____ approach assumes that subjectivity can be eliminated from : 1243264

Accounting

61.The _____ approach assumes that subjectivity can be eliminated from the measurement process and that outcomes are the closest indicator of one’s contribution to organizational effectiveness.

A.behavior

B.results

C.attribute

D.quality

E.comparative

62.Which of the following is a means of measuring and feeding back productivity information to personnel with the main goal of motivating employees to higher levels of productivity?

A.Projective tests

B.Productivity measurement and evaluation system

C.Assessment centers

D.Critical incidents

E.Multi-criteria decision analysis

63.Which of the following is the first step in the Productivity Measurement and Evaluation System (ProMES)?

A.The staff defines indicators of the products to measure how well the products are being generated.

B.The management develops a feedback system that provides employees and work groups with information about their specific level of performance.

C.People in the organization identify the set of activities or objectives the organization expects to accomplish.

D.The employee and manager identify what the employee can do to capitalize on performance strengths.

E.The staff establishes the contingencies between the amount of the indicators and the level of evaluation associated with that amount.

64.Which of the following is true about the results approach to performance management?

A.The results approach relies primarily on a combination of the attribute and results approaches to performance measurement.

B.The results approach virtually eliminates problems of leniency, central tendency, and strictness.

C.The techniques of the results approach usually have very little congruence with the company’s strategy.

D.The results approach is usually highly unacceptable to both managers and employees.

E.The results approach minimizes subjectivity, relying on objective, quantifiable indicators of performance.

65.A performance management system designed with a strong quality orientation can be expected to:

A.emphasize an assessment of system factors in the measurement system, but not of the person factors.

B.emphasize that managers’ and employees’ work separately to solve performance problems.

C.involve only the external customers in setting standards and measuring performances.

D.use multiple sources to evaluate person and system factors.

E.emphasize an assessment of person factors in the measurement system, but not of the system factors.

66._____ refers to practices participated in by employees from all levels of the company that focus on continuous improvement of business processes.

A.Quality circle

B.Muda

C.Kaizen

D.Root cause analysis

E.Business process reengineering

67.Which of the following statistical process quality control techniques helps identify the redundancies in procedures that increase manufacturing or service time?

A.Cause-and-effect diagrams

B.Control charts

C.Pareto charts

D.Process-flow analysis

E.Histograms

68.A _____ is a quality control technique that lists causes of a problem in decreasing order of importance.

A.cause-and-effect diagram

B.control chart

C.Pareto chart

D.process-flow analysis

E.histogram

69.Which quality control technique is useful for understanding the amount of variance between an outcome and the expected value or average outcome?

A.A control chart

B.A histogram

C.A cause-and-effect diagram

D.A process-flow analysis

E.A Pareto chart

70.Which of the following observations is true about scattergrams?

A.They help in identifying the most important cause of a problem.

B.They are useful for understanding the amount of variance between an outcome and the expected value or average outcome.

C.They help employees determine whether the relationship between two variables or events is positive, negative, or zero.

D.They assume that that the majority of problems are the result of a small number of causes.

E.They are useful for identifying redundancy in processes that increase manufacturing or service time.

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July 1, 2023

Multiple Choice Questions

66.A merchandiser:

A.Earns net income by buying and selling merchandise.

B.Receives fees only in exchange for services.

C.Earns profit from commissions only.

D.Earns profit from fares only.

E.Buys products from consumers.

67.Cost of goods sold:

A.Is another term for merchandise sales.

B.Is the term used for the expense of buying and preparing merchandise for sale.

C.Is another term for revenue.

D.Is also called gross margin.

E.Is a term only used by service firms.

68.A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals:

A.$(417,000).

B.$695,000.

C.$278,000.

D.$417,000.

E.$973,000.

69.A company has sales of $375,000 and its gross profit is $157,500. Its cost of goods sold equals:

A.$(217,000).

B.$375,000.

C.$157,500.

D.$217,500.

E.$532,500.

70.The following statements regarding gross profit are true except:

A.Gross profit is also called gross margin.

B.Gross profit less other operating expenses equals income from operations.

C.Gross profit is not calculated on the multiple-step income statement.

D.Gross profit must cover all operating expenses to yield a return for the owner of the business.

E.Gross profit equals net sales less cost of goods sold.

71.The following statements regarding merchandise inventory are true except:

A.Merchandise inventory is reported on the balance sheet as a current asset.

B.Merchandise inventory refers to products a company owns and intends to sell.

C.Merchandise inventory may include the costs of freight in and making them ready for sale.

D.Merchandise inventory appears on the balance sheet of a service company.

E.Purchasing merchandise inventory is part of the operating cycle for a business.

72.The following statements are true regarding the operating cycle of a merchandising company except:

A.The operating cycle begins with the purchase of merchandise.

B.The operating cycle is shortened by credit sales.

C.The operating cycle ends with the collection of cash from the sale of merchandise.

D.The operating cycle can vary in length among different merchandising companies.

E.The operating cycle sometimes involves accounts receivable.

73.Merchandise inventory:

A.Is a long-term asset.

B.Is a current asset.

C.Includes supplies the company will use in future periods.

D.Is classified with investments on the balance sheet.

E.Must be sold within one month.

74.The operating cycle for a merchandiser that sells only for cash moves from:

A.Purchases of merchandise to inventory to cash sales.

B.Purchases of merchandise to inventory to accounts receivable to cash sales.

C.Inventory to purchases of merchandise to cash sales.

D.Accounts receivable to purchases of merchandise to inventory to cash sales.

E.Accounts receivable to inventory to cash sales.

75.The current period's ending inventory is:

A.The next period's beginning inventory.

B.The current period's cost of goods sold.

C.The prior period's beginning inventory.

D.The current period's net purchases.

E.The current period's beginning inventory.