Question : 61. An approach to managing inventories and production operations such : 1256490

61. An approach to managing inventories and production operations such that units of materials and products are obtained and provided only as they are needed is called:
A. Continuous improvement.
B. Customer orientation.
C. Just-in-time manufacturing.
D. Theory of constraints.
E. Total quality management.

62. A management concept that applies quality improvement to all aspects of business activities is called:
A. Continuous operations.
B. Customer orientation.
C. Just-in-time.
D. Managerial accounting.
E. Total quality management.

63. The way of doing business whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is:
A. Total quality management.
B. Managerial accounting.
C. Customer orientation.
D. Continuous improvement.
E. Lean business model.

64. Which of the following is not a characteristic of all fraud?
A. It is done to provide direct or indirect benefit to the employee.
B. It violates the employee’s duties to his employer.
C. It costs the employer money.
D. It is secret.
E. Can be intentional or unintentional.

65. Which of the following statements regarding fraud is true?
A. Fraud is a deliberate act.
B. Fraud can be deliberate or unintentional.
C. A company with a strong code of ethics can eliminate fraud.
D. A company with strong internal controls can eliminate fraud.
E.  The most common type of fraud is financial statement fraud.

66. Which of the following statements is true?
A. The IMA’s Statement of Ethical Professional Practice requires management accountants to be incompetent, maintain confidentiality, act with integrity, and communicate information in a fair and credible manner.
B. The IMA’s Statement of Ethical Professional Practice requires management accountants to be competent, maintain confidentiality, eliminate all fraud, and communicate information in a fair and credible manner.
C. The IMA’s Statement of Ethical Professional Practice requires management accountants to be incompetent, maintain confidentiality, act with integrity, and miscommunicate information in a credible manner.
D. The IMA’s Statement of Ethical Professional Practice requires management accountants to be competent, maintain confidentiality, act with integrity, and communicate information in a fair and credible manner.
E.  The IMA’s Statement of Ethical Professional Practice requires management accountants to perform certain checks for fraud, act with integrity, and communicate information in a fair and credible manner.

67. The Institute of Management Accountants has developed a code of ethics that requires management accountants to behave in certain ways. Which of the following behaviors is not required?

A. Competence.

B. Integrity.

C. Maintenance of confidentiality.

D. Communication of information in credible manner.

E. Timeliness.

68. A direct cost is a cost that is:
A. Identifiable as controllable.
B. Recorded as part of manufacturing overhead.
C. Fixed with respect to the volume of activity.
D. Traceable to a cost object.
E. Sunk with respect to a cost object.

69. An opportunity cost is:
A. An uncontrollable cost.
B. A cost of potential benefit lost.
C. A change in the cost of a component.
D. A direct cost.

E. A sunk cost.

70. Labor costs that are clearly associated with specific units or batches of product because the labor is used to convert raw materials into finished products called are:
A. Sunk labor
B. Direct labor
C. Indirect labor
D. Finished labor
E. Supervisory labor