Typical differences between goods and services do not include (a) cost per unit ; (b) ability to inventory items ; (c) timing of production and consumption (d) knowledge content

Typical differences between goods and services do not include (a) cost per unit ; (b) ability to inventory items ; (c) timing of production and consumption (d) knowledge content
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(a) cost per unit ;
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Which of the following is not a typical attribute of goods? (a) output can be inventoried ; (b) aspects of quality difficult to measure (c) output can be resold ; (c) production and consumption are separate

Description : Which of the following is not a typical attribute of goods? (a) output can be inventoried ; (b) aspects of quality difficult to measure (c) output can be resold ; (c) production and consumption are separate

Last Answer : (b) aspects of quality difficult to measure

Characteristics Characteristics of services include ervices include which of which of the following? the following? a. Close proximity proximity to the customer customer b. Simultaneous production and consumption Simultaneous production and consumption c. Inability Inability to inventory inventory d. All of the above

Description : Characteristics Characteristics of services include ervices include which of which of the following? the following? a. Close proximity proximity to the customer customer b. Simultaneous production and ... production and consumption c. Inability Inability to inventory inventory d. All of the above

Last Answer : d. All of the above

A ltd is a manufacturing company that has no production resource limitations for the foreseeable future. The Managing Director has asked the company mangers to coordinate the preparation of their budgets for the next financial year. In what order should the following budgets be prepared? (1) Sales budget (2) Cash budget (3) Production budget (4) Purchase budget (5) Finished goods inventory budget (a) (2), (3), (4), (5), (1) (b) (1), (5), (3), (4), (2) (c) (1), (4), (5), (3), (2) (d) (4), (5), (3), (1), (2)

Description :  A ltd is a manufacturing company that has no production resource limitations for the foreseeable  future. The Managing Director has asked the company mangers to coordinate the preparation of their  budgets for the next financial year. In what order ... 5), (3), (2) (d) (4), (5), (3), (1), (2)

Last Answer : (b) (1), (5), (3), (4), (2)

Which of the following is not a typical service attribute? (a) intangible product ; (b) customer interaction is high ; (c) simultaneous production and consumption ; (d) difficult to resell

Description : Which of the following is not a typical service attribute? (a) intangible product ; (b) customer interaction is high ; (c) simultaneous production and consumption ; (d) difficult to resell 

Last Answer : (b) customer interaction is high ; 

Which is not true regarding differences between goods and services? (a) Services are generally produced and consumed simultaneously, tangible goods are not. (b) Services tend to have a more inconsistent product definition than goods. (c) Goods tend to have higher customer interaction than services. (d) None of the above are true.

Description : Which is not true regarding differences between goods and services? (a) Services are generally produced and consumed simultaneously, tangible goods are not. (b) Services tend to have a more inconsistent ... tend to have higher customer interaction than services. (d) None of the above are true.

Last Answer : (c) Goods tend to have higher customer interaction than services.  

Which of the following best defines price discrimination? a. charging different prices on the basis of race b. charging different prices for goods with different costs of production c. charging different prices based on cost-of-service differences d. selling a certain product of given quality and cost per unit at different prices to different buyers

Description : Which of the following best defines price discrimination? a. charging different prices on the basis of race b. charging different prices for goods with different costs of production c. charging ... a certain product of given quality and cost per unit at different prices to different buyers

Last Answer : d. selling a certain product of given quality and cost per unit at different prices to different buyers

From the following information, calculate the extra cost of material by following EOQ: Annual consumption: = 45000 units Ordering cost per order: = Rs. 10 Carrying cost per unit per annum: = Rs. 10 Purchase price per unit = Rs. 50 Re-order quantity at present = 45000 units There is discount of 10% per unit in case of purchase of 45000 units in bulk. (a) No saving (b) Rs. 2,00,000 (c) Rs. 2,22,010 (d) Rs. 2,990

Description : From the following information, calculate the extra cost of material by following EOQ: Annual consumption: = 45000 units Ordering cost per order: = Rs. 10  Carrying cost per unit per annum: = Rs. 10  Purchase price per unit = Rs. ... ) No saving (b) Rs. 2,00,000 (c) Rs. 2,22,010 (d) Rs. 2,990

Last Answer : (d) Rs. 2,990

Process B had no opening inventory. 13,500 units of raw material were transferred in at Rs 4.50 per unit. Additional material at Rs1.25per unit was added in process. Labour and overheads were Rs 6.25 per completed unit and Rs 2.50 per unit incomplete. If 11,750completed units were transferred out, what was the closing inventory in Process B? (a) Rs. 6562.50 (b) Rs. 12,250.00 (c) Rs. 14,437.50 (d) Rs. 25,375.00

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Last Answer : (a) Rs 142,485

Economic efficiency means (a) Production of goods of mass consumption at lower cost; (b) Production of goods and services for those who have purchasing power; (c) Getting greatest satisfaction from available resources ; (d) Full employment of working force

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Last Answer : (c) Getting greatest satisfaction from available resources 

On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to Merchandise Inventory. b. credit of $2,800 to Sales. c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

Description : On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to ... c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

Last Answer : b. credit of $2,800 to Sales.

he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and Allowances Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Description : he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and ... Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Last Answer : d. Merchandise Inventory Cost of Goods Sold

Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit

Description : Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit

Last Answer : Customer perception that a product is unique.

Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit

Description : Product differentiation refers to the: A. Ability of the buyers of a product to negotiate a lower price. B. Response of incumbent firms to new entrants. C. Customer perception that a product is unique. D. Fact that as more of a product is produced the cheaper it becomes per unit

Last Answer : Fact that as more of a product is produced the cheaper it becomes per unit

Which of the following statements is/are correct? 1. A materials requisition note is used to record the issue of direct material to a specific job. 2. A typical job cost will contain actual costs for material, labour and production overheads, and non –production overheads are often added as a percentage of total production cost 3. The job costing method can be applied in costing batches (a) (1) only (b) (1) and (2) only (c) (1) and (3) only (d) (2) and (3) only

Description : Which of the following statements is/are correct? 1. A materials requisition note is used to record the issue of direct material to a specific job. 2. A typical job cost will contain actual costs for material, labour and production ... 1) and (2) only (c) (1) and (3) only (d) (2) and (3) only

Last Answer : (c) (1) and (3) only

The cost per unit of a product manufactured in a factory amounts to Rs. 160 (75% variable) when the production is 10,000 units. When production increases by 25%, the cost of production will be Rs. per unit. (a) Rs. 145 (b) Rs. 150

Description : The cost per unit of a product manufactured in a factory amounts to Rs. 160 (75% variable) when the production is 10,000 units. When production increases by 25%, the cost of production will be Rs. per unit. (a) Rs. 145 (b) Rs. 150

Last Answer : (c) Rs. 152

It is now expected that the variable production cost per unit and the selling price per unit will each increase by 10%, and fixed production cost will rise by 25%. What will be the new break even point? (a) 8,788 units (b) 11,600 units (c) 11,885 units (d) 12,397 units

Description : It is now expected that the variable production cost per unit and the selling price per unit will each increase by 10%, and fixed production cost will rise by 25%. What will be the new break even point? (a) 8,788 units (b) 11,600 units (c) 11,885 units (d) 12,397 units

Last Answer : (c) 11,885 units

CG Co manufactures a single product T. Budgeted production output of product T during June is 200 units. Each unit of product T requires 6 labour hours for completion and CG Co anticipates 20 per cent idle time. Labour is paid at a rate of Rs7 per hour. The direct labour cost budget for March is (a) Rs 6,720 (b) 8,400 (c) 10,080 (d) 10,500

Description : CG Co manufactures a single product T. Budgeted production output of product T during June is  200 units. Each unit of product T requires 6 labour hours for completion and CG Co anticipates 20 per  cent idle time. Labour is paid at ... for March is (a) Rs 6,720 (b) 8,400 (c) 10,080 (d) 10,500

Last Answer : (d) 10,500

AT Co makes a single product and is preparing its material usage budget for next year. Each unit of product requires 2kg of material, and 5,000 units of product are to be produced next year. Opening inventory of material is budgeted to be 800 kg and AT co budgets to increase material inventory at the end of next year by 20% The material usage budget for next year is (a) 8,000 Kg((b) 9,840 kg ((c) 10,000 Kg (d) 10,160 Kg no

Description : AT Co makes a single product and is preparing its material usage budget for next year. Each unit of  product requires 2kg of material, and 5,000 units of product are to be produced next year. Opening inventory of material is budgeted ... (a) 8,000 Kg((b) 9,840 kg ((c) 10,000 Kg (d) 10,160 Kg

Last Answer : ((c) 10,000 Kg

Calculate EOQ (approx.) from the following details: Annual Consumption: 24000 units Ordering cost: Rs. 10 per order Purchase price: Rs. 100 per Carrying cost: 5% (a) 310 (b) 400 (c) 290 (d) 300

Description : Calculate EOQ (approx.) from the following details: Annual Consumption: 24000 units Ordering cost: Rs. 10 per order Purchase price: Rs. 100 per unitCarrying cost: 5% (a) 310 (b) 400 (c) 290 (d) 300

Last Answer : (a) 310

What is the Most important tool for the analyzing the production distribution and consumption of goods and services?

Description : What is the Most important tool for the analyzing the production distribution and consumption of goods and services?

Last Answer : Economic analysis is need for analyzing the production,distribution and consumption of goods. This allows a group orbusiness understand what goods are the most needed and sell thebest.

What is the Most important tool for the analyzing the production distribution and consumption of goods and services?

Description : What is the Most important tool for the analyzing the production distribution and consumption of goods and services?

Last Answer : Economic analysis is need for analyzing the production,distribution and consumption of goods. This allows a group orbusiness understand what goods are the most needed and sell thebest.

What are Capital goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumer goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Description : What are Capital goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumer goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Last Answer : : b) Goods such as tools, machinery, etc which are used to create final consumer goods

What are consumption goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumption goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Description : What are consumption goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumption goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above

Last Answer : : c) Goods and services that are consumed fully when purchased by the consumers

Calculate value of closing stock from the following: Opening stock of finished goods (500 units) : Rs. 2,000 Cost of production (10000 units) : Rs. 50,000Closing stock (1000 units):? (a) Rs. 4,000 (b) Rs. 4,500 (c) Rs. 5,000 (d) Rs. 6,000

Description : Calculate value of closing stock from the following: Opening stock of finished goods (500 units) : Rs. 2,000 Cost of production (10000 units) : Rs. 50,000Closing stock (1000 units):? (a) Rs. 4,000 (b) Rs. 4,500 (c) Rs. 5,000 (d) Rs. 6,000

Last Answer : (b) Rs. 4,500

Economic order quantity is that quantity at which cost of holding and carrying inventory is: (a) Maximum and equal (b) Minimum and equal(c) It can be maximum or minimum depending upon case to case. (d) Minimum and unequal

Description : Economic order quantity is that quantity at which cost of holding and carrying inventory is: (a) Maximum and equal (b) Minimum and equal (c) It can be maximum or minimum depending upon case to case. (d) Minimum and unequal

Last Answer : (b) Minimum and equal

64. For any company, energy consumption mostly relates to…….. a) Profits b) Inventory c) Production d) All the above

Description : 64. For any company, energy consumption mostly relates to…….. a) Profits b) Inventory c) Production d) All the above

Last Answer : Production

Value added is: a) the cost saving through production and marketing efforts within the firm. b) the value that a firm adds through the development of dynamic capabilities. c) the value that a firm adds to bought-in materials and services through outsourcing. d) the difference between the cost of inputs and the market value of outputs

Description : Value added is: a) the cost saving through production and marketing efforts within the firm. b) the value that a firm adds through the development of dynamic capabilities. c) the value that a ... through outsourcing. d) the difference between the cost of inputs and the market value of outputs

Last Answer : the difference between the cost of inputs and the market value of outputs

Dynamic capabilities refer to: a) the firm's ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environmentsb) the link between subsidiary resource and multinational firm's competitive advantage in global markets. c) the firm's dynamic capability to find resources that are valuable, rare, difficult to imitate and can be exploited by the organization. d) the combination of individual technologies and production skills that underlie a company's multiple production lines and critically underpin the firm's competitive advantage.

Description : Dynamic capabilities refer to: a) the firm's ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environments. b) the link between ... underlie a company's multiple production lines and critically underpin the firm's competitive advantage

Last Answer : the firm's ability to integrate, build, and reconfigure internal and external competences to address rapidly changing environments.

Two people see the same thing at the same time yet interpret it differently. Where do the factors that operate to shape their dissimilar perceptions reside? (a) the perceivers ; (b) the target ; (c) the timing ; (d) the context

Description : Two people see the same thing at the same time yet interpret it differently. Where do the factors that operate to shape their dissimilar perceptions reside? (a) the perceivers ; (b) the target ; (c) the timing ; (d) the context 

Last Answer : (a) the perceivers ;

The SWOT approach assesses an organization's (a) Speed, Wants, Order, Timing ; (b) Structure, Workforce, Organization, Types (b) Strengths, Weaknesses, Opportunities, Threats. ; (d) Signs, Worries, Objectives, Techniques

Description : The SWOT approach assesses an organization's (a) Speed, Wants, Order, Timing ; (b) Structure, Workforce, Organization, Types (b) Strengths, Weaknesses, Opportunities, Threats. ; (d) Signs, Worries, Objectives, Techniques

Last Answer : (b) Strengths, Weaknesses, Opportunities, Threats. ; 

CAGE framework measures the match between countries and companies according to dimensions of distance. G stands for..? A. Government B. Gold Reserves C. Geography D. Goods & Services

Description : CAGE framework measures the match between countries and companies according to dimensions of distance. G stands for..? A. Government B. Gold Reserves C. Geography D. Goods & Services

Last Answer : Geography

The marketing function's main concern is with (a) producing goods or providing services ; (b) procuring materials, supplies, and equipment (c) building and maintaining a positive image ; (d) generating the demand for the organization's products or services

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Last Answer :  (d) generating the demand for the organization's products or services 

The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Procedures to be undertaken to discover litigation, claims, and assessments. b. Timing of inventory observation procedures to be performed. c. Evidence to be gathered to provide asufficient basis for the auditor's opinion.d. Pending legal matters to be included inthe inquiry of the client's attorney.

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Last Answer : Timing of inventory observation procedures to be performed

Auditors perform analytical procedures in the planning stage of an audit for the purpose of: a. Determining which of the financial statement assertions are the most important for the client's financial statements. b. Determining the nature, timing, and extent of audit procedures for auditing the inventory. c. Deciding the matters to cover in an engagement. d. Identifying unusual conditions that deserve more auditing effort

Description : Auditors perform analytical procedures in the planning stage of an audit for the purpose of: a. Determining which of the financial statement assertions are the most important for the client's ... matters to cover in an engagement. d. Identifying unusual conditions that deserve more auditing effort

Last Answer : Identifying unusual conditions that deserve more auditing effort

The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Timing of inventory observation procedures to be performedb. Evidence to be gathered to provide asufficient basis for the auditor's opinion.c. Procedures to be undertaken to discoverlitigation, claims, and assessments.d. Pending legal matters to be included inthe inquiry of the client's attorney

Description : The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Timing of inventory observation ... assessments. d. Pending legal matters to be included in the inquiry of the client's attorney

Last Answer : Timing of inventory observation procedures to be performed.

Calculate re-order level from the following: Safety stock: 1000 units Consumption per week: 500 units It takes 12 weeks to reach material from the date of ordering. (a) 1000 units (b) 6000 units (c) 3000 units (d) 7000 units

Description : Calculate re-order level from the following: Safety stock: 1000 units Consumption per week: 500 units It takes 12 weeks to reach material from the date of ordering. (a) 1000 units (b) 6000 units (c) 3000 units (d) 7000 units

Last Answer : (d) 7000 units

Calculate Re-order level from the following: Consumption per week: 100-200 units Delivery period: 14-28 days (a) 5600 units (b) 800 units (c) 1400 units (d) 200 units

Description : Calculate Re-order level from the following: Consumption per week: 100-200 units Delivery period: 14-28 days (a) 5600 units (b) 800 units (c) 1400 units (d) 200 units

Last Answer : (b) 800 units

Which of these will have highly inelastic supply curve (a) Perishable goods ; (b) Consumer durables goods; (c) Items of elite class consumption ; (d) All the three

Description : Which of these will have highly inelastic supply curve (a) Perishable goods ; (b) Consumer durables goods; (c) Items of elite class consumption ; (d) All the three

Last Answer : (a) Perishable goods ;

__________ allows easier movement of items by fork lift trucks between internal destinations in the warehouse. A)unit loading B)piggybacking C)containerisation D)inventory management E)priority transportation

Description : __________ allows easier movement of items by fork lift trucks between internal destinations in the warehouse. A)unit loading B)piggybacking C)containerisation D)inventory management E)priority transportation

Last Answer : A)unit loading

6. Budgeted sales of X for March are 18000 units. At the end of the production process for X, 10% of production units are scrapped as defective. Opening inventories of X for March are budgeted to be 15000 units and closing inventories will be 11,400 units. All inventories of finished goods must have successfully passed the quality control check. The production budget for X for March, in units is:

Description : 6. Budgeted sales of X for March are 18000 units. At the end of the production process for X, 10% of  production units are scrapped as defective. Opening inventories of X for March are ... have successfully  passed the quality control check. The production budget for X for March, in units is:

Last Answer : (d) 16,000

Which is appropriate description of Average Costs? a) The value of opportunities which have been lost by utilizing resources in particular service or health technology. b) The total costs (i.e. all the costs incurred in the delivery of a service) of a health care system divided by the units of production. c) Independent of the number of units of production and include heating, lighting and fixed staffing costs. d) The cost of the consumption of medicines is a good example of variable costs.

Description : Which is appropriate description of Average Costs? a) The value of opportunities which have been lost by utilizing resources in particular service or health technology. b) The total costs (i.e. all the ... costs. d) The cost of the consumption of medicines is a good example of variable costs.

Last Answer : b) The total costs (i.e. all the costs incurred in the delivery of a service) of a health care system divided by the units of production. 

In the Resource-based view (RBV) model, Physical resources does not include….A. Machines B. Buildings C. Production capacity D. Includes all of the above

Description : In the Resource-based view (RBV) model, Physical resources does not include…. A. Machines B. Buildings C. Production capacity D. Includes all of the above

Last Answer : Includes all of the above

In the Resource-based view (RBV) model, Physical resources does not include…. A. Machines B. Buildings C. Production capacity D. Includes all of the above

Description : In the Resource-based view (RBV) model, Physical resources does not include…. A. Machines B. Buildings C. Production capacity D. Includes all of the above

Last Answer : Includes all of the above

Current trends in operations management include all of the following except (a) Just-in-time performance ; (b) rapid product development ; (c) mass customization (d) mass production

Description : Current trends in operations management include all of the following except (a) Just-in-time performance ; (b) rapid product development ; (c) mass customization (d) mass production

Last Answer : (d) mass production

As per ICDS-2, inventories mean a) Items held for sale in ordinary course of business b) Process of production for sale c) Material or supplies to be consumed in production process or in services d) All of the above

Description : As per ICDS-2, inventories mean a) Items held for sale in ordinary course of business b) Process of production for sale c) Material or supplies to be consumed in production process or in services d) All of the above

Last Answer : d) All of the above

Which one out of the following is not an inventory valuation method? (a) FIFO (b) LIFO (c) Weighted Average (d) EOQ

Description : Which one out of the following is not an inventory valuation method? (a) FIFO (b) LIFO (c) Weighted Average (d) EOQ

Last Answer : (d) EOQ

ABC analysis is an inventory control technique in which: (a) Inventory levels are maintained (b) Inventory is classified into A, B and C category with A being the highest quantity, lowest value. (c) Inventory is classified into A, B and C Category with A being the lowest quantity, highest value (d) Either b or c

Description : ABC analysis is an inventory control technique in which: (a) Inventory levels are maintained (b) Inventory is classified into A, B and C category with A being the highest quantity, lowest value. (c) ... A, B and C Category with A being the lowest quantity, highest value (d) Either b or c

Last Answer : (c) Inventory is classified into A, B and C Category with A being the lowest quantity, highest value

Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost then amount on account of abnormal gain to be transferred to Costing P&L will be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500

Description : Following information is available of PQR for year ended March, 2013: 4,000 units in process, 3,800 units output, 10% of input is normal wastage, Rs. 2.50 per unit is scrap value and Rs. 46,000 incurred towards total process cost ... be:- (a) Rs. 2,500 (b) Rs. 2,000 (c) Rs. 4,000 (d) Rs. 3,500

Last Answer : (a) Rs. 2,500

Following information is available of XYZ Limited for quarter ended June, 2013 Fixed cost Rs. 5,00,000 Variable cost Rs. 10 per unit Selling price Rs. 15 per unit Output level 1,50,000 units

Description : Following information is available of XYZ Limited for quarter ended June, 2013 Fixed cost Rs. 5,00,000 Variable cost Rs. 10 per unit Selling price Rs. 15 per unit Output level 1,50,000 units

Last Answer : (a) Rs. 2,50,000

A company's break even point is 6,000 units per annum. The selling price is Rs. 90 per unit and the variable cost is Rs. 40 per unit. What are the company's annual fixed costs? (a) Rs. 120 (b) Rs. 2,40,000

Description : A company's break even point is 6,000 units per annum. The selling price is Rs. 90 per unit and the variable cost is Rs. 40 per unit. What are the company's annual fixed costs? (a) Rs. 120 (b) Rs. 2,40,000

Last Answer : 5,40,000