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terms listed below. -?Uses a single rate to assign conversion costs and approximates a comprehensive ABC system based in duration drivers


A) ?Risk response net benefit
B) ?Sustainability assurance
C) ?Internal failure costs
D) ?Duration-based costing
E) ?Transaction risk
F) ?Fraud

G) C) and D)
H) B) and F)

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​To avoid an inherent risk means that the company:


A) ​ceases to perform the activity that gave rise to the risk.
B) ​enacts some particular procedure to decrease the inherent risk to a lower residual risk level.
C) ​simply continues conducting business as normal.
D) ​transfers its risk to an insurance company.

E) C) and D)
F) A) and D)

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On February 1, Synergy Import-Export Company sells merchandise to Japanese firms costing 90,000 yen.Payment will be made in Japanese yen on May 1.The exchange rates of yen for $1 were as follows: On February 1, Synergy Import-Export Company sells merchandise to Japanese firms costing 90,000 yen.Payment will be made in Japanese yen on May 1.The exchange rates of yen for $1 were as follows: - Calculate the receivable in dollars on February 1.(Note: Round answer to the nearest cent.) On February 1, Synergy Import-Export Company sells merchandise to Mexican firms costing 90,000 pesos.Payment will be made in pesos, on May 1.The exchange rates of pesos for $1 were as follows: February 1 $1 = 10.9 pesos May 1 $1 = 11.4 pesos Calculate the receivable in dollars on February 1.(Note: Round answer to the nearest dollar.) A) $560.24 B) $809.13 C) $800.05 D) $900.67 - Calculate the receivable in dollars on February 1.(Note: Round answer to the nearest cent.) On February 1, Synergy Import-Export Company sells merchandise to Mexican firms costing 90,000 pesos.Payment will be made in pesos, on May 1.The exchange rates of pesos for $1 were as follows: February 1 $1 = 10.9 pesos May 1 $1 = 11.4 pesos Calculate the receivable in dollars on February 1.(Note: Round answer to the nearest dollar.)


A) $560.24
B) $809.13
C) $800.05
D) $900.67

E) A) and B)
F) C) and D)

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Assume that facility costs are $350,000 per year for a plant occupying 20,000 square feet.The cost per square foot is $17.50.A value stream occupying 10,000 square feet would be assigned a cost of $175,000.If the value-stream manager figures out how to do the same tasks with 5,000 square feet, the cost would be reduced to $87,500.Any unabsorbed facility cost would be:


A) ​deducted from plant as depreciation expenditure.
B) ​deducted from revenue as a separate item.
C) ​deducted from capital as an opportunity cost.
D) ​deducted from rental expenditure in the company's income statement.

E) B) and C)
F) A) and D)

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Lean manufacturing reduces wait and move times dramatically and allows the production of small batches of differing products.​

A) True
B) False

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Learner Company operates a petrochemical plant located in a foreign trade zone and imports chemicals that experience substantial evaporation loss during processing for use in production.It imported $200,000 of crude oil for use in chemical production.About 25% of the oil is lost through evaporation during production.Duty is assessed at 8% of cost, and carrying cost is 10% per year. Learner sells the finished product 6 months later.What is the amount of duty paid and carrying costs incurred by Learner?


A) $16,800
B) $25,000
C) $12,000
D) $1,900

E) A) and B)
F) B) and D)

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Which of the following is true of foreign trade zones?​


A) ​These are areas that are physically outside U.S.soil but are considered to be inside U.S.commerce.
B) ​Goods entering foreign trade zones are subject to duty until they leave the zones.
C) Federal government has made it mandatory for U.S.companies to set up manufacturing plants within the foreign trade zones.
D) ​Companies that have set up manufacturing plants within the foreign trade zones are free from paying duty on defective materials.

E) A) and B)
F) B) and D)

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​Which of the following is true of traditional financial reporting?


A) Traditional financial reporting is not mandatory but voluntary in nature.
B) ​Traditional financial reporting must adhere to generally accepted accounting principles.
C) ​Traditional financial reporting does not require that the report contents be verified by an independent third party.
D) ​Traditional financial reporting is synonymous with corporate sustainability reporting.

E) B) and D)
F) A) and D)

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​_________ refers to the voluntary public disclosure of qualitative and/or quantitative information about an organization's performance on one or more financial and/or nonfinancial dimensions.

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Corporate ...

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​Which of the following is true of external failure costs?


A) These are costs of preventing or detecting poor quality.
B) ​These are costs that can be most devastating of all the quality costs.
C) ​These costs are incurred to determine whether products and services are conforming to their requirements.
D) ​Examples of external failure costs are quality engineering, quality training programs, and quality planning.

E) A) and C)
F) A) and B)

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The Association of Certified Fraud Examiners (ACFE) is the largest provider of antifraud training and education.​

A) True
B) False

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​Which of the following is true of a demand-pull system of production?


A) ​A companion to a demand-pull system is JIT purchasing.
B) ​In a demand-pull system, firms produce for inventory and then try to sell the excess goods they have produced.
C) ​Traditional manufacturing uses a demand-pull system.
D) ​In a demand-pull system, efforts are made to create demand for the goods that customers probably may not even want.

E) A) and B)
F) All of the above

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​Which of the following represents an advantage of setting up a manufacturing plant in a foreign trade zone?


A) ​A company that has set up a manufacturing plant in a foreign trade zone is free from paying U.S.income taxes.
B) ​Goods sold in a foreign trade zone are exempt from paying duty.
C) ​Goods imported into a foreign trade zone are duty-free until they leave the zone for sale in the United States.
D) ​A company that has set up a manufacturing plant in a foreign trade zone is free from paying duty on inventory included in finished products.

E) B) and C)
F) A) and B)

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Assume that a value stream in Atlas Company has two products with material costs of $35,000 and $75,000 for a given week.The conversion costs for the week amounted to $300,000.The units produced for the first product are 15,000 with 14,000 shipped to customers.For the second product, 30,000 units were produced and shipped.Calculate the cost per unit for the first product.(Note: Round answer to two decimal places.) ?


A) $9.32 per unit
B) $6.50 per unit
C) $8.68 per unit
D) $3.25 per unit

E) C) and D)
F) None of the above

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​An organization's overall desired level of risk taking is referred to as its:


A) ​residual risk.
B) ​risk assessment ability.
C) ​risk response.
D) ​risk appetite.

E) None of the above
F) B) and D)

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​Which of the following areas in the business sustainability cycle immediately follows stakeholder engagement?


A) ​Performance measurement
B) ​Sustainability reporting
C) ​Sustainability assurance
D) Risk Management

E) None of the above
F) A) and D)

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​The financial significance of quality costs can be assessed more easily by expressing these costs as a percentage of:


A) ​actual sales.
B) ​net income.
C) ​gross margin.
D) ​operating income.

E) B) and C)
F) A) and D)

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terms listed below. -?Costs incurred to prevent poor quality in the products or services being produced


A) ?Risk response net benefit
B) ?Sustainability assurance
C) ?Internal failure costs
D) ?Duration-based costing
E) ?Transaction risk
F) ?Fraud

G) All of the above
H) B) and E)

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​Which of the following is true of forensic accounting?


A) ​It is an approach designed to combine an organization's annual report with its sustainability report to form one combined report for all stakeholders, including investors.
B) ​It is the application of accounting knowledge in legal or other cases to help resolve different types of disputes.
C) ​It is an approach designed to support and encourage lean manufacturing.
D) ​Average costing and the expanded use of nonfinancial measures for operational control are typical forensic accounting approaches.

E) B) and D)
F) None of the above

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​Business sustainability is valuable because it improves decision making by helping managers understand how their various decisions involving stakeholder issues relate to important performance measures.

A) True
B) False

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