1. In lean accounting, the journal entry to record all materials and conversion costs includes a debit to a. Cost of Goods Manufactured b. Inventory c. Raw and In Process Inventory d. None of these choices are correct. 2. Which of the following are examples of nonfinancial performance? a. Lead time price quantity variance b. Setup time c. Value-added ratio d. All of these choices are correct. 3. Lean manufacturing normally uses nonfinancial measures to help guide a. long-term operating performance b. short-term operating performance c. short-term budgeting d. None of these choices are correct.

1. In lean accounting, the journal entry to record all materials and conversion costs includes a debit to a. Cost of Goods Manufactured b. Inventory c. Raw and In Process Inventory d. None of these choices are correct. 2. Which of the following are examples of nonfinancial performance? a. Lead time price quantity variance b. Setup time c. Value-added ratio d. All of these choices are correct. 3. Lean manufacturing normally uses nonfinancial measures to help guide a. long-term operating performance b. short-term operating performance c. short-term budgeting d. None of these choices are correct.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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