Companies that attempt to achieve zero defects in the manufacturing process treat spoilage as ________

A) scrap
B) reworked units
C) abnormal spoilage
D) indirect spoilage

Answer: C

Business

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In a classified balance sheet, how are assets usually classified?

A. Current assets; long-term assets; property, plant, and equipment; and intangible assets B. Current assets; long-term investments; property, plant, and equipment; and common stock C. Current assets; long-term investments; tangible assets; and intangible assets D. Current assets; long-term investments; property, plant, and equipment; and intangible assets

Business

A debt security is transferred from one category to another. Generally accepted accounting principles require that for this particular reclassification (1) the security be transferred at fair value at the date of transfer, and (2) the unrealized gain or loss at the date of transfer currently carried as a separate component of stockholders' equity be amortized over the remaining life of the security. What type of transfer is being described?

(a) Transfer from trading to available-for-sale (b) Transfer from available-for-sale to trading (c) Transfer from held-to-maturity to available-for-sale (d) Transfer from available-for-sale to held-to-maturity

Business