How can managers and employees support quality control efforts within the organization?
A) Identify and correct mistakes and failures
B) Pursue cost savings measures
C) Develop project schedules such as Gantt or PERT charts
D) Identify the critical path for activities of the project
E) Outline the proper sequence of events before the process begins
Answer: A
Explanation: A) Quality control means taking action to ensure that operations produce goods and services that meet specific quality standards. By monitoring products and services, managers and other employees can detect mistakes, identify potential quality failures, and make corrections to avoid poor quality.
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Indicate whether the statement is true or false.
The balance sheet for Orlando Company at December 31, 2009 is given below:
Current Assets: Cash $78 Accounts Receivable 76 Inventory 54 Total Current Assets $208 Long-term Assets: Fixed Assets $322 Less: Accumulated Depreciation (136) Net Fixed Assets $186 Total Assets $394 Current Liabilities: Accounts Payable $44 Taxes Payable 14 Total Current Liabilities $58 Long-term Bonds Payable 60 Total Liabilities $118 Stockholders' Equity: Paid-in Capital $100 Retained Earnings 176 Total Stockholders' Equity $276 Total Liabilities and Stockholders' Equity $394 Required: Prepare a common-size balance sheet.