Which of the following best describes the activities of the materials management function?a. purchasing, receiving, and inventory controlb. receiving, sales, distribution, and purchasingc. receiving, storage, purchasing, and accountspayabled. purchasing, receiving, and storagee. purchasing, storage, and distribution

Q: Classify the following activities as per their respective categories under quality cost or as per…

A: The value chain means the process or activities by which a company adds value to an article,…

Q: What is 'Total Quality Management' (TQM)? a) A management philosophy focusing on continuous…

A: Total Quality Management (TQM) is a comprehensive management philosophy that focuses on continuously…

Q: Define inventory costing system.

A: Inventory cost flow assumptions: These are the methods used by the companies to compute the cost…

Q: What does the Work-in-process inventory consist of?

A: Work-in-process inventory consist of materials which are partially completed in the production…

Q: Classification of final goods in management accounting pesperctive.

A: In management accounting, final products refer to the goods or services that have completed the…

Q: Function of human resources management

A: Solution- Human resource management (HRM) is nothing but managing human resources. it's the policies…

Q: Explain the costbenefits principles and how this affects the reliability and relevance of the…

A: Relevance refers to the concept or an idea that whatever information that is provided by the…

Q: Which of the following is a conversion cost?A. raw materialsB. direct laborC. sales commissionsD.…

A: Conversion costs seem to be the expenses of converting raw resources into finished goods. In cost…

Q: What is the beginning & end function of management process? a. Directing & Controlling b.…

A: Functions of management process - Planning  organizing  leading controlling

Q: What is recording transactions in Merchandising concern?

A: Merchandise refers to the those transaction which are concerned with stock, purchase transactions,…

Q: The ABC system improves the allocation of​ ________.   A. direct materials   B. sales commissions…

A: ABC system: Activity based cost system is widely used in the manufacturing industry. Under this…

Q: Shipping of Costs for a Shipping Department

A: What is shipping and handling? Shipping and handling is the process of preparing and packing an…

Q: Define and explain the cost management information system's two major subsystems.

A: Cost management information system refers to the system which is related with the manufacturing the…

Q: How are process costing and the FIFO method of inventory related?

A: Inventory valuation is an accounting practice adopted by the company to determine the value of the…

Q: Understanding intermediate products and final products in management accounting.

A: Intermediate and final goods have different but equally essential functions in the manufacturing…

Q: Define Work-in-process inventory.

A: Definition:   Inventory refers to the raw materials, work-in-process, and the finished goods…

Q: Distinguish between the following: i. allocation and apportionment  ii. job and batch costing

A: The costing methods are used to determine the cost. The company is required to determine the cost to…

Q: omputerised cost

A: The computerized accounting system is an accounting data system that processes financial…

Q: Which of the following would be included in the journ record the requisition of indirect materials?…

A: SOLUTION- MANUFACTURING OVERHEAD -  IT IS ALSO KNOWN AS FACTORY OVERHEAD AND PRODUCTION OVERHEAD .…

Q: FOH Cost Service provided to: Service Department Production Department

A:

Q: Which function of Management is concerned with an effective procurement of human resources and…

A: Answer: option (a) Staffing is one of the significant functions of management.it is a continuous…

Q: Discuss the objects of the cut off on the sales and collection cycle.

A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…

Q: Classify the following activities as part of the identifying (I), recording (R), or communicating…

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Define the term Raw-materials- inventory?

A: Inventory is the materials such as raw materials, finished products, in-process goods that are…

Q: Inventories can be classified into: a. Product, material, item b. raw material, work-in progress,…

A: Inventory:- Inventory is classified includes all the raw material, work-in-progress and finished…

Q: Give the journal entry for raw materials product on account. Explain how this transaction affects…

A: The raw material inventory is a general ledger account. The details of raw material purchased and…

Q: Describe accounting for production activity and preparation of a process cost summary using FIFO.

A: Accounting for Production activity determines the physical flow of units, analyze equivalent units…

Q: What is the purpose of the raw materials subsidiary ledger? How is it related to the general ledger?

A: Definition:   Raw material subsidiary ledger: This ledger refers to the individual account, which…

Q: cost accounting is divided over three-phase. briefly discuss each what are the four control accounts…

A: Cost Accounting:- This is a form of accounting where a company calculates its cost of production at…

Q: Inventory for a manufacturer consists of raw materials, work in process, and finished goods.…

A: Inventory: Inventory refers to the raw materials, work-in process, and the finished goods products…