Operations Management
17th Edition
ISBN: 9781259142208
Author: CACHON, Gérard, Terwiesch, Christian
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 14PA
Summary Introduction
To determine: The option that is an inefficiency in the operations of bank due to variability.
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“As soon as the customer places an Order, it is received by the Sales department and a Sales Order is created. The Sales Order is sent to the Finance Department to check if the customer has any outstanding balance for more than 60 days. The AR Clerk at the Finance Department checks and sends the results back to the Sales Department. If there is an outstanding balance for more than 60 days, the Sales Department puts the Order on hold and notifies the customer. Otherwise, the Order Entry Clerk creates an Order Confirmation and sends it to the customer. Simultaneously a Picking List is generated and sent to the Order Fulfilment Department who picks up the next set of process steps. The Order Fulfilment Department receives the Picking List and determines which Warehouse is closest to the Customer location. The Picking List is sent to that Warehouse location. There, the items from the Picking List are picked. An Invoice is generated and printed. The items are packed along with the printed…
Which of the following situations would reduce inherent risk in relation to purchases?
Select one:
a. Hedging foreign currency exposure for purchases
b. No material errors were discovered last year in the audit of the purchases cycle
c. Conversion of the purchases accounting system to the latest version of the accounting package
d. The entity has very good controls over its purchases of raw materials.
Which of the following would be a transaction file?
customers
Sales invoices.
inventory
suppliers
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- The number of times during an operating period that the average inventory was sold. O a. inventory turnover O b. return on investment O c. debt-to-assets ratio O d. working capitalarrow_forwardWhat are 3 important reasons to reconcile bank and credit card accounts at set dates?(Select all that apply) A. To verify transactions have the correct date assigned to them B. To verify that an account balance is within its credit limit C. To verify that all transactions have been recorded for the period D. To verify that previously reconciled transactions have not been changed since the last reconciliation E. To verify that the bank has not lost its connection to QuickBooks Onlinearrow_forwardThe sales department encourages its customers to forward the orders in any form, including mail, e-mail or fax. The sales clerk first converts these sales order into the standardised sales order. For this purpose, the sales representative requests the missing information, if any. When the order is received, the sales clerk checks the customer’s creditworthiness of the customer from his computer terminal. Sales clerk thinsk that checking the accounting record is not technical and he can perform these duties efficiently. Two years ago, the sales clerk requested the accounting department to provide him with a list of customers whose account receivables are written off. The sales clerk is still using thisinformation to check the creditworthiness of the customers. The sales clerk did not differentiate the new customers from the existing customers and he is using the same procedure to check the creditworthiness of the new customers. The customer’s order is rejected if the customer’s credit…arrow_forward
- Which of the following is NOT among the functions typically performed within the InfoSec department as a compliance enforcement obligation? Centralized authentication Policy Risk management Compliance/auditarrow_forwardCustomer lifetime value is the stream of income that can be generated by a customer over his entire lifetime. Select one: O a. True. O b. False.arrow_forward31- Which one of the statements is relevant to the services? a. Services are perishable b. Services can be measured c. Services can be stored d. Services can be warehousedarrow_forward
- Considering the component of insurance, the traditional approach to demand works very well for health-care services. f O a. False O b. True tion aarrow_forwardWhich of the following statements about the just-in-time (JIT) system is true? a. When using the JIT system, a firm should protect itself against uncertainty by maintaining a reserve inventory at production and stocking points. b. The JIT system is used in situations where demand and forecasting are reliable. c. The JIT system is used in situations where inventory will be stored over significant periods of time. d. The JIT system raises inventory costs. Next page Desktop mpt3D113524&cmid%3D941798&page=D7 F10 F9arrow_forwardIdeally, you should take inventory of the consumer debt you have outstanding once a year. Group of answer choices a. True b. Falsearrow_forward
- This document is used primarily by owners/investors to verify the financial health of the organization. Uniform System of Accounts Balance Sheet Production Control Sheet Income Statementarrow_forwardWhich 3 of the following are benefits of electronic data interchange (EDI)? Saves money by eliminating need for paper-based transactions Creates a longer claims processing time frame Reduces risk of errors due to manual processes Saves time in the revenue cycle Requires additional clerical staff to process claimsarrow_forwardAudits are often utilized in situations where they are not required by law. O True O Falsearrow_forward
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