What is ISO 9000, and why is it an important designation for competing globally

Q2. What is ISO 9000, and why is it an important designation for competing globally

Q5. How do the activities of manufacturers, merchandisers, and service businesses differ?

Q6. In what ways does a typical manufacturing business differ from a merchandising concern? In what ways are they similar

Q20. How does the computation of cost of goods sold for a manufacturer differ from that of a merchandiser?

Q21. How would you describe the following accounts: Finished Goods, Work in Pro- cess, and Materials?

Q22.Compare the manufacturing, merchandising, and service sectors. How do they differ as to the kinds of businesses in each cate- gory, the nature of their output, and type of inventory, if any?

Q27. Distinguish prime cost from conversion cost. Does prime cost plus conversion cost equal the total manufacturing cost

Q29. How do “cost of goods sold” and “cost of goods manufactured” differ for a manufacturer?

Q32. How do “cost of goods sold” and “cost of goods manufactured” differ for a manufacturer?

Q33 When is process costing appropriate, and what types of businesses use it?

Q34. What are the advantages of accumulating costs by departments or jobs rather than for the factory as a whole?

Q35. What is a job cost sheet, and why is it useful?

Q36. What are standard costs, and what is the purpose of a standard cost system?