question

1. Toyota and other large manufacturers follow a Just-in-time (JIT) production policy please describe what Just in Time production means. 2. What is the definition of an Opportunity cost? 3. Describe briefly the difference between Managerial and Financial Accounting. 4. The cost of initiating production, which does not vary with the number of units produced is called a 5. Which of the following is considered as not relevant cost in the decision-making process and has no use in the decision-making process? (Select the correct answer) i) Avoidable Cost (ii) Opportunity Cost (iii) Sunk Cost (iv) Differential Cost 6. What is a Cost driver? 7. Please describe the analysis known as Activity-based costing (ABC). 8. The accounting system used to report to investors, creditors, and other interested parties outside the organization are called 9. Describe the term customer value. 10. What is a cost center? 11. Who is an Internal Auditor? 12. Please define the term Control Decision. 13. What does the term Activity-based management mean? 10. What is a cost center? 11. Who is an Internal Auditor? 12. Please define the term Control Decision. 13. What does the term Activity-based management mean? 14. The cost of products sold that is reported in the income statement is known as 15. What is Residual Income