Which of the following statements is FALSE in regard to the Just in Time ("JIT") management approach? JIT results in lower inventories JIT encourages departments to maximize production JIT organizes resources around the flow of business processes JIT tends to result in fewer defects b. For the next 4 questions, designate which of the following characteristics apply to Financial Accounting and which apply to Managerial Accounting. Use: A: To designate Financial Accounting B: To designate Managerial Accounting Not mandatory Must follow GAAP/IFRS Emphasizes the past Emphasizes segment reports Direct Material Costs are generally Variable Costs. True False For a lamp manufacturing company, the cost of insurance on its vehicles that ship the lamps to customers is best described as a: Prime Cost Overhead Cost Selling Expense None of the Above b. Manufacturing overhead consists of All factory costs b. Indirect Material but not Indirect labor All factory costs except Direct Material and Direct Labor Indirect Labor but not Indirect Material Within the relevant range, variable cost per unit will: Increase as the level of activity increases remain constant decrease as the level of activity increases none of the above