FREE Ultimate CMRP Certification Question and Answers
What are the four main jobs an information system does?
Wrong!
Explanation:
An information system’s four main functions are input, transformation, output, and storage. Data acquisition, whether internal or external to the company, is referred to as input. Transformation is the process of transforming this data into a format that the organization can use. The process of delivering information to internal or external consumers is known as output. The maintenance of information before, during, and after processing is referred to as storage.
Which inventory approach calls for anticipated shifts in certain product price levels?
Wrong!
Explanation:
Dollar-value last-in, first-out (LIFO) demands that prices for specific products be subject to projected adjustments. When using dollar-value LIFO, a specific price index for each year is required. The expenses of all comparable (but not identical) products are amassed in this inventory system. Similar products are those that are interchangeable, have similar objectives, constitute the raw materials for a certain product, or are part of the same product line. The ending inventory at retail is calculated using the standard retail and average cost retail techniques, and it is then cost-adjusted using a cost-retail ratio. With the weighted-average cost method, an average cost is produced regardless of shifts in the overall price level.
Which of the following analysis tools ranks issues according to importance?
Wrong!
Explanation:
The importance of issues is ranked using a Pareto chart. The organization’s activities can be prioritized using the Pareto chart. It is based on the Pareto principle, sometimes known as the 80/20 rule since it states that by concentrating on the most critical 20% of issues, a company can see 80% progress. The quantity of occurrences or observations over a specific period is shown on a run chart. A check sheet lists the particular actions that must be carried out in order to achieve a bigger goal. The frequency data is shown in a histogram.
Are healthcare facilities permitted to adjust the cost of their property, plant, and equipment in light of recent appraisals?
Wrong!
Explanation:
Almost never are businesses permitted to increase the cost of their property, plant, and equipment in response to recent appraisals. The use of appraisals by firms to alter asset valuation is generally prohibited, albeit there are a few extremely unusual exceptions to this rule. This holds true regardless of how much it is anticipated that the item would appreciate in value over a certain period of time. (Clonazepam)
Which of the following Sarbanes-Oxley Act of 2002 provisions?
Wrong!
Explanation:
In response to several business scandals, this section of the Sarbanes-Oxley Act of 2002 toughened accounting requirements. It stipulated that businesses must employ external auditors and that the CEO must sign the financial accounts. Additionally, it motivates boards of directors to become more involved with financial accounts.
Who is the owner of the goods during transit when a sale is marked as FOB shipping point?
Wrong!
Explanation:
When a sale is marked as FOB (free on board), the product belongs to the buyer while it is in transit. When a product is picked up from the seller, ownership, and shipping costs are transferred to the buyer under the terms FOB shipping point.
Which method of valuing inventory comes the closest to accurately reflecting its current cost as shown on the balance sheet?
Wrong!
Explanation:
The first-in, first-out (FIFO) technique of costing inventory most nearly approximates the current cost of inventory as stated on the balance sheet. Because all of the most recent purchases are included in the FIFO inventory cost flow method inventory, the cost of those items will be the closest to the cost indicated on the balance sheet. On the other hand, the weighted-average method would include both recent and older expenditures, whereas there is no assurance that the particular identification would capture recent items. the last-in, first-out strategy would indicate the oldest inventory costs.