Correct Answer:
B. Reduce inventory by producing or buying only when needed
JIT uses a pull system to minimize inventory holding and waste.
November 13, 2026 · Accounting and Finance MCQs, Cost & Management Accounting MCQs
A just-in-time (JIT) system aims to:
Related MCQs
The Federal Consolidated Fund includes:
A.
Only income tax
B.
All revenues received by the Federal Government, loans raised and money received in repayment of loans
C.
Only foreign aid
D.
Only trust money
Correct answer is:
B. All revenues received by the Federal Government, loans raised and money received in repayment of loans
Do you agree with this answer?
Control risk is the risk that a material misstatement:
A.
Will not be detected by the auditor's procedures
B.
Occurs because of changes in tax law
C.
Occurs only in cash transactions
D.
Will not be prevented or detected on a timely basis by the entity's internal control
Correct answer is:
D. Will not be prevented or detected on a timely basis by the entity's internal control
Do you agree with this answer?
A manager who is responsible for both revenues and costs of a division is in charge of a:
A.
Cost center
B.
Profit center
C.
Revenue center only
D.
Investment center only
Correct answer is:
B. Profit center
Do you agree with this answer?
Which of the following is an example of non-tax revenue?
A.
Royalties and fees for government services
B.
Income tax
C.
Sales tax
D.
Customs duty
Correct answer is:
A. Royalties and fees for government services
Do you agree with this answer?
Which of the following is an example of a substantive procedure?
A.
Sending confirmation requests to a sample of customers
B.
Observing segregation of duties in the purchasing department
C.
Inquiring about the approval process for payments
D.
Walking through the payroll system
Correct answer is:
A. Sending confirmation requests to a sample of customers
Do you agree with this answer?
A tax expenditure is:
A.
Money spent on collecting taxes
B.
Salaries of tax officers
C.
Tax refunds paid by mistake
D.
Revenue forgone by government through exemptions, deductions and concessions
Correct answer is:
D. Revenue forgone by government through exemptions, deductions and concessions
Do you agree with this answer?
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