The Delphi technique is a method of quantitative forecasting.

Which of the following is false regarding the links between JIT and quality?

A) Inventory hides bad quality; JIT immediately exposes it.
B) JIT reduces the number of potential sources of error by shrinking queues and lead times.
C) As quality improves, fewer inventory buffers are needed; in turn, JIT performs better.
D) If consistent quality exists, JIT allows firms to reduce all costs associated with inventory.
E) JIT increases the cost of inventory.

The Lily Company uses the percent of receivables method of accounting for uncollectible accounts receivable,and a perpetual inventory system.As of January 1,its net accounts receivable totaled $192,000 (Accounts Receivable $200,000 less an $8,000 Allowance for Doubtful Accounts).During the current year,the following transactions occurred.

Service costs include:
i. design.
ii. production.
iii. purchasing.

A) ii and iii
B) i and iii
C) i and ii
D) ii

The ratio of the prices of two products that a consumer could buy with a given fixed income is equivalent to the

A) marginal rate of substitution.
B) slope of the budget line.
C) income elasticity of demand for the two products.
D) price elasticity of demand for the two products.

Outstanding checks

A) Bank statement adjustment
B) Company books adjustment
C) Either