Question: Answer the following questions from Chapter 1: Why is it important for companies to be concerned with quality? What are some advantages of a JIT

Answer the following questions from Chapter 1:

  1. Why is it important for companies to be concerned with quality?
  2. What are some advantages of a JIT system?
  3. Why has the role of management accounting expanded?

Answer the following questions from Chapter 2:

  1. Why is manufacturing overhead considered an indirect cost of production?
  2. What is an opportunity cost? Should an opportunity cost be ignored when making a decision?
  3. What is a sunk cost? Is a sunk cost a differential cost?

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