Just-in-Time – NBC Institute

MI – Nov 2020 – L1 – SA – Q3 – Costing Methods

Identify a feature that is not characteristic of Just-in-Time (JIT) purchasing.

Question

Which of the following is NOT a characteristic of Just-in-Time Purchasing?

A. Goods delivered immediately before demand or use

B. Increase in number of deliveries, each containing a smaller number of units

C. Goods/material delivery in “factory ready” containers, thereby reducing materials handling

D. Short-term agreement with many suppliers specifying prices, delivery, and acceptable quality levels

E. Minimal checking by purchaser of quality and quantity of deliveries

Answer

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Tags: Inventory, Just-in-Time, Purchasing, Supply Chain
Level: Level 1

Topic: Costing Methods
Series: NOV 2020

MI – May 2022 – L1 – SA – Q7 – Accounting for Cost Elements

Identifying a non-advantage of the Just-in-Time purchasing arrangement.

Question

Which of the following is NOT an advantage of Just-in-Time purchasing arrangement?

A. Reduced investment in raw materials
B. Substantial savings in factory space
C. Low quantity discounts
D. Low investment in work-in-progress
E. Reduction in paperwork

Answer

Find Related Questions by Tags, levels, etc.

Tags: Inventory, Just-in-Time, Purchasing
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2022

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

Question

Write brief notes on each of the following:

i. Just In Time Systems (2 Marks)
ii. Backflush Accounting (2 Marks)
iii. Lifecycle Costing (2 Marks)
iv. Cost Audit (2 Marks)
v. Value Engineering (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Backflush Accounting, Cost Audit, Just-in-Time, Lifecycle costing, Value Engineering
Level: Level 1

Topic: Decision-making techniques
Series: MAY 2017

MI – Mar-Jul 2020 – L1 – SB – Q2a – Costing Techniques

List the characteristics of a Just-In-Time (JIT) environment in manufacturing.

Question

The aim of the just-in-time system is to produce the required items with high quality and at the exact time required.

i. List FIVE characteristics of the just-in-time environment. (5 Marks)
ii. List FIVE benefits from the just-in-time system. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Management, Costing Techniques, Inventory Management, Just-in-Time, Lean Production
Level: Level 1

Topic: Costing Techniques
Series: MAR/JULY 2020

MI – May 2024 – L1 – SA – Q8 – Costing Techniques

Identifies an activity that adds value in a Just-In-Time (JIT) production system.

Question

“Just-In-Time” works on a demand-pull basis and seeks to eliminate all waste and activities that do not add value. Which of the following activities adds value to a product?

A. Inspection time
B. Storage time
C. Processing time
D. Queuing time
E. Transport time

Answer

Find Related Questions by Tags, levels, etc.

Tags: Just-in-Time, Lean Manufacturing, Production Efficiency, Value-Adding Activities
Level: Level 1

Topic: Costing Techniques
Series: MAY 2024

BMIS – April 2022 – L1 – Q3a – Operations strategy

Suggest five benefits a company would derive from adopting the Just-In-Time (JIT) inventory system.

Question

You are the Accounts officer for Unimech Garages, a company that provides mobile vehicle repairs for faulty vehicles on the Accra – Kumasi and Accra – Takoradi highways. The company has adopted the Just-In-Time (JIT) inventory control system for its operations. The JIT inventory control system was adopted because all repairs performed vary from vehicle to vehicle, and there is no need to stock any spare parts since the repair team has no idea of the next repairs to be conducted as well as the type of spare parts they would require. Again, this inventory system was implemented to prevent employees from committing the offence of selling stocked spare parts for their individual gains.

Required:
Suggest FIVE (5) benefits the company would derive from this inventory system. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost reduction, Inventory Management, Just-in-Time, Service Quality, Waste Control
Level: Level 1

Topic: Operations strategy
Series: APR 2022

BMIS – May 2016 – L1 – Q6b – Operations strategy

Explain Just-in-Time inventory control and state four advantages of its use in a manufacturing company

Question

i) Explain Just-in-Time inventory control.
ii) State FOUR advantages of its use in a manufacturing company.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost reduction, Inventory Control, JIT, Just-in-Time, Manufacturing Efficiency
Level: Level 1

Topic: Operations strategy
Series: MAY 2016

MI – Nov 2020 – L1 – SA – Q3 – Costing Methods

Identify a feature that is not characteristic of Just-in-Time (JIT) purchasing.

Question

Which of the following is NOT a characteristic of Just-in-Time Purchasing?

A. Goods delivered immediately before demand or use

B. Increase in number of deliveries, each containing a smaller number of units

C. Goods/material delivery in “factory ready” containers, thereby reducing materials handling

D. Short-term agreement with many suppliers specifying prices, delivery, and acceptable quality levels

E. Minimal checking by purchaser of quality and quantity of deliveries

Answer

Find Related Questions by Tags, levels, etc.

Tags: Inventory, Just-in-Time, Purchasing, Supply Chain
Level: Level 1

Topic: Costing Methods
Series: NOV 2020

MI – May 2022 – L1 – SA – Q7 – Accounting for Cost Elements

Identifying a non-advantage of the Just-in-Time purchasing arrangement.

Question

Which of the following is NOT an advantage of Just-in-Time purchasing arrangement?

A. Reduced investment in raw materials
B. Substantial savings in factory space
C. Low quantity discounts
D. Low investment in work-in-progress
E. Reduction in paperwork

Answer

Find Related Questions by Tags, levels, etc.

Tags: Inventory, Just-in-Time, Purchasing
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2022

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

Question

Write brief notes on each of the following:

i. Just In Time Systems (2 Marks)
ii. Backflush Accounting (2 Marks)
iii. Lifecycle Costing (2 Marks)
iv. Cost Audit (2 Marks)
v. Value Engineering (2 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Backflush Accounting, Cost Audit, Just-in-Time, Lifecycle costing, Value Engineering
Level: Level 1

Topic: Decision-making techniques
Series: MAY 2017

MI – Mar-Jul 2020 – L1 – SB – Q2a – Costing Techniques

List the characteristics of a Just-In-Time (JIT) environment in manufacturing.

Question

The aim of the just-in-time system is to produce the required items with high quality and at the exact time required.

i. List FIVE characteristics of the just-in-time environment. (5 Marks)
ii. List FIVE benefits from the just-in-time system. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Management, Costing Techniques, Inventory Management, Just-in-Time, Lean Production
Level: Level 1

Topic: Costing Techniques
Series: MAR/JULY 2020

MI – May 2024 – L1 – SA – Q8 – Costing Techniques

Identifies an activity that adds value in a Just-In-Time (JIT) production system.

Question

“Just-In-Time” works on a demand-pull basis and seeks to eliminate all waste and activities that do not add value. Which of the following activities adds value to a product?

A. Inspection time
B. Storage time
C. Processing time
D. Queuing time
E. Transport time

Answer

Find Related Questions by Tags, levels, etc.

Tags: Just-in-Time, Lean Manufacturing, Production Efficiency, Value-Adding Activities
Level: Level 1

Topic: Costing Techniques
Series: MAY 2024

BMIS – April 2022 – L1 – Q3a – Operations strategy

Suggest five benefits a company would derive from adopting the Just-In-Time (JIT) inventory system.

Question

Required:
Suggest FIVE (5) benefits the company would derive from this inventory system. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost reduction, Inventory Management, Just-in-Time, Service Quality, Waste Control
Level: Level 1

Topic: Operations strategy
Series: APR 2022

BMIS – May 2016 – L1 – Q6b – Operations strategy

Explain Just-in-Time inventory control and state four advantages of its use in a manufacturing company

Question

i) Explain Just-in-Time inventory control.
ii) State FOUR advantages of its use in a manufacturing company.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost reduction, Inventory Control, JIT, Just-in-Time, Manufacturing Efficiency
Level: Level 1

Topic: Operations strategy
Series: MAY 2016

Question Tag: Just-in-Time

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MI – Nov 2020 – L1 – SA – Q3 – Costing Methods

Identify a feature that is not characteristic of Just-in-Time (JIT) purchasing.

MI – May 2022 – L1 – SA – Q7 – Accounting for Cost Elements

Identifying a non-advantage of the Just-in-Time purchasing arrangement.

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

MI – Mar-Jul 2020 – L1 – SB – Q2a – Costing Techniques

List the characteristics of a Just-In-Time (JIT) environment in manufacturing.

MI – May 2024 – L1 – SA – Q8 – Costing Techniques

Identifies an activity that adds value in a Just-In-Time (JIT) production system.

BMIS – April 2022 – L1 – Q3a – Operations strategy

Suggest five benefits a company would derive from adopting the Just-In-Time (JIT) inventory system.

BMIS – May 2016 – L1 – Q6b – Operations strategy

Explain Just-in-Time inventory control and state four advantages of its use in a manufacturing company

MI – Nov 2020 – L1 – SA – Q3 – Costing Methods

Identify a feature that is not characteristic of Just-in-Time (JIT) purchasing.

MI – May 2022 – L1 – SA – Q7 – Accounting for Cost Elements

Identifying a non-advantage of the Just-in-Time purchasing arrangement.

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

MI – Mar-Jul 2020 – L1 – SB – Q2a – Costing Techniques

List the characteristics of a Just-In-Time (JIT) environment in manufacturing.

MI – May 2024 – L1 – SA – Q8 – Costing Techniques

Identifies an activity that adds value in a Just-In-Time (JIT) production system.

BMIS – April 2022 – L1 – Q3a – Operations strategy

Suggest five benefits a company would derive from adopting the Just-In-Time (JIT) inventory system.

BMIS – May 2016 – L1 – Q6b – Operations strategy

Explain Just-in-Time inventory control and state four advantages of its use in a manufacturing company

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Question Tag: Just-in-Time

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MI – Nov 2020 – L1 – SA – Q3 – Costing Methods

Identify a feature that is not characteristic of Just-in-Time (JIT) purchasing.

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MI – May 2022 – L1 – SA – Q7 – Accounting for Cost Elements

Identifying a non-advantage of the Just-in-Time purchasing arrangement.

You're reporting an error for "MI – May 2022 – L1 – SA – Q7 – Accounting for Cost Elements"

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

You're reporting an error for "MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques"

MI – Mar-Jul 2020 – L1 – SB – Q2a – Costing Techniques

List the characteristics of a Just-In-Time (JIT) environment in manufacturing.

You're reporting an error for "MI – Mar-Jul 2020 – L1 – SB – Q2a – Costing Techniques"

MI – May 2024 – L1 – SA – Q8 – Costing Techniques

Identifies an activity that adds value in a Just-In-Time (JIT) production system.

You're reporting an error for "MI – May 2024 – L1 – SA – Q8 – Costing Techniques"

BMIS – April 2022 – L1 – Q3a – Operations strategy

Suggest five benefits a company would derive from adopting the Just-In-Time (JIT) inventory system.

You're reporting an error for "BMIS – April 2022 – L1 – Q3a – Operations strategy"

BMIS – May 2016 – L1 – Q6b – Operations strategy

Explain Just-in-Time inventory control and state four advantages of its use in a manufacturing company

You're reporting an error for "BMIS – May 2016 – L1 – Q6b – Operations strategy"

MI – Nov 2020 – L1 – SA – Q3 – Costing Methods

Identify a feature that is not characteristic of Just-in-Time (JIT) purchasing.

You're reporting an error for "MI – Nov 2020 – L1 – SA – Q3 – Costing Methods"

MI – May 2022 – L1 – SA – Q7 – Accounting for Cost Elements

Identifying a non-advantage of the Just-in-Time purchasing arrangement.

You're reporting an error for "MI – May 2022 – L1 – SA – Q7 – Accounting for Cost Elements"

MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques

Briefly describe the principles and applications of JIT, Backflush Accounting, Lifecycle Costing, Cost Audit, and Value Engineering.

You're reporting an error for "MI – May 2017 – L1 – SB – Q4a – Decision-Making Techniques"

MI – Mar-Jul 2020 – L1 – SB – Q2a – Costing Techniques

List the characteristics of a Just-In-Time (JIT) environment in manufacturing.

You're reporting an error for "MI – Mar-Jul 2020 – L1 – SB – Q2a – Costing Techniques"

MI – May 2024 – L1 – SA – Q8 – Costing Techniques

Identifies an activity that adds value in a Just-In-Time (JIT) production system.

You're reporting an error for "MI – May 2024 – L1 – SA – Q8 – Costing Techniques"

BMIS – April 2022 – L1 – Q3a – Operations strategy

Suggest five benefits a company would derive from adopting the Just-In-Time (JIT) inventory system.

You're reporting an error for "BMIS – April 2022 – L1 – Q3a – Operations strategy"

BMIS – May 2016 – L1 – Q6b – Operations strategy

Explain Just-in-Time inventory control and state four advantages of its use in a manufacturing company

You're reporting an error for "BMIS – May 2016 – L1 – Q6b – Operations strategy"

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