Explain the differences in accounting for the flow of costs

Reference no: EM13903386

1. Explain the differences in accounting for the flow of costs using traditional accounting, where accountants charge costs first to inventory accounts, and using JIT.

2. Why must firms have reliable suppliers when using just-in-time methods?

3. Refer to the Managerial Application ‘‘Using the Basic Cost Flow Equation to Detect Fraud.'' How did the manager of the Gravins Division fraudulently increase profits? How was the fraud detected?

4. Name three companies not mentioned in the text that make products using processes.

5. Name three companies not mentioned in the text that produce jobs.

Reference no: EM13903386

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