16. Which of the following is an example of using cost information for operational control?
a. evaluation of process improvement efforts in a manufacturing process b. identification of capital assets to acquire for expansion purposes c. selection of value−chain function to emphasize in corporate mission d. determination of Cost of Goods Sold for the income statement
17. The statement of financial position is also called the ________.
a. income statement b. statement of retained earnings c. statement of cash flows d. balance sheet
18. The acquisition of inventory for cash will ________.
a. increase assets and decrease assets b. increase assets and decrease liabilities c. increase liabilities and decrease stockholders ' equity