The concept of flexible manufacturing system (FMS) was conceived in Britain in the early 1960s, and the first physical FMS was established around 1967 in the United
States

Financial accounting measures and records business transactions and provides financial statements that are based on generally accepted accounting principles. The correct answer is E.

Production is the transformation or conversion of a set of inputs, such as raw materials, labor, knowledge, into one or more outputs such as tables, cars, and banking services. The correct answer is A.

Efficient markets are markets where all valid information is available to all participants at the same time, and where prices respond immediately to available information.

Production is the transformation or conversion of a set of inputs, such as raw
materials, labor, knowledge, into one or more outputs such as tables, cars, and
banking services.

All professions have regulations. Accountancy profession in Turkey is regulated through the law No. 3568, “The Law of Independent Accountancy, Certified Public Accountancy, and Sworn-in Certified Public Accountancy”. It was enacted in 1989. The law establishes accounting and auditing as a profession and defines those who are rendering services in these fields as professionals.

There are several different processes manufacturers use to produce goods. Although there are different types of processes, in the literature, the processes are classified according to their physical configuration, material and product flow, flexibility and volume expectations in this chapter. The four types of processes are: Flow process; Job-shop process; Cellular process; and Project process. 

The Corporate Approach is not one of the sources of ethical standards. Doğru cevap C’dir.

During the transformation process, the production function in the company involves four specific sub-functions which are design, scheduling, operation, and transformation control.

The accounting cycle is a set of steps that are repeated in the same order every period to keep track of what happened in the business and to report the financial effect of those transactions.

Financing decisions involve decisions about how much profit to distribute as well as how to finance the resources of the company. As businesses invest in assets to carry on their operations, they must make decisions regarding how to finance these resources.

Lean production emphasizes flexibility and quality. The correct answer is B.

Another widely used technique closely related to NPV is the Internal Rate of Return (IRR). IRR is the discount rate that equates the present value of future cash flows with the initial outlay of the project. If the IRR is above the shareholders’ required rate of return, then the project should be accepted. However, if the IRR of the project is below the required rate of return, it should be rejected.

Many people confuse bookkeeping and accounting. They think that bookkeeping is accounting. Actually it is not. Bookkeeping is the act of recording and organizing financial transactions in the accounting system in accordance with the generally accepted accounting principles (GAAP). It ensures that records of the individual financial transactions are correct, up-to-date, and comprehensive. In modern accounting systems, bookkeeping is processed by computer software.

Targeting involves the careful selection of at least one segment by considering a variety of different factors.

The Managerial Grid composes five managerial or leadership styles through the combination of these two dimensions: Impoverished management –low in both dimensions; Country Club management – high in concern for people and low in concern for production; Team management – high in both concerns; Authority compliance – high in concern for production and low in concern for people; and Middle
of the Road management – intermediate in both dimensions.

The job-shop process is used when a company manufactures several different products that require different types of processing and the processing for different products is performed in different sequences. The correct answer is D.

Following definitions explain main characteristics of production management:
• It is the process of effective planning and regulating operations of the production section of an enterprise which is responsible for the act transforming materials into finished products.
• Production management provides decisions to the production process for ensuring that the resulting goods and services are produced in accordance with the quantitative specifications and demand schedule with minimum cost.
• Production management is a set of general principles for production economics. Facility design, job design, schedule design, quality control, inventory control, work study, and cost and budgetary control are some application examples for the production management. This definition
explains the main areas of an enterprise where the principles of production management can be applied.