Answer all the questions above in Business Management Instruction: Answer ALL qu

Question

Answer all the questions above in Business Management

Instruction: Answer ALL questions 1. Deline quality control appropriatoly (2 marka) (4 marks) (4 marks) Total: 10 marks) b. Describe work-in-process inventory control Identity what is meant by "routing as one of the quality control olements 2. Briefly explain FOUR (4) types of termination and provide an example for each (10 marka) 3. With an appropriate diagram, describe the stages of product ife aycle (PLC) (10 marks) 4. Diftereritiale between financial accounting and managerial accounting with an appropriate (5 marks) example. S. State FIVE (5) threats and risks of information technology (T) (5 marks) (TOTAL: 40 MARKS) CONFIDENTIAL

Explanation / Answer

1. a. Quality control is a method to check the quality of the product or service and maintain it as per the set standards or improve it if it is below the standard level.

b. Work-in-process inventory is the inventory that has been partially completed in the production process. This inventory increases the cost and hurdles the profit making of the business as, while accounting, the cost of completed inventory is added whereas the inventory cannot be involved in the profit making process. Hence a control has to maintained on such inventory and the methods of control are known as work-in-process inventory control.

c. Routing is the process of pre-defining a path for the quality control of the product or service. It sets a route to follow while manufacturing a product from a raw material to a finished product. Routing is a helpful quality control element as it sets the sequence to be followed in a manufacturing process and thus helps in saving time and cost in the process.

2. The four types of termination are:

a. Resignation- Also known as voluntary termination, it means when the employee himself withdraws himself from the services with his own consent. For eg. an employee working for a company is not able to continue his services due to some unavoidable family problems or he may get another job offer which is better than the current job then he may resign from it.

b. Retirement: this is the form of termination wherein the dutires are terminated after a certain age. The age could be defined or decided by the employee himself. For eg. when the employee reaches the age of 60 he is terminated from the services.

c. Temporary appointment: This termination takes place when the employee is appointed for a certain period of time and the services are terminated at the end of that period. For eg. A project which will end in 1 year needs extra number of employees so the employees appointed for that project will be terminated at the end of 1 year duration.

d.Death- end of services due to sudden death of the employee is termintaion due to death. for eg. The employee is wroking in the company in normal conditions but all of a sudden he expires, this will terminate his services from the company and it depends on the company rules as to transfer the job to any of his family member or not.

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