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Match the Following Terms to the Appropriate Definitions

Question 198

Matching

Match the following terms to the appropriate definitions.

Premises:

Responses:

Customer orientation

An approach that aids continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along the four dimensions of (1)financial; (2)customer; (3)internal business processes; (4)learning and growth.

Balanced scorecard

Goods a company acquires to use in making products.

Just-in-time manufacturing

Products in the process of being manufactured but not yet complete.

Continuous improvement

A system that acquires inventory and produces only when needed.

Raw materials inventory

Expenditures directly associated with the manufacture of finished goods; includes direct materials and direct labor.

Raw Materials Inventory Turnover

An idea that means that employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.

Prime costs

A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.

Goods in process inventory

An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Managerial accounting

An idea that rejects the notions of "good enough" and "acceptable" and challenges employees and managers to continually experiment with new and improved business practices.

Lean business model

The ratio which computes how many times a company turns over its raw materials inventory in a period.