Solved

Match the Following Terms to the Appropriate Definitions

Question 192

Matching

Match the following terms to the appropriate definitions.

Premises:

Responses:

Balanced scorecard

Goods a company acquires to use in making products.

Managerial accounting

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

Prime costs

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.

Continuous improvement

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

Raw materials inventory

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

Customer orientation

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

Raw materials inventory turnover

A system that acquires inventory and produces only when needed.

Goods in process inventory

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

Lean business model

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.

Just-in-time manufacturing

Reveals how many times a company sells its raw materials inventory during a period.