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Select the Term from the List Provided That Best Matches

Question 147

Matching

Select the term from the list provided that best matches each of the following descriptions.

Premises:

Responses:

An inventory flow system that minimizes the amount of inventory on hand

Continuous improvement

The organization established by the accounting profession to develop accounting standards

Cost of goods sold

The area of accounting designed to meet information needs of internal users

Financial Accounting Standards Board

The government agency authorized to establish and regulate public company reporting practices

Just in time

Assessing the value chain to create new value-added activities

Managerial accounting

Tasks that do not contribute to a product's ability to satisfy customer needs

Nonvalue-added activities

Costs incurred before the manufacturing process begins

Re-engineering

The process of changing an organization's production and delivery systems to make the organization more competitive

Upstream costs

The ongoing process through which employees become more effective and learn to work more efficiently

Securities and Exchange Commission

The term used for the amount of product costs expensed in the current period

Activity-based management

Premises:

An inventory flow system that minimizes the amount of inventory on hand

The organization established by the accounting profession to develop accounting standards

The area of accounting designed to meet information needs of internal users

The government agency authorized to establish and regulate public company reporting practices

Assessing the value chain to create new value-added activities

Tasks that do not contribute to a product's ability to satisfy customer needs

Costs incurred before the manufacturing process begins

The process of changing an organization's production and delivery systems to make the organization more competitive

The ongoing process through which employees become more effective and learn to work more efficiently

The term used for the amount of product costs expensed in the current period

Responses:

Continuous improvement

Cost of goods sold

Financial Accounting Standards Board

Just in time

Managerial accounting

Nonvalue-added activities

Re-engineering

Upstream costs

Securities and Exchange Commission

Activity-based management

Correct Answer:

Premises:

Responses:

An inventory flow system that minimizes the amount of inventory on hand

The organization established by the accounting profession to develop accounting standards

The area of accounting designed to meet information needs of internal users

The government agency authorized to establish and regulate public company reporting practices

Assessing the value chain to create new value-added activities

Tasks that do not contribute to a product's ability to satisfy customer needs

Costs incurred before the manufacturing process begins

The process of changing an organization's production and delivery systems to make the organization more competitive

The ongoing process through which employees become more effective and learn to work more efficiently

The term used for the amount of product costs expensed in the current period