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Chapter 16: Q11SE (page 888)

Matching business trends terminology

Match the term with the correct definition.

1. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services while meeting organizational objectives. Requires improving quality and eliminating defects and waste.

2. Use of the Internet for business functions such as sales and customer service. Enables companies to reach customers around the world.

3. Evaluating a company’s performance by its economic, social, and environmental impact.

4. Software system that integrates all of a company’s functions, departments, and data into a single system.

5. A system in which a company produces products just when they are needed to satisfy needs. Suppliers deliver materials when they are needed to begin production, and finished units are completed at the right time for delivery to customers.

a. ERP b. JIT c. E-commerce d. TQM e. Triple bottom line

Short Answer

Expert verified

The matching of definitions is done by the relevant terms in step 2.

Step by step solution

01

Definition of E-commerce

E-commerce is defined as buying or selling or carrying out a business transaction using the internet.

02

Matching

Definitions

Terms

1

D TQM

2

C E-commerce

3

E Tripple bottom line

4

A ERP

5

B JIT

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Most popular questions from this chapter

Match the definition to the key term.

13. Triple bottom line

14. Value chain

15. Just-in-time management

16. Enterprise resource planning

17. Total quality management

a. A cost management system in which a company produces products just in time to satisfy needs.

b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services, while meeting organizational goals throughout the value chain.

c. Software system that can integrate all of a company’s functions, departments, and data into a single system.

d. Evaluating a company’s performance by its economic (profits), social (people), and environmental (planet) impact.

e. Includes all activities that add value to a company’s products and services

What are prime costs? Conversion costs?

Identify each cost as a period cost or a product cost. If it is a product cost, further indicate if the cost is direct materials, direct labor, or manufacturing overhead. Then determine if the product cost is a prime cost and/or a conversion cost.

11.Salary of the sales manager

Identify the following characteristics as primarily related to financial accounting (FA) or managerial accounting (MA):

3. Is not required to follow GAAP.

Question:Preparing an income statement and calculating unit cost for a service company

The Windshield Doctors repair chips in car windshields. The company incurred the following operating costs for the month of March 2018:

Salaries and wages \( 12,000

Windshield repair materials 4,600

Depreciation on truck 300

Depreciation on building and equipment 1,200

Supplies used 300

Utilities 460

The Windshield Doctors earned \)23,000 in service revenues for the month of March by repairing 500 windshields. All costs shown are considered to be directly related to the repair service.

Requirements

1. Prepare an income statement for the month of March.

2. Compute the cost per unit of repairing one windshield.

3. The manager of Windshield Doctors must keep unit operating cost below $50 per windshield in order to get his bonus. Did he meet the goal?
See all solutions

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