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Chapter 16: Q1TI_1 (page 865)
Identify the following characteristics as primarily related to financial accounting (FA) or managerial accounting (MA): 1. Helps creditors make lending decisions
The creditors are the party to whom the business owes money and the correct answer to this question is financial accounting.
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Making ethical decisions
Sue Peters is the controller at Vroom, a car dealership. Dale Miller recently has been hired as the bookkeeper. Dale wanted to attend a class in Excel spreadsheets, so Sue temporarily took over Dale’s duties, including overseeing a fund used for gas purchases before test drives. Sue found a shortage in the fund and confronted Dale when he returned to work. Dale admitted that he occasionally uses the fund to pay for his own gas. Sue estimated the shortage at $450.
Requirements 2. Would you change your answer if Sue Peters was the one recently hired as controller and Dale Miller was a well-liked, long time employee who indicated he always eventually repaid the fund?
Identifying product costs and period costs Classify each cost of a paper manufacturer as either a product cost or a period cost:
e. Cost of chemicals to treat the paper.
How does a manufacturing company calculate unit product cost?
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
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
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