Concept explainers
Match the descriptions that follow with the corresponding terms.
Descriptions:
1. _____ Inventory system in which goods are manufactured or purchased just as they are needed for sale.
2. _____ A method of allocating
3. _____ Systems that are especially important to firms adopting just-in-time inventory methods.
4. _____ Provides guidelines for companies to describe their sustainable business prac-tices to external parties.
5. _____ Part of the value chain for a manufacturing company.
6. _____ The U.S. economy is trending toward this.
7. _____ A performance-measurement approach that uses both financial and nonfinancial measures, tied to company objectives, to evaluate a company’s operations in an integrated fashion.
8. _____ Requires that top managers certify that the company maintains an adequate system of internal controls.
Terms:
(a) Activity-based costing
(b) Balanced scorecard
(c) Total quality management (TQM)
(d) Research and development, and product design
(e) Service industries
(f) Just-in-time (JIT) inventory
(g) Sarbanes-Oxley Act (SOX)
(h) Global Reporting Initiative
Identify trends in
(LO 4), C
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Managerial Accounting: Tools for Business Decision Making
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Financial Accounting, Student Value Edition (4th Edition)
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