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Chapter 16: Q4TI (page 878)

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鈥檚 functions, departments, and data into a single system.

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

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

Short Answer

Expert verified

The value chain is the step which adds value to the product and matching is done.

Step by step solution

01

Definition of Value chain

The value chain is defined as the steps involved in the production, marketing, and sales that add value to the end product.

02

Matching 

Key Term

13. Tripple Bottom Line

D

14. Value Chain

E

15. Just-in-time management

A

16. Enterprise resource planning

C

17. Total quality management

B

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The Institute of Management Accountants鈥� Statement of Ethical Professional Practice requires managerial accountants to meet standards regarding competence, confidentiality, integrity, and credibility. Consider the following situations. Which standard(s) is(are) violated in each situation?

e. You do not provide top management with the detailed job descriptions they requested because you fear they may use this information to cut a position in your department.

Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions.

Company A Company B Company C

Cash \( 6 Wages Expense \) 12 Administrative Expenses $ 4

Net Sales Revenue 48 Equipment 32 Cash 25

Finished Goods Inventory 10 Accounts Receivable 8 Net Sales Revenue 75

Cost of Goods Sold 23 Service Revenue 65 Selling Expenses 8

Selling Expenses 4 Cash 34 Merchandise Inventory 12

Equipment 67 Rent Expense 12 Equipment 55

Work-in-Process Inventory 9 Accounts Receivable 19

Accounts Receivable 14 Cost of Goods Sold 25

Cost of Goods Manufactured 23

Administrative Expenses 7

Raw Materials Inventory 6

Identifying differences between service, merchandising, and manufacturing companies Using the data on the previous page, calculate operating income for each company.

Classifying costs Wheels, Inc. manufactures wheels for bicycles, tricycles, and scooters. For each cost given below, determine if the cost is a product cost or a period cost. If the cost is a product cost, further determine if the cost is direct materials (DM), direct labor (DL), or manufacturing overhead (MOH) and then determine if the product cost is a prime cost, conversion cost, or both. If the cost is a period cost, further determine if the cost is a selling expense or administrative expense (Admin). Cost (a) is answered as a guide

Cost Product Period

DM DL MOH Prime Conversion Selling Admin.

a. Metal used for rims

b. Sales salaries

c. Rent on factory

d. Wages of assembly workers

e. Salary of production supervisor

f. Depreciation on office equipment

g. Salary of CEO

h. Delivery expense

Computing direct materials used

Tuscany, Inc. has compiled the following data:

Purchases of Direct Materials $ 6,300

Freight In 400

Property Taxes 800

Ending Direct Materials 1,300

Beginning Direct Materials 4,100

Compute the amount of direct materials used.

Explain the differences between planning, directing, and controlling.
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