Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 27MC
A quality control program that depends on multiple team members for removing waste and diminishing defects within products is _________________.
- kaizen
- total quality management
- Lean Six Sigma
- a balanced scorecard
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Classify the following quality costs as prevention, appraisal, internal failure, or external failure. Also, label each cost as variable or fixed with respect to sales volume. 1. Quality engineering 2. Scrap 3. Product recalls 4. Returns and allowances because of quality problems 5. Sales data re-entered because of keying errors 6. Supervision of in-process inspection 7. Quality circles 8. Component inspection and testing 9. Quality training 10. Reinspection of reworked product 11. Product liability 12. Internal audit assessing the effectiveness of quality system 13. Disposal of defective product 14. Downtime attributable to quality problems 15. Quality reporting 16. Proofreading 17. Correction of typing errors 18. In-process inspection 19. Process controls 20. Pilot studies
Identify the following as applying more to lean (L) or to traditional (T) businesses. Quality control is only at product completion.
Six Sigma is a continuous quality improvement methodology that is designed to promote:
1. Improvements for existing products and business processes.
2. Development of new products or business processes.
3. Both existing product/process improvement and new product process development.
4. Statistical evaluation of critical success factors.
Chapter 1 Solutions
Principles of Accounting Volume 2
Ch. 1 - The managers of an organization are responsible...Ch. 1 - Management accountants help the management of an...Ch. 1 - Which of the following is a primary aspect of the...Ch. 1 - During the control function, the measurements...Ch. 1 - Which of the following is false regarding...Ch. 1 - Managerial accounting produces information: to...Ch. 1 - Management accounting: emphasizes special-purpose...Ch. 1 - Internal users of accounting information would not...Ch. 1 - External users of accounting information would...Ch. 1 - Which of the following statements is incorrect?...
Ch. 1 - The stockholders of a company are: the owners...Ch. 1 - The controller of a corporation: reports to the...Ch. 1 - The Certified Financial Analyst (CFA)...Ch. 1 - The Certified Management Accountant (CMA)...Ch. 1 - Which of the following terms means the ability to...Ch. 1 - Which of the following terms means knowing how a...Ch. 1 - What is the law that protects investors from...Ch. 1 - What year was the Sarbanes-Oxley Act enacted? 2007...Ch. 1 - When a representative of an organization gives...Ch. 1 - The law that specifically prohibits payments to...Ch. 1 - Which of the following is not a step in the...Ch. 1 - Which of the following is not an objective used in...Ch. 1 - Which of the following is not true regarding...Ch. 1 - A companys attempts to utilize sustainable...Ch. 1 - A process that is often linked to Six Sigma and is...Ch. 1 - An inventory system that organizations use to...Ch. 1 - A quality control program that depends on multiple...Ch. 1 - Carlita believes an important part of the planning...Ch. 1 - What are some activities and tasks a manager might...Ch. 1 - If there are deviations from the stated goals and...Ch. 1 - Explain how managerial accountants help managers...Ch. 1 - How do the subject matter of reports and the...Ch. 1 - What is the purpose of management accounting?Ch. 1 - Who are the primary users of the information...Ch. 1 - What are the key differences between financial...Ch. 1 - Other than accounting skills, what six qualities...Ch. 1 - Explain how having more than one of the accounting...Ch. 1 - Briefly discuss the chain of command for someone...Ch. 1 - According to the information available at...Ch. 1 - According to the information on management...Ch. 1 - What other professional business organizations...Ch. 1 - How can having a bonus system based purely on...Ch. 1 - What led to the United States Congress passing the...Ch. 1 - What is an enterprise resource planning (ERP)...Ch. 1 - Describe what is meant by the term balanced in the...Ch. 1 - What is corporate social responsibility, and who...Ch. 1 - Indicate whether each statement describes...Ch. 1 - Identify the following as True or False:...Ch. 1 - Define each of these users of accounting...Ch. 1 - Discuss what information would be most useful for...Ch. 1 - Taylor Speedy has prepared the following list of...Ch. 1 - Match the term with the description:Ch. 1 - After the passage of the Sarbanes-Oxley Act in...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Match each lean business method to the best...Ch. 1 - For each of the activities listed, choose the...Ch. 1 - Look up the definitions for the following terms:...Ch. 1 - Indicate whether the statement describes reporting...Ch. 1 - Identify the following as true or false: Financial...Ch. 1 - Companies need to report both monetary and...Ch. 1 - Marvin has been thinking about the fields of...Ch. 1 - Match the term with the description.Ch. 1 - The Foreign Corrupt Practices Act (FC PA) was...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Table 1.3 shows how different areas within the...Ch. 1 - There are individuals who are under the impression...Ch. 1 - Think about the organization chart in Figure 1.7....Ch. 1 - Controversy tends to surround the topic of...
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- A process that is often linked to Six Sigma and is designed toward continuous improvement by eliminating waste is ___________________________. A. kamikaze B. value chain C. total quality management D. kaizenarrow_forwardLean manufacturing is characterized by all but one of the following: a. Employee empowerment b. Total quality management c. Inventories of goods awaiting further processing or consumption d. Elimination of wastearrow_forwardKey features in a just-in-time production system includes all of the following except: A. Continous striving for quality improvement B. Elimination of storage and handling costs C. Prorating manufacturing lead time D. Streamling operationsarrow_forward
- Classifying quality costs and using these costs to make decisions Clason, Inc. manufactures door panels. Suppose Clason is considering spending the following amounts on a new total quality management (TQM) program: Requirements Classify each cost as a prevention cost, an appraisal cost, an internal failure cost, or an external failure cost. Should Clason implement the new quality program? Give your reason.arrow_forwardWhat is an industrial value chain? Explain why a firm’s strategies are tied to what happens in the rest of the value chain. Using total quality control as an example, explain how the success of this quality management approach is dependent on sup- plier linkages.arrow_forwardThe internal business process perspective of a balanced scorecard may contain which of the following set of performance measures? number of good units completed, product development time, number of machine breakdowns product development time, sales mix, number of incorrect deliveries to customers number of good units completed, return on equity, number of product returns product profitability, number of employees completed internal training, product defects defect costs, production cycle time, time spent on developing employee training programsarrow_forward
- In an effort to optimize decentralization, work towards accomplishing its mission, and achieve goal-congruence, an organization will strive to utilize a lot of planning in the design and implementation of their management system. Which of the following represents one of the four pillars of management control systems? O Performance measurement Production O Unit pricing O Irresponsibility centersarrow_forwardTwo departments within Cougar Gear Inc. are Production and Sales. Each department has a unique scorecard, as follows: The Production Department scorecard focuses on the learning and growth and internal processes perspectives. The Sales Department scorecard focuses on the learning and growth and customer perspectives. Both scorecards have the learning and growth performance metrics of median training hours per employee and average employee tenure. The Production scorecard has the unique metrics of production time per unit and number of production shutdowns. The Sales scorecard has the unique metrics of percentage of customers who shop again and online customer satisfaction rating. The performance targets for each metric are shown in the tan boxes just under the performance metrics. The actual achieved metrics are shown in the red boxes just below the tan boxes. When evaluating both departments, Cougar Gears management looks at the median training hours per employee and average employee tenure metrics and subsequently decides to give the Sales Department a large bonus while giving the Production Department a minimal bonus. a. Determine and define the type of cognitive bias Cougar Gears management has exhibited in this instance. b. Determine which department would have received the larger bonus had the companys management not been biased in the evaluation. c. Discuss one advantage and one disadvantage of using unique balanced scorecards for different departments or divisions of a company.arrow_forwardInstructions 1.Based on the balanced scorecard and the following descriptions of the predicted relationships between strategic objectives, draw the scorecards strategy map. a.Training employees effectively and reducing employee turnover can both be expected to improve returns processing and reduce shipping errors. b.Both improving returns processing and reducing shipping errors can be expected to delight the customer. c.Delighting the customer can be expected to increase market share. 2.Based on the balanced scorecard and the following descriptions of the predicted relationships between performance metrics, draw the scorecards measure map. a.Median training hours per employee and average employee tenure will both influence hours from returned to refunded and number of erroneous shipments. b.Both hours from returned to refunded and number of erroneous shipments will affect percentage of customers who shop again and online customer satisfaction rating. c.Both percentage of customers who shop again and online customer satisfaction rating will influence the companys market share. 3.Label each element of the balanced scorecard.arrow_forward
- Consider the following quality improvement strategy as expressed by a series of if-then statements: If real-time feedback information capabilities improve, then post-sales service time will improve. If post-sales service time improves, then post-sales service quality will increase. If post-sales service quality increases, then customer satisfaction will increase. If customer satisfaction increases, then market share will increase. If market share increases, then sales will increase. If sales increase, then profits will increase. Required: 1. Prepare a strategy map that shows the cause-and-effect relationships of the quality improvement strategy (see Exhibit 13.10 for an illustrative example). 2. Explain how the quality improvement strategy can be tested.arrow_forwardAuflegger, Inc., manufactures a product that experiences the following activities (and times): Required: 1. Compute the MCE for this product. 2. A study lists the following root causes of the inefficiencies: poor quality components from suppliers, lack of skilled workers, and plant layout. Suggest a possible cost reduction strategy, expressed as a series of if-then statements that will reduce MCE and lower costs. Finally, prepare a strategy map that illustrates the causal paths. In preparing the map, use only three perspectives: learning and growth, process, and financial. 3. Is MCE a lag or a lead measure? If and when MCE acts as a lag measure, what lead measures would affect it?arrow_forwardThe actions listed next are associated with either an activity-based operational control system or a traditional operational control system: a. Budgeted costs for the maintenance department are compared with the actual costs of the maintenance department. b. The maintenance department manager receives a bonus for beating budget. c. The costs of resources are traced to activities and then to products. d. The purchasing department is set up as a responsibility center. e. Activities are identified and listed. f. Activities are categorized as adding or not adding value to the organization. g. A standard for a products material usage cost is set and compared against the products actual materials usage cost. h. The cost of performing an activity is tracked over time. i. The distance between moves is identified as the cause of materials handling cost. j. A purchasing agent is rewarded for buying parts below the standard price set by the company. k. The cost of the materials handling activity is reduced dramatically by redesigning the plant layout. l. An investigation is undertaken to find out why the actual labor cost for the production of 1,000 units is greater than the labor standard allowed. m. The percentage of defective units is calculated and tracked over time. n. Engineering has been given the charge to find a way to reduce setup time by 75 percent. o. The manager of the receiving department lays off two receiving clerks so that the fourth-quarter budget can be met. Required: Classify the preceding actions as belonging to either an activity-based operational control system or a traditional control system. Explain why you classified each action as you did.arrow_forward
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