Managerial accounting: Managerial accounting refers to that method of accounting where reports and documents are made and used for taking proper management decisions related to the business and its activities. Managerial accounting is also known as management accounting . To Match: The given concepts with the best descriptions.

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Chapter 18, Problem 20QS

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Managerial accounting: Managerial accounting refers to that method of accounting where reports and documents are made and used for taking proper management decisions related to the business and its activities. Managerial accounting is also known as management accounting.

To Match: The given concepts with the best descriptions.

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Match each concept with its best description by entering its letter A through E in the blank. 1. Just-in-time manufacturing A. Focuses on quality throughout the production process. 2. Continuous improvement B. Flexible product designs can be modified to accommodate customer choices. 3. Customer orientation C. Every manager and employee constantly looks for ways to improve company operations. 4. Total quality management D. Reports on financial, social, and environmental performance. 5. Triple bottom line E. Inventory is acquired or produced only as needed.

Understanding today’s business environmentMatch the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all. a. A management system that focuses on maintaining lean inventories while producing products as needed by the customer. b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services while meeting organizational objectives. c. Integrates all of a company’s functions, departments, and data into a single system. d. Adopted by firms to conduct business on the Internet.

Describing the balanced scorecard and identifying key performance indicators for each perspective Consider the following key performance indicators, and classify each according to the balanced scorecard perspective it addresses. Choose from financial perspective, customer perspective, internal business perspective, or learning and growth perspective. a. Number of employee suggestions implemented b. Revenue growth c. Number of on-time deliveries d. Percentage of sales force with access to real-time inventory levels e. Customer satisfaction ratings f. Number of defects found during manufacturing g. Number of warranty claims h. Return on investment i. Variable cost per unit j. Percentage of market share k. Number of hours of employee training l. Number of new products developed m. Yield rate (number of units produced per hour) n. Average repair time o. Employee satisfaction p. Number of repeat customers