Managerial Accounting
6th Edition
ISBN: 9781259726972
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter C, Problem 1QS
Identify each of the following as applying more to lean (L) or to traditional (T) businesses.
_____1. Production begins with sales
_____2. Uses “pull” production.
_____3. Aims for zero defects.
_____4. Uses large batch sizes.
_____5. Quality is controlled at each process.
_____6. Uses just-in-time inventory systems.
QUICK STUDY QS C-1
Lean business model C1
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Identify the following as applying more to lean (L) or to traditional (T) businesses. Quality control is only at product completion.
Which of the following are features of lean manufacturing? Yes or NO
a. Maintaining excess inventory to ensure that products will always be available b. Cross-training of employees c. Giving employees additional authority and responsibility d. Product-oriented layout e. Increased setup time
Choose the one correct answer:
The measurement, % of market share, would most likely be placed in which perspective of Balanced Scorecard?
A. FinancialB. CustomerC. Learning & GrowthD. Product Innovation
Which of the following activities should be reduced or eliminated in order that manufacturing efficiency increases?A. Training of LaborersB. Moving time of work-in process materials from one work station to another.C. None of the above.D. Amount of time consumed by a laborer to add new features to the product.
All are financial measures, except:Reduction of past due accountsEarnings per shareMarket shareRevenue growth
Chapter C Solutions
Managerial Accounting
Ch. C - Prob. 1DQCh. C - How does push production differ from pull...Ch. C - Prob. 3DQCh. C - Prob. 4DQCh. C - Prob. 5DQCh. C - Prob. 6DQCh. C - Prob. 7DQCh. C - Prob. 8DQCh. C - Prob. 9DQCh. C - Prob. 10DQ
Ch. C - Prob. 11DQCh. C - Prob. 12DQCh. C - Can management of a company like Samsung use cycle...Ch. C - Identify each of the following as applying more to...Ch. C - Identify each of the following as applying more to...Ch. C - Prob. 3QSCh. C - Use lean accounting to prepare journal entries for...Ch. C - Prob. 5QSCh. C - Prob. 6QSCh. C - Prob. 7QSCh. C - Prob. 8QSCh. C - Prob. 9QSCh. C - Prob. 10QSCh. C - Prob. 11QSCh. C - A company reports ending accounts payable of...Ch. C - Prob. 13QSCh. C - Identify each of the following production...Ch. C - Prob. 2ECh. C - Prob. 3ECh. C - Prob. 4ECh. C - Prob. 5ECh. C - Prob. 6ECh. C - Prob. 7ECh. C - A manufacturer makes T-shirts in several...Ch. C - Prob. 9ECh. C - Prob. 10ECh. C - Use the information below for Tesla to answer the...Ch. C - Prob. 12ECh. C - Prob. 13ECh. C - Prob. 14ECh. C - Robo-Lawn is a lean manufacturer of robotic lawn...Ch. C - Prob. 2PCh. C - Prob. 3P
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which of the following items in not a management concept that was created to improve company perfomance? Multiple Cholce 00:56/88 GAAP constraints and guidelines. Continuous improvement. Customer orientation. Total quality management. Just-in-time manufacturing.arrow_forwardWhich of the following is not a characteristic of a lean accounting system? Multiple Cholce Costs in the system are organized according to value streams. The system includes both financial and nonfinancial performance indicators. It is most appropriate for firms operating in dynamic and competitive environments. The system incorporates the use of standard costs and standard cost variances. The overall intent of the system is to more accurately reflect improvements associated with lean manufacturing.arrow_forwardMatch 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.arrow_forward
- Management should focus its sales and production efforts on the product or products that will provide the a.lowest product costs b.highest sales revenue c.maximum contribution margin d.lowest direct labor hoursarrow_forwardb. activity-based costing d. c. flexible manufacturing. d. speed-to-market. 29. The ability to deliver a product or service faster than the competition is termed: just-in-time. statistical quality control. a. b. 30. A set of policies, procedures and approaches to business to produce long-term success is termed a: critical success factor. c. mission. d. strategy. a. b. competitive position. Exercises Exercise 1: Ethics and the Manager Raymond Diaz was recently hired as assistant controller of RD Chem Inc., which processes chemicals for use in fertilizers. Diaz was selected for this position because of his past experience in chemical processing. During his first month on the job, Diaz made a point of getting to know the people responsible for the plant operations and learning how things are done at RD Chem. During a conversation with the plant supervisor, Diaz asked about the company procedures for handling toxic waste materials.The plant supervisor replied that he was not involved with…arrow_forwardABC systems get more accurate as more activities are identified and analyzed. Critique the following statement: “A company should look to break its production process into as many activities as possible in order to determine the most accurate unit costs possible”. Why do you agree or disagree with that statement? Give several reasons.arrow_forward
- Consider the following statement about the performance reports: 1. Performance reports provide feedbacks to managers and allow them to btter control operations. 2. Many performance reports have budget, actual and variance data 3. Performance reports are often structured around a firms organization hierarchy, that is data relating to lower level units are combined and flow into higher level units Which of the above is (are) true? a. 2 and 3 b. 1 and 2 c. 1 and 3 d. All of the statements are truearrow_forwardWhich of the following statements is false? (You may select more than one answer.)a. Activity-based costing systems usually shift costs from low-volume products tohigh-volume products.b. Benchmarking can be used to identify activities with the greatest potential forimprovement.c. Activity-based costing is most valuable to companies that manufacture products thatare similar in terms of their volume of production, batch size, and complexity.d. Activity-based costing systems are based on the assumption that the costs included ineach activity cost pool are strictly proportional to the cost pool’s activity measure.arrow_forwardContinuous improvement is the governing principle of a lean accounting system. Following are several performance measures. Some of these measures would be associated with a traditional standard-costing accounting system, and some would be associated with a lean accounting system. a. Materials price variances b. Cycle time c. Comparison of actual product costs with target costs d. Materials quantity or efficiency variances e. Comparison of actual product costs over time (trend reports) f. Comparison of actual overhead costs, item by item, with the corresponding budgeted costs g. Comparison of product costs with competitors product costs h. Percentage of on-time deliveries i. First-time through j. Reports of value- and non-value-added costs k. Labor efficiency variances l. Days of inventory m. Downtime n. Manufacturing cycle efficiency (MCE) o. Unused (available) capacity variance p. Labor rate variance q. Using a sister plants best practices as a performance standard Required: 1. Classify each measure as lean or traditional (standard costing). If traditional, discuss the measures limitations for a lean environment. If it is a lean measure, describe how the measure supports the objectives of lean manufacturing. 2. Classify the measures into operational (nonfinancial) and financial categories. Explain why operational measures are better for control at the shop level (production floor) than financial measures. Should any financial measures be used at the operational level? 3. Suggest some additional measures that you would like to see added to the list that would be supportive of lean objectives.arrow_forward
- The following series of statements or phrases are associated with product life-cycle viewpoints. Identify whether each one is associated with the marketing, production, or customer viewpoint. Where possible, identify the particular characteristic being described. If the statement or phrase fits more than one viewpoint, label it as interactive. Explain the interaction. a. Sales are increasing at an increasing rate. b. The cost of maintaining the product after it is purchased. c. The product is losing market acceptance and sales are beginning to decrease. d. A design is chosen to minimize post-purchase costs. e. Ninety percent or more of the costs are committed during the development stage. f. The length of time that the product serves the needs of a customer. g. All the costs associated with a product for its entire life cycle. h. The time in which a product generates revenue for a company. i. Profits tend to reach peak levels during this stage. j. Customers have the lowest price sensitivity during this stage. k. Describes the general sales pattern of a product as it passes through distinct life-cycle stages. l. The concern is with product performance and price. m. Actions taken so that life-cycle profits are maximized. n. Emphasizes internal activities that are needed to develop, produce, market, and service products.arrow_forwardThese are measures not found in the chart of accounts, such as customer satisfaction scores or product quality measures. A. Quality measures B. Non-financial measures C. Financial Measures D. Balanced Scorecard A manager would like to see reduction of the following operational measures, except: A. Spoilage B. Number of customer complaints C. Queue time D. Manufacturing Efficiencyarrow_forwardAn inventory system that organizations use to increase efficiency and decrease waste is ________. Select one: a. corporate social responsibility b. total quality management c. Lean Six Sigma d. just-in-time manufacturingarrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Elements of cost | Direct and Indirect: Material, Labor, & Expenses; Author: Educationleaves;https://www.youtube.com/watch?v=UFBaj6AHjHQ;License: Standard youtube license