A Value Chart Indicates

question 14

Multiple Choice

A value chart indicates

• A)all steps in a process and the time it takes for them to be completed.
• B)the value-added steps in a process and the time it takes for them to be completed.
• C)the time and cost of all value-added steps in a process.
• D)the time and costs of all value-added and non-value-added steps in a process.

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Definitions:

Purchase of Raw Materials

The acquisition of the basic materials required for the production of goods or delivery of services.

Work in Process Inventory

The account that tracks the costs associated with partially completed goods that are still in the process of being manufactured.

Unadjusted Cost of Goods Sold

Unadjusted Cost of Goods Sold (COGS) is the initial calculation of all costs directly associated with the production of goods before any adjustments for inventory changes or other factors.

Journal Entry

A record in the accounting journal that represents a business transaction and its effect on the accounts.