Match the Following Terms to the Appropriate Definitions

question 54

Multiple Choice

Match the following terms to the appropriate definitions.

-A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.

• A)Managerial accounting
• B)Continuous improvement
• C)Raw materials inventory
• D)Customer orientation
• E)Just-in-time manufacturing
• F)Goods in process inventory
• G)Lean business model
• H)Balanced scorecard
• I)Prime costs
• J)Raw materials inventory turnover

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Definitions:

Insurance In Transit

Coverage that protects goods from loss or damage while they are being transported from one place to another.

FOB Shipping Point

A term used in shipping indicating that the buyer assumes responsibility for the goods and shipping costs the moment the goods leave the seller's premises.

Merchandise Inventory

Goods and products that a firm holds with the intent to sell them as part of its business operations; considered a current asset on the balance sheet.

Perpetual Inventory System

A method for accounting inventory that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.