Match the Following Terms to the Appropriate Definitions

question 28

Short Answer

Match the following terms to the appropriate definitions.
________ (1) Prime costs
________ (2) Continuous improvement
________ (3) Raw materials inventory
(4) Balanced scorecard
________ (5) Just-in-time manufacturing
________ (6) Work in Process inventory
________ (7) Lean business model
________ (8) Customer orientation
________ (9) Managerial accounting
________ (10) Raw materials inventory turnover
(a) An idea that rejects the notions of "good enough" or "acceptable" and challenges employees and managers to continually experiment with new and improved business practices.
(b) Goods a company acquires to use in making products.
(c) Reveals how many times a company uses its raw materials inventory in production during a period.
(d) A system that acquires inventory and produces only when needed.
(e) Aids in continuous improvement by augmenting financial measures with information on the drivers or indicators of future financial performance along the four
dimensions of (1) financial, (2) customer, (3) internal business processes; (4) learning and growth.
(f) Expenditures directly associated with the manufacture of finished goods; includes direct materials and direct labor.
(g) The idea that employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.
(h) Products in the process of being manufactured but not yet complete.
(i) A model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company.
(j) An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

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Definitions:

LIFO method

An inventory cost-flow assumption where the last items purchased or produced are the first to be expensed as sold, opposite of FIFO.

Cost of merchandise sold

The total expense incurred to produce or purchase the goods sold by a company during a specific period.

Year amount

Typically refers to the total sums of money or quantities measured over the course of a year in financial or quantitative analyses.

Average costing

Average costing is an inventory costing method where all costs of inventory are averaged over the goods available for sale, providing a medium cost per unit.