Managerial Accounting Can Be Used to Calculate Costs for Service

question 64

True/False

Managerial accounting can be used to calculate costs for service and merchandising companies.

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Definitions:

Just-In-Time Manufacturing

A production strategy that strives to improve business efficiency by reducing in-process inventory and associated carrying costs, delivering materials just as they are needed.

Supply Chains

The entire system of producing and delivering a product or service, from the raw materials to the final consumer.

Global Procurement

The process of sourcing goods and services from the global market to exploit global efficiencies, such as lower cost or enhanced quality and innovation.

Big Data

Describes extremely large data sets that users can analyze to uncover important and helpful statistical patterns, trends, and associations.