Accounting Terminology
Listed Below Are Eight Technical Accounting Terms Introduced

question 40

Essay

Accounting terminology
Listed below are eight technical accounting terms introduced or emphasized in this chapter:
$$\begin{array} { | l | l | } \hline \text { Activity-based management } & \text { Life-cycle costing } \\\hline \text { Value-added activity } & \text { Non-value-added Sectivity } \\\hline \text { Target costing } & \text { Total quality management } \\\hline \text { Just-in-time manufacturing system } & \text { Value engineering } \\\hline\end{array}$$
Each of the following statements may (or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.
_______ (a) The process of using activity-based costs to help reduce or eliminate non-value-added activities.
_______ (b) Can be eliminated without affecting the desirability of the product from the perspective of the customer.
_______ (c) The length of time for a product to pass completely through a specific manufacturing process.
_______ (d) If eliminated, the desirability of the product to consumers is decreased.
______ (e) Consideration of all potential resources that will be consumed by a product from development through disposal.
______ (f) A method in which a product's cost is determined by subtracting a fixed profit margin from its selling price.
______ (g) An approach that explicitly monitors quality costs and rewards quality enhancing behavior.

---

Definitions:

Loblaws

A Canadian supermarket chain that offers grocery and pharmaceutical products, known for its brand presence and community initiatives.

Market Feel

An intuitive or subjective insight into market dynamics and customer behavior, often gained through experience rather than formal analysis.

Strip Mall

A retail shopping area, typically with parking in front, that is composed of a row of connected stores and services in a long and narrow layout.

Neighborhood Stores

Retail outlets located within residential areas that cater to the everyday needs of the local community.