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Match Each of the Following Terms to the Appropriate Definitions

Question 71

Matching

Match each of the following terms to the appropriate definitions.

Premises:

Responses:

Corporate social responsibility

Reveals how many times a company uses its raw materials inventory in production during a period.

Managerial accounting

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

Work in Process inventory

An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

Customer orientation

A concept that considers the demands of diverse stakeholders,including employees,suppliers,and society.

Lean business model

The idea that managers and employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.

Raw materials inventory

Costs directly associated with the manufacture of finished goods; includes direct materials and direct labor.

Just-in-time manufacturing

Materials a company acquires to use in making products.

Continuous improvement

Products in the process of being manufactured but not yet complete.

Raw materials inventory turnover

A system that acquires inventory and produces only when needed.

Premises:

Corporate social responsibility

Managerial accounting

Work in Process inventory

Customer orientation

Lean business model

Raw materials inventory

Just-in-time manufacturing

Continuous improvement

Raw materials inventory turnover

Responses:

Reveals how many times a company uses its raw materials inventory in production during a period.

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

An activity that provides financial and nonfinancial information to an organization's managers and other internal decision makers.

A concept that considers the demands of diverse stakeholders,including employees,suppliers,and society.

The idea that managers and employees understand the changing needs and wants of their customers and align their management and operating practices accordingly.

Costs directly associated with the manufacture of finished goods; includes direct materials and direct labor.

Materials a company acquires to use in making products.

Products in the process of being manufactured but not yet complete.

A system that acquires inventory and produces only when needed.

Correct Answer:

Premises:

Responses:

Corporate social responsibility

Managerial accounting

Work in Process inventory

Customer orientation

Lean business model

Raw materials inventory

Just-in-time manufacturing

Continuous improvement

Raw materials inventory turnover