Summary: Accounting Principles | 9780538756594 | Belverd E Needles, et al
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Read the summary and the most important questions on Accounting principles | 9780538756594 | Belverd E. Needles, Marian Powers, Susan V. Crosson.
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18 The changing business environment
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What is the planning framework of a company?
It consists of its vision, mission, strategic, tactical, and operating objectives as combines in a business plan.
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Why is the supply chain usefull?
It is useful as a tool to clearly understand the position of the company on the path from raw material to end-user
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Why is the value chain analysis useful?
To distinguish between primary processes that directly add value to the product or service (from the perspective of the end-user) and support services. It can be used to make strategic decisions about outsourcing
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Which 4 management tools support continuous improvement?
- Just-in-time operating philosophy
- Total quality management
- Activity-based management
- Theory of constraints
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What is a balanced scorecard?
A performance measurement framework that links the perspectives of a company's four stakeholder groups to the company's plan. The 4 stakeholders perspectives are: Financial(investors), customer, internal business processes, and learning and growth (employees).
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19 Cost concepts
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What are the fixed costs?
A cost that remains constant within a defined range of activity over a period or time.
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What are non value-adding costs?
The cost of an activity that adds cost to a product or service but does not increase its market value
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What are Product costs?
or inventoriable costs, are costs assigned to inventory; they include direct materials, direct labor, and overhead. Product costs appear on the income statement as cost of goods sold and on the balance sheet as inventory.
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20 Financial statements and the reporting of costs
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What are the 3 steps in the statement of cost of goods manufactured?
- Compute the cost of direct materials used during an accounting period.
- Calculate the total manufacturing costs for that period
- Determine the total costs of goods manufactured for that period
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20.1 Inventory accounts in manufacturing organizations
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What is the work in process inventory account?
Shows the manufacturing costs that have been incurred and assigned to partially completed units of product.
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