Following are three separate events affecting the managerial accounting systems for different companies. Match the management concept(s)
Question:
Event Management Concept a. Total quality management (TQM) b. Continuous improvement (C) I. The company starts reporting measures on customer complaints and product returns from customers. 2. The company starts reporting measures such as the percent of defective products Customer orientation (eo) and the number of units scrapped. d. Just-in-time JIT) system 3. The company starts measuring inventory turnover and discontinues elaborate inventory records. Its new focus is to pull inventory through the system.
Step by Step Answer:
1 a Total quality management TQM b C...View the full answer
Related Video
Inventory turnover is a key metric that helps businesses evaluate the efficiency of their operations. A high turnover ratio is generally considered positive, indicating that the company is effectively selling its inventory and making efficient use of its resources. On the other hand, a low turnover ratio may indicate issues such as overstocking or slow sales and may require further examination to identify and address the underlying causes. Businesses use this ratio to make decisions about inventory levels, production schedules, and pricing strategies. It also helps businesses to identify areas where they may need to make improvements, such as reducing lead times for production or optimizing sales and marketing efforts. Additionally, inventory turnover is used by investors and analysts as a key performance indicator to evaluate the financial health and growth potential of a company.
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