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.
Students also viewed these Managerial Accounting questions
-
Which company is likely to have lower total risk, General Electric or Coca-Cola? Why?
-
Total Quality Management (TQM) addresses organizational quality from managerial and philosophical viewpoints. It focuses on customer-driven quality standards, managerial leadership, continuous...
-
Managerial accounting is more than recording, maintaining, and reporting financial results. Managerial accountants must provide managers with both financial and nonfinancial information including...
-
Required information [The following information applies to the questions displayed below.] Most Company has an opportunity to invest in one of two new projects. Project Y requires a $310,000...
-
Bailey Corp. changed depreciation methods in 2014 from straight-line to double-declining-balance because management gathered evidence that the assets were being used differently than previously...
-
A Mayberry Ltd, a company with a turnover of 30,000 per year, acquired a machine on 1 January 20X0 for 8,000. It was company policy to depreciate machinery on a straight-line basis at 20 per cent per...
-
The relationship between environmental costs and profits. LO.1
-
A building with a cost of $780,000 has an estimated residual value of $90,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. (a) What is the amount of the...
-
CowCo is a company that farms dairy cattle. CowCo owns the farmland on which the cattle are located, having purchased it for $1.5 million in 2011. The land is measured at cost under IAS 16. Details...
-
Smith & Johnson is a supply distributor that used activity-based costing to determine the cost of serving its clients. Different clients demanded different services from Smith & Johnson. For...
-
Customer orientation means that a companys managers and employees respond to customers changing wants and needs. A manufacturer of plastic fasteners has created a customer satisfaction survey that it...
-
Georgia Pacific, a manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as a prime and/or conversion cost. (2)...
-
Wallace Computer Company is a small, closely held corporation. Eighty percent of the stock is held by Derek Wallace, president. Of the remainder, 10% is held by members of his family and 10% by Kathy...
-
The transmitted energy expands out into space as it propagates at 3 GHz between the transmitter and the receiver over 30 km distance. Calculate the free space loss using a suitable formula and any...
-
What is the company featured in this episode of Undercover Boss? List 3 good professional activities that the CEO/president learned about their company by going undercover? List areas of the...
-
Assume there is a national lottery in the winning ticket is worth $10 million one winning ticket will be selected if there are 225 million tickets sold. What is the chance that a buyer of one ticket...
-
Description: Reference: Basu Thakur. (2015). PostcolonialTheory and Avatar (pp. 85-150,157-172). Bloomsbury PublishingUSAPre-Peer Paper Review for the Postcolonial Application Paper 1: Collecting...
-
NOT ASKING THE ACTUAL SHEAR STRESS. Please READ! Derive the shear stress distributed equation over the cross-section. Derive the equation and plot. 15 15 30 15 15 120 -90 20 0.5 m 72 kN 20 20 40 40...
-
Lets figure out GDP for Robinson Crusoe. a. Initially, he is stuck on an island without the wisdom and local knowledge of Friday. Because Crusoe is a proper Englishman, he wants to keep his accounts....
-
What are the before image (BFIM) and after image (AFIM) of a data item? What is the difference between in-place updating and shadowing, with respect to their handling of BFIM and AFIM?
-
Using Wilson Trucking Companys adjusted trial balance from Exercise 3-21, prepare its December 31 closing entries. Data from Exercise 3-21 Use the following adjusted trial balance at December 31 of...
-
Leah Wells, a yoga instructor, started a company that sells athletic yoga clothing. You are Leahs marketing manager. Round your answers to two decimal places. a. After assessing the competitors, you...
-
The following amounts appeared on Plymouth Electronics adjusted trial balance as of December 31, 2017. Required 1. Prepare a 2017 classified, multiple-step income statement for Plymouth Electronics,...
-
Nikki designed a line of environmentally friendly handbags under the brand Nik & Mik. You are the marketing manager. Round all numbers to two decimal places. a. After assessing the competitors, Nikki...
-
How does the life time analysis differ from the basic customer profitability approach(500 words)
-
The security analysis research reports, published by sell side analysts working for security firms and FINRA, purport to sell an analyst's investment ideas to an investor in exchange for...
-
During the month of September,the Cider Pressing Company is trying to determine how much cider they are going to sell in October and November. One gallon of cider typically sells for $7 per gallon....
Study smarter with the SolutionInn App