Exercise 1-18 The following is a list of terms related to managerial accounting

Question

Exercise 1-18 The following is a list of terms related to managerial accounting practices. 1. Activity-based costing 2. Just-in-time inventory 3. Balanced scorecard. 4. Value chain. Match each of the terms with the statement below that best describes the term. Terms Description A performance-measurement technique that attempts to consider and evaluate all aspects of performance using financial and nonfinancial measures in an integrated fashion. The group of activities associated with providing a product or performing a service An approach used to reduce the cost associated with handling and holding inventory by reducing the amount of inventory on hand A method used to alocate overhead to products based on each product's use of the activities that cause the incurrence of the overhead cost.

Explanation / Answer

(a) 3. Balanced scorecard.

(b) 4. Value chain.

(c) 2. Just-in-time inventory.

(d) 1. Activity-based costing.

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