utilize a balanced scorecard system. | Good Grade Guarantee!
How have many companies significantly lowered inventorylevels and costs?
They utilize a balanced scorecard system.
They focus on a total quality management system.
They have a just-in-time method.
They use activity-based costing.
What term describes all activities associated with providinga product or service?
The product chain
The supply chain
The value chain
The manufacturing chain
Which one of the following managerial accounting approachesattempts to allocate manufacturing overhead in a more meaningful fashion?
What is “balanced” in the balanced scorecardapproach?
The number of defects found on each product
The emphasis on financial and non-financial performancemeasurements
The amount of costs allocated to products
The number of products produced
Which one of the following characteristics would likely beassociated with a just-in-time inventory method?
Ending inventory of work in process that would allow severalproduction runs
Minimal finished goods inventory on hand
An understanding with customers that they may come to theshowroom and select from inventory on hand
A backlog of inventory orders not yet shipped
Some companies implement systems to reduce defects infinished products with the goal of achieving zero defects. What are thesesystems called?
Value chain systems
Activity-based costing systems
Balanced scorecard systems
Total quality management systems
The balanced scorecard approach
normally sets the financial objectives first, and then setsthe objectives in the other perspectives to accomplish the financialobjectives.
evaluates performance using about 10 different perspectivesin order to effectively incorporate all areas of the organization.
uses only financial measures to evaluate performance.
uses rather vague, open statements when setting objectivesin order to allow managers and employees flexibility.
The customer perspective of the balanced scorecard approach
evaluates how well the company is performing from theviewpoint of those people who buy its products and services.
evaluates the internal operating processes critical to thesuccess of the organization.
is the most traditional view of the company.
evaluates how well the company develops and retains itsemployees.
The perspectives included in the balanced scorecard approachinclude all of the following except the
capacity utilization perspective.
internal process perspective.
learning and growth perspective.
A fixed cost is a cost which
remains constant in total with changes in the level ofactivity.
remains constant per unit with changes in the level ofactivity.
varies inversely in total with changes in the level ofactivity.
varies in total with changes in the level of activity.
The increased use of automation and less use of the workforce in companies has caused a trend towards an increase in
variable costs and no change in fixed costs.
fixed costs and a decrease in variable costs.
variable costs and a decrease in fixed costs.
both variable and fixed costs.
Cost activity indexes might help classify costs as
Which of the following is not a fixed cost?
Firms operating at 100% capacity
have no fixed costs.
have no variable costs.
are the exception rather than the rule.
Which one of the following is a name for the range overwhich a company expects to operate?
If Whisper Wings Airlines cuts its domestic fares by 30%,
profit will increase by 30%.
a profit can be earned either by increasing the number ofpassengers or by decreasing variable costs.
its fixed costs will decrease.
a profit can only be earned by decreasing the number offlights.
The high-low method is criticized because it
is not a graphical method.
ignores much of the available data by concentrating on onlythe extreme points.
doesn’t provide reasonable estimates.
is a mathematical method.
Sanclus Winery has fixed costs of $16,000 per year. Itswarehouse sells wine with variable costs of 80% of its unit selling price. Howmuch in sales does Sanclus need to break even per year?
The break-even point is where
total variable costs equal total fixed costs.
total sales equal total variable costs.
contribution margin equals total fixed costs.
total sales equal total fixed costs.
Bowan Company reported the following information for thecurrent year: Sales (50,000 units) $1,000,000, direct materials and directlabor $500,000, other variable costs $50,000, and fixed costs $288,000. What isBowan contribution margin ratio?
Newman Company sells MP3 players for $60 each. Variablecosts are $40 per unit, and fixed costs total $90,000. How many MP3 playersmust Newman sell to earn net income of $210,000?
How much sales are required to earn a target net income of$160,000 if total fixed costs are $300,000 and the contribution margin ratio is40%?
The following monthly data are available for Hepburn, Inc.which produces only one product: Selling price per unit, $42; Unit variableexpenses, $14; Total fixed expenses, $84,000; Actual sales for the month ofJune, 4,000 units. How much is the margin of safety for the company for June?
In evaluating the margin of safety, the
higher the margin of safety ratio, the greater the margin ofsafety.
higher the dollar amount, the lower the margin of safety.
break-even point is not relevant.
higher the margin of safety ratio, the lower the fixedcosts.
Contribution margin is
the amount of revenue remaining after deducting fixed costs.
available to cover fixed costs and contribute to income forthe company.
unit selling price less unit fixed costs.
sales less fixed costs.
Guid Company had actual sales of $900,000 when break-evensales were $600,000. What is the margin of safety ratio?
In applying the high-low method, what is the fixed cost?
Month Miles Total Cost
January 80,000 $144,000
February 50,000 120,000
March 70,000 141,000
April 90,000 180,000
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