Ch.1-4th Edition- Fundamentals of Cost Accounting Questions With 100% Correct Answers

Ch.1-4th Edition- Fundamentals of Cost Accounting Questions With 100% Correct Answers Value Chain - Correct Answer Set of activities that transforms raw resources into the goods and services that end users purchase and consume Value-Added Activities - Correct Answer Those activities that customers perceive as adding utlity to the goods or services they purchase Supply Chain - Correct Answer Set of firms and individuals that sells goods and services to the firm Distribution Chain - Correct Answer Set of firms and individuals that buys and distributes goods and services from the firm Financial Accounting - Correct Answer Field of accounting that reports financial position and income according to accounting rules Cost Accounting - Correct Answer Field of accounting that measures, records, and reports information about costs Generally Accepted Accounting Principles (GAAP) - Correct Answer Rules, standards, and conventions that guide the preparation of financial accounting statements for firms registered in the U.S. International financial reporting standards (IFRS) - Correct Answer Rules, standards, and conventions that guide the preparations of the financial accounting statements in many other countries. Nonvalue-added activities - Correct Answer Activities that do not add value to the good or service from the customer's perspective. Cost-benefit analysis - Correct Answer Process of comparing benefits (often measured in savings or increased profits) with costs associated with a proposed change within an organization. Cost driver - Correct Answer Factor that causes, or "drivers," costs.