Q22E - Horngren'S Financial And Managerial Accounting

Question

Understanding today’s business environment 

Match the following terms to the appropriate statement. Some terms may be used more than once, and some terms may not be used at all.

E-commerce                                                        Just-in-time management (JIT) 

Enterprise resource planning (ERP)               Total quality management (TQM) 

a. A management system that focuses on maintaining lean inventories while producing products as needed by the customer. 

b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services while meeting organizational objectives. 

c. Integrates all of a company’s functions, departments, and data into a single system. 

d. Adopted by firms to conduct business on the Internet

Step-by-Step Solution

Answer

The business environment includes all internal and external factors and matching is done as required.

Step-by-Step Solution Step 1: Definition of the business environment

The business environment is defined as the sum or collection of all internal or external factors such as employees and customers.

Step 2: Matching

Statements	Terms
A	Just-in-Time Management (JIT)
B	Total Quality Management (TQM)
C	Enterprise Resource Planning (ERP)
D	E-Commerce