Q4TI - Horngren'S Financial And Managerial Accounting

Question

Match the definition to the key term. 

13. Triple bottom line 

14. Value chain 

15. Just-in-time management 

16. Enterprise resource planning 

17. Total quality management 

a. A cost management system in which a company produces products just in time to satisfy needs. 

b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services, while meeting organizational goals throughout the value chain. 

c. Software system that can integrate all of a company’s functions, departments, and data into a single system. 

d. Evaluating a company’s performance by its economic (profits), social (people), and environmental (planet) impact. 

e. Includes all activities that add value to a company’s products and services

Step-by-Step Solution

Answer

The value chain is the step which adds value to the product and matching is done.

Step 1: Definition of Value chain

The value chain is defined as the steps involved in the production, marketing, and sales that add value to the end product.

Step 2: Matching

Key Term
13. Tripple Bottom Line	D
14. Value Chain	E
15. Just-in-time management	A
16. Enterprise resource planning	C
17. Total quality management	B