ACC 241 Chapter 4 Study Guide Latest
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5S - ️️ Correct-A workplace organization system comprised of the following steps:
sort, set in order, shine, standardize, and sustain
Activity- Based Costing (ABC) - ️️ Correct-Focusing on activities as the fundamental
cost objects. The costs...
5S - ✔️✔️Correct-A workplace organization system comprised of the following steps:
sort, set in order, shine, standardize, and sustain
Activity- Based Costing (ABC) - ✔️✔️Correct-Focusing on activities as the fundamental
cost objects. The costs of those activities become building blocks for compiling the
indirect costs of products, services, and customers
Activity- Based Management(ABM) - ✔️✔️Correct-Using activity- based cost information
to make decisions that increase profits while satisfying customers' needs
Appraisal Costs - ✔️✔️Correct-Costs incurred to detect poor quality goods or services
Backflush Costing - ✔️✔️Correct-A simplified accounting system in which production
costs are not assigned to units until they are finished, or even sold, thereby saving the
bookkeeping steps of moving the product through the various inventory accounts
Batch- Level Activities - ✔️✔️Correct-Activities and costs incurred for every batch,
regardless of the number of units in the batch
Conformance Costs - ✔️✔️Correct-The combination of prevention and appraisal costs;
the costs incurred to make sure a product or service is not defective and therefore
conforms to its intended design
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