A+ Graded Paper
ACCT 320 – Graded Exam 1 | Verified Answers +
CPA-Style Practice
Questions and Mark scheme
Version: Final 1.1
, Life Cycle Costing (LCC) - ✔✔A method of combining the initial cost of products with the cost of their maintenance,
periodic replacement, and residual value
Benchmarking - ✔✔A process of continuously measuring system results, comparing those results to optimal system
performance (benchmark values), and identifying steps and procedures to improve system performance
Total Quality Management (TQM) - ✔✔a management philosophy that focuses on satisfying customers through
empowering employees to be an active part of continuous quality improvement
lean accounting - ✔✔a cost accounting system that provides measures at the work cell or process level and minimizes
wasteful or unnecessary transaction processes
Theory of Constraints (TOC) - ✔✔Systems management philosophy that states that every organization is hindered by
constraints that come from its internal policies.
Bottleneck - ✔✔a place where a road becomes narrow, or a place where there is often a lot of traffic, causing the traffic
to slow down or stop:
The construction work is causing bottlenecks in the city centre.
Sustainability - ✔✔meeting the needs of the present without compromising the ability of future generations to meet
their own needs
Enterprise Risk Management - ✔✔a framework and process that firms use to manage the risks that could negatively or
positively affect the company's competitiveness and success
Ethical Professional Practice Contains 4 main standards - ✔✔competence
confidentiality
integrity
credibility
CH1: The IMA definition of management accounting states that - ✔✔management accounting involves partnering in
mgmt decision making, planning, and performance measurement to assist in the formulation and implementation of an
organizations strategy
ACCT 320 – Graded Exam 1 | Verified Answers +
CPA-Style Practice
Questions and Mark scheme
Version: Final 1.1
, Life Cycle Costing (LCC) - ✔✔A method of combining the initial cost of products with the cost of their maintenance,
periodic replacement, and residual value
Benchmarking - ✔✔A process of continuously measuring system results, comparing those results to optimal system
performance (benchmark values), and identifying steps and procedures to improve system performance
Total Quality Management (TQM) - ✔✔a management philosophy that focuses on satisfying customers through
empowering employees to be an active part of continuous quality improvement
lean accounting - ✔✔a cost accounting system that provides measures at the work cell or process level and minimizes
wasteful or unnecessary transaction processes
Theory of Constraints (TOC) - ✔✔Systems management philosophy that states that every organization is hindered by
constraints that come from its internal policies.
Bottleneck - ✔✔a place where a road becomes narrow, or a place where there is often a lot of traffic, causing the traffic
to slow down or stop:
The construction work is causing bottlenecks in the city centre.
Sustainability - ✔✔meeting the needs of the present without compromising the ability of future generations to meet
their own needs
Enterprise Risk Management - ✔✔a framework and process that firms use to manage the risks that could negatively or
positively affect the company's competitiveness and success
Ethical Professional Practice Contains 4 main standards - ✔✔competence
confidentiality
integrity
credibility
CH1: The IMA definition of management accounting states that - ✔✔management accounting involves partnering in
mgmt decision making, planning, and performance measurement to assist in the formulation and implementation of an
organizations strategy
