UTA Accounting 2302 Exam 1
Questions and Answers21
Lean Operations - ANSWERSeliminates waste through
continuous improvement and focus on exactly what the
customer wants
Lean Thinking - ANSWERSa management philosophy and
strategy focused on creating value for the customer by
eliminating waste
Eight Wastes of Traditional Operations -
ANSWERSDOWNTIME (defects, overproduction,
waiting, not utilizing people to their full potential,
transportation, inventory, movement,
excess processing)
Characteristics of lean operations - ANSWERSi. Just-in-
Time (JIT) inventory philosophy
ii. Value stream mapping
iii. Production occurs in self-contained cells
iv. Employee empowerment: Broad roles and the use of
teams
v. 5S workplace organization
vi. Continuous flow
vii. Pull system
viii. Shorter manufacturing cycle times
ix. Smaller batches
x. Reduced setup times
,xi. Point-of-use storage
xii. Emphasis on quality
xiii. Supply-chain management
xiv. Backflush costing
xv. Drawbacks to a lean production system
Total Quality Management - ANSWERSmanaging the
entire organization so that it excels on all dimensions of
products and services that are important to the customer
Costs of Quality - ANSWERSprevention costs, appraisal
costs, internal failure costs, external failure costs
Using costs of quality framework to aid decisions -
ANSWERScosts help in business decision making
What is managerial accounting? - ANSWERSthe process
of identifying, measuring, analyzing, interpreting and
communicating information for the pursuit of an
organization's goals
Managers' three primary responsibilities -
ANSWERSPlanning
Directing
Controlling
How managerial accounting fits in - ANSWERSManagerial
accounting building blocks
Determining unit cost
Making decisions
Planning
, Controlling and evaluating
Differences between managerial accounting and financial
accounting - ANSWERSThe difference between financial
and managerial accounting. ... In general, financial
accounting refers to the aggregation of accounting
information into financial statements, while managerial
accounting refers to the internal processes used to
account for business transactions
Role of management accountants - ANSWERScollecting,
recording and reporting financial data from several units of
an organization, observe and analyze their budget and
suggest their funding and allocation.
How can accounting help solve the business issue, event,
or problem? - ANSWERSManagement accounting always
begins with some relevant business issue that
management is facing or some economic event that
occurred in the past or might occur in the future.
Management accounting is used to shed light on the issue
and direct management's path.
What are the "gray areas"? - ANSWERSassumptions,
estimates, measurement choices, and judgment calls
might impact the information that is used for decision
making? Because of the gray areas and judgment
involved, accounting numbers are rarely as precise as
they may seem.
Questions and Answers21
Lean Operations - ANSWERSeliminates waste through
continuous improvement and focus on exactly what the
customer wants
Lean Thinking - ANSWERSa management philosophy and
strategy focused on creating value for the customer by
eliminating waste
Eight Wastes of Traditional Operations -
ANSWERSDOWNTIME (defects, overproduction,
waiting, not utilizing people to their full potential,
transportation, inventory, movement,
excess processing)
Characteristics of lean operations - ANSWERSi. Just-in-
Time (JIT) inventory philosophy
ii. Value stream mapping
iii. Production occurs in self-contained cells
iv. Employee empowerment: Broad roles and the use of
teams
v. 5S workplace organization
vi. Continuous flow
vii. Pull system
viii. Shorter manufacturing cycle times
ix. Smaller batches
x. Reduced setup times
,xi. Point-of-use storage
xii. Emphasis on quality
xiii. Supply-chain management
xiv. Backflush costing
xv. Drawbacks to a lean production system
Total Quality Management - ANSWERSmanaging the
entire organization so that it excels on all dimensions of
products and services that are important to the customer
Costs of Quality - ANSWERSprevention costs, appraisal
costs, internal failure costs, external failure costs
Using costs of quality framework to aid decisions -
ANSWERScosts help in business decision making
What is managerial accounting? - ANSWERSthe process
of identifying, measuring, analyzing, interpreting and
communicating information for the pursuit of an
organization's goals
Managers' three primary responsibilities -
ANSWERSPlanning
Directing
Controlling
How managerial accounting fits in - ANSWERSManagerial
accounting building blocks
Determining unit cost
Making decisions
Planning
, Controlling and evaluating
Differences between managerial accounting and financial
accounting - ANSWERSThe difference between financial
and managerial accounting. ... In general, financial
accounting refers to the aggregation of accounting
information into financial statements, while managerial
accounting refers to the internal processes used to
account for business transactions
Role of management accountants - ANSWERScollecting,
recording and reporting financial data from several units of
an organization, observe and analyze their budget and
suggest their funding and allocation.
How can accounting help solve the business issue, event,
or problem? - ANSWERSManagement accounting always
begins with some relevant business issue that
management is facing or some economic event that
occurred in the past or might occur in the future.
Management accounting is used to shed light on the issue
and direct management's path.
What are the "gray areas"? - ANSWERSassumptions,
estimates, measurement choices, and judgment calls
might impact the information that is used for decision
making? Because of the gray areas and judgment
involved, accounting numbers are rarely as precise as
they may seem.
