Practice | Describe Trends in Today’s Business Environment and Analyze Their Impact on Accounting

Q1 | Which of the following is not an objective used in the balanced scorecard approach?

Customer

Financial

Vendor

Learning and growth

Q2 | Which of the following is not true regarding continuous improvement?

It applies to both service and manufacturing companies.

It is used to reduce performance costs.

It rejects the idea of “good enough.”

It can be applied only to improve processes and products but not services and practices.

Q3 | A company’s attempts to utilize sustainable business practices with regard to its employees, the environment, and society are known as ________.

a balanced scorecard

corporate social responsibility

total quality management

value chain

Q4 | A process that is often linked to Six Sigma and is designed toward continuous improvement by eliminating waste is ________.

kamikaze

value chain

total quality management

kaizen

Q5 | An inventory system that organizations use to increase efficiency and decrease waste is ________.

corporate social responsibility

just-in-time manufacturing

total quality management

Lean Six Sigma

Q6 | A quality control program that depends on multiple team members for removing waste and diminishing defects within products is ________.

kaizen

total quality management

Lean Six Sigma

a balanced scorecard

Principles of Accounting Volume 2: Managerial Accounting