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Activity-Based Costing: Activity-based costing is the method to analyze the each activity according to the specified costs. The cost of the activity is defined on the basis of the products and services are consumed by them.
Balanced Scorecard Approach: The trade-off between innovations and cost effectiveness is called balanced scorecard approach. Sometimes managers focus too much on innovations that result in extra costs or wastes of business funds. So to avoid that situation the balanced scorecard approached is implemented.
Total Quality Management: Companies manage the quality of their product at each level to achieve the objective of zero defect products. The system which monitors the quality at the each level of production is known as total quality management.
Research and Development, and Product Design: Research and development is the process to analyze the market to develop the new product or make the changes in the existing product. Product design is an important part of the production process. Shape or size of the product is defined under this process only.
Service Industries: Industry, which offers the service not the products to its customers is called the service industry. Railways, airline, promotion agencies, government agencies and restaurants are the examples of service industries.
Just-in-time Inventory: The innovation that reduced the cost of inventory very effectively, just-in-time inventory system is based on the concept to buy or manufacture the goods just at time of sale.
Sarbanes-Oxley Act (SOX): To responds to the major corporate and accounting scandals, Sarbanes-Oxley Act was enacted. This act consists with the eleven sections.
Global Reporting Initiatives: Global reporting initiatives give the guidelines to the companies and government to communicate the effect of external affairs on their organization.
To Identify: The option, best suitable to the description.
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Chapter 19 Solutions
Accounting Principles 12th Edition
- Incorrect Question 6 0 / 10 pts Audit Organization ABC is evaluating the different non-audit services it provides to its various clients. Indicate which of the following non-audit services would impair its independence. There are multiple answers. (Hint: There are five non-audit services that would impair the firm's independence). Hiring or terminating the audited entity's employees. Preparing financial statements in their entirety from a client-provided trial balance. Evaluation of an entity's system of internal control performed outside the audit. Approving entity transactions. Supervising ongoing monitoring procedures over an entity's system of internal control. Preparing certain line items or sections of the financial statements based on information in the trial balance. Preparing account reconciliations that identify reconciling items for the audited entity management's evaluation. Changing journal entries without management approval. Posting coded transactions to an audited…arrow_forwardFinancial Accountingarrow_forwardGeneral Accountingarrow_forward
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