Final Exam Review: Principles of Accounting 1 Flash Cards: Koofers

Compute the cost assigned to ending inventory using FIFO, LIFO, weighted average, and specific identification. (Round all amounts to cents.) 4. Compute gross profit earned by the company for each of the four costing methods in part 3. Modern supply chain managers are working to develop ___________________ across their supply chains, but as you might imagine, developing these sophisticated metrics is not easy. Stakeholders and Goals- Have a plan that resolves around them.

Final Exam Review: Principles of Accounting 1 Flash Cards: Koofers

Problems found and fixed within the supply chain – Quality costs that were identified within the supply chain, before they reached the consumer. SCOR Model The SCOR Model is complex and can be difficult and/ or expensive to implement, but a large group of global companies have. Many of those companies have reported improved supply chain performance since the adoption of the SCOR model. The theory behind the BSC approach is to proactively look for problems before they _________________________. Rather than wait for profits to decline or sales to drop, a company should see problems that may be on the horizon by measuring beyond financial results.

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CHANGE AGENT – Anticipate Learning Curves and Resistance to Change 6. DESIRE TO HELP PEOPLE – Don’t get angry. Remember you are there to help. VALUES SIMPLICITY – Easy to Understand Solutions – Explain changes, benefits, metrics… The use of notes, books, https://accountingcoaching.online/ websites, and other materials is prohibited while taking the exam. For those students with group works or discussions, you can call upon your group members and classmates to join the app. You will all be allowed to input your portions in it for free.

Accountability, good metrics, easy to identify problems. Notion is flexible in that you can modify almost every part of it.

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DEVELOP IMPLEMENTATION PLAN – Provide a path to adoption. MAKING ASSUMPTIONS – Never assume. Investigate more. DEVELOPING SOLUTIONS TOO SOON – Long lasting solutions are rarely obvious 3. LISTENING TO CLIENT’s PRE-FABRICATED SOLUTIONS – Why now? SCOPE INFLATION – Limited time.

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Find the Cheapest Task to Crash in the Critical Path. In some cases you may need to consider crashing more than one task in order to affect all Critical Paths. Crash that item by one week. Change completion time in the Activity On Node Diagram. Change Path times for all affected Paths. Find the New Critical Path or Paths. Repeat steps 3 through 7 until you’ve reached the desired project time.

Final Exam Review: Principles of Accounting 1 Flash Cards: Koofers

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Miscommunication – Employees do not understand goals, process… Any activity or group of activities that takes an input, adds value to it, and provides an output to an internal or external customer.

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As long as cash is tied up inventory, the company is restricted from investing in those funds in other endeavors. Impact the financial results. A company with a poor work environment, a stagnant work environment, or a poorly trained work force is likely to experience issues at many levels. All of these problems could very soon impact processes, customers, and profits.

  • These various boxes or “nodes” are connected from beginning to end with arrows to depict a logical progression of the dependencies between the schedule activities.
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  • Find the Critical Path or Paths.
  • (Round all amounts to cents.) 4.
  • The PURCHASE Knowing your Company and your Supply Chain.

Boss is happy, customer is happy, and more customers want to see the cow drink. The cow doesn’t have room for error and accepts flawed system of drinking water rather than trying faster and effective way. When old cow leaves, new cow comes in and is expected to do job the way the old cow did, when it clearly sees faster and more effective way to reach water. Development of poor or limited processes – May result in limited capacity, inefficiency, confusion… Lack of appropriate tools, technology… Match each activity with its classification on the statement of cash flows. A maximum of 30 hours of ICE credits will be accepted toward an undergraduate degree; the number of credits that may be applied toward each major may vary.

This can occur when the scope of a project is not properly defined, documented, or controlled. Realizing that your process’s problems relates or involves many other processes. May not have recourses or clearance to make solutions. A project management term that refers to a precedence diagramming method which uses boxes to denote schedule activities.

Final Exam Review: Principles of Accounting 1 Flash Cards: Koofers

Internal Failure Costs If the problem is addressed internally the customer never sees the problem. Internal Failure Costs helps managers discover that internal quality improvements could help decrease or eradicate these costs. One key lesson learned via the costs of quality is that the longer you wait in the supply chain to address the problems, the _________________.

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The relationship between the four costs of quality helps determine ____________________. As you will likely notice, as internal failure costs are increased, external failure costs should decrease.

Shortening the Time of the Project by increasing the number of resources usually in the most cost effective manner. When Crashing in this class, ALWAYS choose the cheapest solution. Final Exam Review: Principles of Accounting 1 Flash Cards: Koofers DESIRED STATE – Quantifiable Goals 2. PRESENT STATE – Collect Data and Observe 3. GAP ANALYSIS – Compare Present vs Desired State 4. PROJECT SCOPE – You can’t fix everything.