Chapter 17 Cost Accounting

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Chapter 17 Cost Accounting
Antonio Orange
Flashcards by Antonio Orange, updated more than 1 year ago
Antonio Orange
Created by Antonio Orange almost 9 years ago
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Appraisal costs as part of the quality control process to ensure that their products and services meet customer expectations and regulatory requirements
benchmarking the process of investigating how others do something well so that the investigating company can imitate and possibly improve upon the benchmarked company's techniques.
Control Charts a graphical presentation of the results of a specified activity.
cost of compliance the sum of prevention and appraisal costs.
cost of noncompliance the cost of production imperfections; equals the sum of internal and external failure cost.
external failure costs any expenditure for items such as warranty work, customer complaints, litigation and defective product recalls incurred after a faulty unit of product has been shipped to the customer or an inadequate service has been performed for a customer.
grade the assessment of product characteristics as to that product's ability to satisfy certain identified customer needs especially price.
internal benchmarking a comparative technique that focuses on how and why one organizational unit is performing better than another.
internal failure cost an expenditure such as scrap and rework incurred on defective units before those units are shipped to the customer.
ISO 9000 Series a comprehensive series of international quality standards that define the various design, material procurement, production, quality control, and delivery requirements and procedures necessary to produce quality products and services; the series of three compliance standards and two guidance standards were integrated into ISO 9001:2000
Pareto Analysis s a statistical technique in decision-making used for the selection of a limited number of tasks that produce significant overall effect.
prevention cost The costs associated with providing poor quality products or services. There are four categories: internal failure costs (costs associated with defects found before the customer receives the product or service), external failure costs (costs associated with defects found after the customer receives the product or service), appraisal costs (costs incurred to determine the degree of conformance to quality requirements) and prevention costs.
process benchmarking a comparative technique that focuses on practices and how the best in class companies achieved their results.
quality the condition of having all the characteristics of a product or service to meet the stated or implied needs of the buyer; relates to both performance and value.
quality audit a review of product design activities manufacturing processes and controls, quality documentation and records and management philosophy.
quality control QC the implementation of all practices and policies designed to eliminate poor quality and variability in the production or service process; places the primary responsibility for quality at the source of the product or service.
results benchmarking a comparative technique in which an end product or service is examined; the focus is on product/service specifications and performance reults.
Six Sigma a high-performance, data-driven approach to analyzing and solving the root causes of business problems; allows no more than 3.4 defects per million.
statistical process control (SPC) the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations are typically the points at which the process produces errors which can be defective goods or poor service.
strategic benchmarking a comparative technique that is non industry specific and houses on how companies compete, seeking to identify the winning strategies that have enabled high-performing companies to be successful in their marketplaces.
Total quality management (TQM) a structural system for creating organization-wide participation in planning and implementing a continuous improvements process that exceeds the expectations of the customer/client; the application of quality principles to all company endeavors; is also known as total quality control.
Value the characteristic of meeting the highest number of customer needs the lowest possible price.
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