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ACC 3200 Exam 1 Review Questions And Verified Correct Answers Guaranteed Success.

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Identify parts of the value chain and describe the purpose of value accounting and who determines value - correct answer -set of activities required to design develop, produce, market, distribute, and service a product -customer determines the value and can be increased by increasing speed of...

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  • September 19, 2024
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ACC 3200 Exam 1 Review

Identify parts of the value chain and describe the purpose of value accounting and who determines
value - correct answer -set of activities required to design develop, produce, market, distribute, and
service a product

-customer determines the value and can be increased by increasing speed of delivery and response

-purpose - increase production efficiency so that a company can deliver max value for less cost



Identify major factors leading to the globalization of manufacturing and service - correct answer
vastly improved transportation and communication system



Describe competitive advantage and what companies must do to achieve it - correct answer -creating
better customer value for the same or lower cost than other competitors or equivalent value for lower
cost than competitors

-more relevant and timely cost information for advantage



Describe sustainable development - correct answer Development that meets the needs of the
present without compromising the ability of future generations to meet their own needs.



Classify costs as Product vs. Period - correct answer -product: direct materials, direct labor (factory
employee), and overhead (plant and factory - IL and IM)

-delivery = period

-store = period

-office supplies = period



Define and identify the differences between costs, expenses, and losses - correct answer -cost: cash
or cash equivalent value sacrificed for goods or services that are expected to bring a current or future
benefit to the organization

-expenses: expired cost

-loss: a cost that expires withou producing any revenue benefit and is a negative profit

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