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Lean Accounting Quiz: Understanding Compatibility, Costs, and Inventory, Study notes of Accounting

University of East Anglia (UEA)Accounting

This lean accounting quiz covers various aspects of lean accounting, including its compatibility with gaap, the nature of traditional cost accounting, the distinction between fixed and variable costs, and the importance of value stream costing. Test your knowledge with these questions.

What you will learn

  • What does inventory include?
  • Which step of Throughput Costing is NOT involved in calculating costs per unit?
  • Can indirect costs be tied directly to a unique product or service?
  • What are some reasons performance measures should change once Lean Accounting is adopted?
  • Should the total facility revenues equal the sum of value stream revenues in Value Stream Statements?
  • Is Lean Accounting compatible with GAAP?

Typology: Study notes

2021/2022

Uploaded on 09/12/2022

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bartolix 🇬🇧

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Lean Accounting Quiz
Page 1
!
!
!
!
Lean!Accounting!Quiz!
!
1. Lean!Accounting!is!compatible!with!GAAP.!
a. True
b. False
2. Traditional Cost Accounting considers inventory to be a liability.
a. True
b. False
3. Traditional Cost Accounting can often be:
a. Expensive
b. Wasteful
c. Misleading
d. Inaccurate
e. All of the above
4. Indirect costs are costs that can be tied directly to a unique product or service, such as
assembly labor.
a. True
b. False
5. __________ change as business increases or decreases during the period, such as raw
material.
a. Fixed Costs
b. Variable Costs
c. Direct Costs
d. Administrative Costs
6. For value stream costing to be effective, people should be assigned to value streams
with as _________ overlap as possible.
a. little
b. much
pf3

Partial preview of the text

Download Lean Accounting Quiz: Understanding Compatibility, Costs, and Inventory and more Study notes Accounting in PDF only on Docsity!

Page 1

Lean Accounting Quiz

  1. Lean Accounting is compatible with GAAP. a. True b. False
  2. Traditional Cost Accounting considers inventory to be a liability. a. True b. False
  3. Traditional Cost Accounting can often be: a. Expensive b. Wasteful c. Misleading d. Inaccurate e. All of the above
  4. Indirect costs are costs that can be tied directly to a unique product or service, such as assembly labor. a. True b. False
  5. __________ change as business increases or decreases during the period, such as raw material. a. Fixed Costs b. Variable Costs c. Direct Costs d. Administrative Costs
  6. For value stream costing to be effective, people should be assigned to value streams with as _________ overlap as possible. a. little b. much

Page 2

  1. When compiling Value Stream Statements total facility revenues should equal the sum of value stream revenues. a. True b. False
  2. Inventory includes (select all that apply): a. manpower b. materials c. finished goods d. work in process e. overtime
  3. All types of inventory must be accounted for on the balance sheet. a. True b. False
  4. If C.O.G.S for the year equal $500,000 and the inventory value each month equals $100,000 what are the inventory turns? a. 5 b. 0. c. 100 d. 50
  5. Which of the following is NOT one of the 4 steps to Throughput Costing? a. Identify the Bottleneck Process b. Determine the maximum throughput based on the bottleneck process c. Calculate variances d. Calculate the Conversion Costs per Unit e. Add material costs
  6. It’s not uncommon for Throughput Costs to be higher than traditional Standard Costing methods. a. True b. False
  7. Setting a product’s price is the first step in target costing. a. True b. False
  8. Which of the following are reasons performance measures should change once Lean Accounting is adopted (select all the apply)? a. The goals of the system have changed b. The need to monitor employee performance has changed c. The organizational structure has changed d. The timing of information needs have changed