1.2 Explain how business functions help management accountants organize accounting information.
1) In the value chain, Research and Development generates and experiments with new ideas related to new products.
2) The value chain includes the following functions: research and development; design of products, services, or processes; production; marketing; distribution; customer service; and management satisfaction.
3) In the value chain, Research and Development is the detailed planning and engineering of products, services, or processes.
4) There are 8 business functions in the value chain.
5) Value chain and supply chain are two (2) terms describing the same set of business functions.
6) Sub-contracting a business function is part of supply chain management.
7) TQM is a method for improving quality.
8) Key success factors such as quality, time, and innovative products and services, must be executed well to achieve corporate performance.
9) A budget is a quantitative expression of a proposed plan of action by management.
10) Information used to project budgeted amounts does not require non-financial information.