Chapter 18 What is control as it relates to an organization's activities? What does managerial accounting provide? What happens when an attitude of continuous improvement exists throughout an organization? What are direct materials? What is the focus of Total Quality Management? What are the management concepts created to improve companies' performances? What is just-in-time manufacturing? What is the lean business model? What is a fixed cost? What is finished goods inventory? What is raw materials inventory? What is work in process inventory? What is indirect labor? What is factory overhead? What are the three major cost components of manufacturing a product? Be able to identify if a product cost is variable or fixed, direct or indirect (see pages 766 and 767 for examples). Note: This information is important to know for the problem section. Be able to appropriately classify a cost as either a product or a period cost. If it is a product cost be able to identify it as direct materials, direct labor, or factory overhead, and then as a prime or conversion cost. Be able to classify each product cost as either direct or indirect (see pages 767 through 771 for examples). Note: This information is important to know for the