Listed below are eight technical accounting terms introduced or emphasized in this chapter: Activity-based management Value-added activit) Target costing Just-in-tiime manufacturing system Each ofthe following statements may (or may not) describe one of these technical terms. In the space provided below each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms Life-cycle costing Non-value-added activity Total quality management Cycle time a The process ofusing activity-based costs to helpreduce or eliminate non-value-added activities. b Can be eliminated without affecting the desirability of the product from the perspective of the customer c The length of time for a product to pass completely through a specificmanufacturing process d If eliminated, the desirability of the product to consumers is decreased. Consideration of all potential resources that will be consumed by a product from development through disposal. e f A method in which a product's selling price is determined by adding a fixed profit margin to its production cost. g An approach that expliatly monitors quality costs and rewards quality enhancng behavior