Frank and Lillian Gilbreth Developed the Principle of Motion Economy

question 101

True/False

Frank and Lillian Gilbreth developed the principle of motion economy, which said that every job could be broken down into a series of elementary motions.

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Definitions:

Prepaid Insurance

An asset account that represents payments made in advance for insurance services, which are expensed over the period the insurance coverage is applicable.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash is exchanged.

Cash Basis

An accounting method where revenues and expenses are recognized only when cash is exchanged, as opposed to when they are incurred.