Lean Accounting Is Based on the Philosophy

question 3

Multiple Choice

Lean accounting is based on the philosophy:

• A) that there should be a complete shareholder-focused approach in the organisation
• B) that there should be a complete customer-focused approach in the organisation
• C) that there should be a complete employee-focused approach in the organisation
• D) that there should be a complete management-focused approach in the organisation

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Definitions:

Financial Statements

Documents that present an organization's financial performance and position, typically including the balance sheet, income statement, and cash flow statement.

Accounting Process

The systematic series of steps undertaken by accountants to record, classify, and summarize financial transactions and prepare financial statements.

Net Income

The total earnings of a company after subtracting all expenses, taxes, and losses from total revenues.

Supplies Expense

Costs associated with consumable items or supplies used in the operation of a business during a specific period.