Managers That Review the Company's Current Quality Practices and Procedures

question 19

Multiple Choice

Managers that review the company's current quality practices and procedures before implementing total quality practices are demonstrating:

• A)group consciousness.
• B)due diligence.
• C)self assessment.
• D)internal benchmarking.

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Definitions:

Reversed

In accounting, referring to the action of negating a previous transaction or entry to correct or adjust financial records.

Accrual Basis

An accounting method where income and expenses are recorded when they are earned or incurred, regardless of when the cash transactions occur.

Insurance Expense

The cost incurred by a business for its insurance policies, which is recorded as an expense on the income statement.

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.