A Furniture Company Uses an Online System to Record and Monitor

question 8

Multiple Choice

A furniture company uses an online system to record and monitor orders and, based on trends, redirects production resources to optimize efficiency. This is an example of using ________ to reduce costs.

• A)Six Sigma
• B)flexible manufacturing
• C)process reengineering
• D)total quality management (TQM)
• E)customer relationship management (CRM)

Be familiar with different negotiation strategies and when they may be employed.

Recognize the importance of the negotiation environment, including both micro and macro-level factors.

Appreciate the variability and complexity within cultures, avoiding oversimplification.

Understand the significance of power dynamics and management control in negotiations.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting principles that provide guidelines for financial reporting and are recognized globally.

Deferred Taxes

Deferred taxes are future tax liabilities or assets, reflecting the temporary differences between the accounting income and taxable income.

GAAP

Generally Accepted Accounting Principles are a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements in the United States.

Capitalize

The accounting practice of recording a cost or expense on the balance sheet for purposes of delaying full recognition of the expense over time through depreciation or amortization.