Which of the Following Statements About Total Quality Management (TQM)

question 15

Multiple Choice

Which of the following statements about total quality management (TQM) is true?

• A) TQM is an integrated organization-wide strategy for improving product and service quality.
• B) TQM is a specific technique used to reposition a company's product so as to justify higher prices.
• C) TQM is based on four mutually reinforcing principles: customer focus, customer satisfaction, participative management, and delegation.
• D) TQM was developed and is monitored by the International Organization of Standards.
• E) All of these statements about TQM are true.

Identify the normal balances for different types of accounts.

Learn the correct accounting entries for common types of transactions.

Understand the role of adjusting entries in the financial statement preparation process.

Grasp the recognition and reporting of revenue on the financial statements.

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Definitions:

Property Dividends

Dividends paid to shareholders in the form of assets other than cash.

Stock Dividends

A dividend payment made to shareholders in the form of additional shares rather than cash payout, reflecting the company's desire to reinvest the dividend back into the business.

Accrual

The accounting principle of recording revenues and expenses when they are incurred, regardless of when cash transactions occur.

Vacation Pay

Compensation owed to employees for their entitled but unused vacation time, often recognized as a liability on the balance sheet.