What Is Total Quality Management (TQM)

question 163

Multiple Choice

What is Total Quality Management (TQM) ?

• A) a philosophy of supplying customers with superior products and services
• B) an exchange of information with suppliers and customers to create efficient and effective processes
• C) a software system that integrates a company's functions, departments, and data into a single system
• D) a system that speeds the transformation of raw materials into finished products

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Definitions:

Modified Accelerated Cost Recovery System (MACRS)

A method of depreciation in the United States that allows for a faster write-off of asset value for tax purposes.

Depreciation Method

A systematic approach to allocate the cost of a tangible asset over its useful life, reflecting the asset's wear and tear, decay, or decline in value.

Tax Purposes

The phrase "For Tax Purposes" refers to any actions or decisions made specifically to comply with tax laws and regulations, including the calculation of taxable income, deductions, and credits.

Financial Statement

Papers that present a summary of a corporation's financial status, covering balance sheets, income statements, and statements of cash flows.