The Term Lean-Procurement Relates to Automatic Transaction, Sourcing, Bidding and Auctions

question 35

True/False

The term lean-procurement relates to automatic transaction, sourcing, bidding and auctions using Web-based applications, and the use of software that removes human interaction and integrates with the financial reporting of the firm.

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Definitions:

Positive Adjustment

An increase in the amount of reported income or expense, resulting in a higher taxable income.

AMTI

Alternative Minimum Taxable Income, which is calculated to ensure that taxpayers with large amounts of deductions, exemptions, and exclusions still pay a minimum amount of tax.

AMT Depreciation

Depreciation methods and rates that apply for the Alternative Minimum Tax, a parallel tax system to ensure certain taxpayers pay a minimum amount of tax.

Regular Tax Depreciation

A deduction that allows taxpayers to recover the cost of property used in a business or held for the production of income, computed under the regular tax system.