In a Lean Environment, Anything Not Essential to the Product

question 42

True/False

In a lean environment, anything not essential to the product or process is viewed as waste.

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Definitions:

Fetuses

A developing human from roughly eight weeks after conception until the time of birth.

Merchandise Inventory

Goods and products a company holds for the purpose of resale in the ordinary course of business.

Income Summary

An account to which the revenues and expenses are transferred at the end of an accounting period to calculate the net income or loss for the period before transferring this balance to owner's equity.

Purchases

Purchases refer to the acquisition of goods or services by a company for use in its operations or for resale to customers.