Which of the Following Statements Best Defines Lean Accounting

question 95

Multiple Choice

Which of the following statements best defines lean accounting?

• A) an accounting system that comprises a single database that collects data and feeds it into software applications supporting all of a company's business activities
• B) a costing method that supports creating value for the customer by costing the entire value stream thereby eliminating waste in the accounting process
• C) an accounting system that omits recording some of the journal entries relating to the stages from the purchase of direct materials to the sale of finished goods
• D) an integrated costing system covering a company's accounting, distribution, manufacturing, purchasing, human resources, and other functions

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Definitions:

Summarize

To give a brief statement of the main points of something.

Problem-solving Process

A structured approach to identifying, analyzing, and resolving issues through a series of steps or stages.

Identifying

The process of associating oneself with certain ideas, groups, or characteristics.

Assessing

The process of evaluating or estimating the nature, ability, or quality of something or someone.