List and Explain the Need for the Two Primary Principles

question 76

Essay

List and explain the need for the two primary principles of total quality management (TQM).

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Definitions:

Equipment

Physical assets used in the operation of a business to produce goods or services.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Weekly Salaries

A compensation structure where employees are paid a set amount on a weekly basis, regardless of the hours worked.

Adjusting Entry

A journal entry made at the end of the accounting period to allocate income and expenditure to the correct period.