Total Quality Management

question 31

Multiple Choice

Total quality management:

• A) is based on the ideas of Frederick Taylor
• B) gives all employees the responsibility for achieving quality goals
• C) gives managers total responsibility for achieving quality goals
• D) was first successfully implemented in Australia, following attempts in the USA and Japan
• E) All of these choices.

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Definitions:

Net Realisable Value

is the estimated selling price of goods in the ordinary course of business minus the estimated costs of completion and the necessary selling expenses, used in inventory valuation and impairment tests.

Depreciation

A method of allocating the cost of a tangible or physical asset over its useful life, recognizing the asset's wear and tear over time.

Asset's Value

The worth of an asset, which can be determined by factors such as market value, book value, or utility.

Useful Life

is the estimated duration of time an asset is expected to remain productive for the entity, used in calculating depreciation and amortization.