The Pareto Principle Is Best Applied to Which of the Following

question 66

Multiple Choice

The Pareto principle is best applied to which of the following inventory systems?

• A) EOQ
• B) Fixed-time-period
• C) ABC classification
• D) Fixed-order quantity
• E) Single-period ordering system

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Definitions:

General Ledger

A comprehensive record of a company's financial transactions over the life of the organization, organized by accounts.

Division of Labor

Division of labor is the separation of tasks in any economic system or organisation so that participants may specialize, increasing efficiency and productivity.

Multi-Column Journal

An accounting journal that contains multiple columns for recording financial transactions in a systematic way.