Total Quality Management (TQM) Is Based on Customer Focus, Building

question 53

True/False

Total quality management (TQM) is based on customer focus, building quality throughout the organization, empowering employees, pursuing a strategy of preventing mistakes, and demonstrating a long-term commitment to continuous improvement.

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Definitions:

Debit Memorandum

A document issued by a purchaser and sent to a seller indicating the amount and reasons for deductions in the payment or an increase in the purchaser's debt.

Bank Service Charge

A fee charged by a bank for the maintenance of an account or for processing transactions.

Bank Reconciliation

The process of comparing and adjusting the balance shown in a company's bank statement with the amount shown in the company's own records.

Outstanding Checks

Checks that have been written and recorded in the payer's accounting system but have not yet been cashed or cleared by the bank.