Jim Smith,a Manager at First Customer Ford,strives for Long-Term Improvement

question 20

Multiple Choice

Jim Smith,a manager at First Customer Ford,strives for long-term improvement rather than short-term profit.He has done this for years regardless of the economic environment.This is an example of which of Deming's 14 points of quality?

• A)Create constancy of purpose
• B)Adopt the new philosophy
• C)Improve constantly and forever the system of production and service
• D)Take action to accomplish the transformation
• E)Institute training and retraining

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Definitions:

Depreciation Method

A systematic approach to allocating the cost of a tangible asset over its useful life.

Fixed Assets

Fixed assets are long-term tangible assets intended for use in the production or supply of goods or services, not easily converted to cash within a year.

Residual Value

The estimated salvage value of an asset after its useful life is over.

Fully Depreciated

Describes an asset that has reached the end of its useful life, with its cost fully expensed against income over its defined accounting period.