Examlex

Solved

What Is the Essential Difference Between an Invention and an Innovation

question 21

Essay

What is the essential difference between an invention and an innovation?


Definitions:

Just-In-Time

An inventory management strategy where materials and goods are produced or acquired only as needed in the production process, aiming to reduce waste.

Activity-Based Costing

A costing method that assigns manufacturing overhead and indirect costs to products and services based on their use of activities.

Process Cost Systems

A method of accounting used in manufacturing where costs are assigned to products, usually in continuous, repetitive operations.

Process Cost Accounting

A method of accounting that accumulates production costs for each process or department within a manufacturing facility.

Related Questions