Examlex
Match the following terms with their definitions.
-Long-term liabilities
Minimal Inspection
A quality control strategy where only a minimal or limited amount of inspection is carried out to ensure product quality.
Lead Time
The amount of time that passes between the commencement of a process and its completion, often used in the context of production and supply chain management.
Backflush Costing
A streamlined cost accounting method that delays the recording of costs until the completion of production, primarily used in just-in-time inventory systems.
Raw Materials
The basic materials from which products are manufactured or made, often natural resources like metals, oil, or timber.
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