Lean Accounting Is a Costing Method That Supports Creating Value

question 26

True/False

Lean accounting is a costing method that supports creating value for customers by costing the value streams, as distinguished from individual products or departments,thereby eliminating waste in the accounting process.

---

Definitions:

Negligent Professional Conduct

The failure of a professional to act with the competence and care that is expected of those within their profession, resulting in harm or damage.

Liability Insurance Policies

Insurance policies that provide coverage to the insured against claims resulting from injuries and damage to other people or property.

Tort Liability

Legal responsibility for damages caused by a breach in duty of care in civil law, excluding breaches of contract.

Punitive Damages

Compensation awarded to a plaintiff beyond actual damages, intended to punish the defendant for egregious wrongdoing and deter similar behavior.