What Are the Principles of Lean Accounting? Are There Any

question 107

Essay

What are the principles of lean accounting? Are there any limitations? Discuss.

Understand the closing process and the accounts involved in closing entries.

Identify and understand various discounts, terms, and policies in inventory management.

Recognize the accounts included and not included in the cost of merchandise sold section.

Understand the concept of inventory shrinkage and its implications on inventory management.

---

Definitions:

Democratic Leadership

A leadership style in which members of a group take a more participative role in the decision-making process.

Power And Authority

The capacity to influence or direct people's behavior and the legitimate right to make decisions and enforce obedience.

Employee Involvement

The degree to which employees are able to participate in decision-making processes and contribute ideas within an organization.

Charismatic Leaders

Leaders who possess a magnetic personality and charm, inspiring devotion and enthusiasm in others.