In Kaizen Costing, After Targeted Cost Reduction Goals Are Set

question 105

True/False

In kaizen costing, after targeted cost reduction goals are set, each department is assigned responsibility for specific cost reduction amounts.

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Definitions:

Chart of Accounts

An organized list of all ledger account titles and numbers used by a company, serving as a framework for the recording of financial transactions.

Asset Accounts

Accounts that track the value of the resources owned by a business, which can include cash, inventory, equipment, and real estate.

Journal

A record where all financial transactions of a business are initially noted before they are transferred to ledger accounts.