Lean Accounting Is a Costing Method That Supports Creating Value

question 111

True/False

Lean accounting is a costing method that supports creating value for the customer by costing the entire value stream,not individual products or departments,thereby eliminating waste in the accounting process.

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Definitions:

Standard error of the mean

The standard deviation of the sampling distribution of the mean, indicating the variability of sample means around the population mean.

Average hourly income

The mean amount of money earned by an individual or group per hour of work.

Standard deviation

A measure of the dispersion or variability of a set of numerical data, indicating how much the individual data points deviate from the mean (average) of the data set.

Degrees of freedom

The count of independent variables or measurements that can change in an examination while still adhering to all limitations.