Which One of the Following Statements Is TRUE

question 47

Multiple Choice

Which one of the following statements is TRUE?

• A) A Pareto diagram is also called a fishbone diagram.
• B) Scrap and rework costs are part of external failure costs.
• C) Kaizen focuses on small, frequent, and gradual improvements over the long term, with minimum financial investment.
• D) The Juran cycle is named after a famous quality guru and consists of four steps-plan, do, study, and act (PDSA).

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Definitions:

Payroll

The total amount of wages, salaries, and other earnings that a company pays to its employees.

Workweek

A fixed, standard period used for labor scheduling and payroll, commonly defined as a set number of hours or days that an employee works.

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Interest Expense

The cost incurred by an entity for borrowed funds, denoted as an expense within the income statement.