Match Each of the Following Terms with Their Correct Description

question 101

Multiple Choice

Match each of the following terms with their correct description from the items listed below.* Each term may be used more than once, and it is possible that one or more of the classifications may not be used at all.
-An activity that increases the time spent on or cost of a product or service without increasing its worth to the customer

• A)Cycle time
• B)Non-value-added
• C)Velocity
• D)Quality
• E)Value-added activities
• F)Efficiency

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Definitions:

Fees Earned

Income generated from providing services, often used in professional practices like law firms, consulting firms, and architectural firms.

Wages Expense

The total amount of compensation paid to employees for services performed during a certain period; this includes salaries, wages, and possibly bonuses.

Balance Sheet

A financial declaration that collates a firm's resources, commitments, and the equity of its shareholders at an established moment.

Statement of Cash Flows

An overview illustrating the effects of changes in balance sheet positions and earnings on the availability of cash and similar assets.