Select the Appropriate Definition for Each of the Items Listed

question 42

Multiple Choice

Select the appropriate definition for each of the items listed below.
-A management philosophy in which manufacturers strive to create an environment that will enable workers to manufacture perfect (zero-defect) products

• A)Financial accounting
• B)Managerial accounting
• C)Planning
• D)Controlling
• E)Decision making
• F)Value chain
• G)Continuous improvement
• H)Line positions
• I)Time
• J)Total quality management
• K)Lean accounting
• L)Staff positions
• M)Controller
• N)Treasurer
• O)Ethical behaviour

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Definitions:

Current Liability

Financial obligations a company must settle within one year, including accounts payable, taxes, and short-term loans.

Aggregate Accounts Receivable

The total amount of money owed to a company by its customers for goods or services delivered but not yet paid for.

Credit Period

The length of time for which credit is extended. If the credit period is lengthened, then sales will generally increase, as will accounts receivable. This will increase the firm’s financing needs and possibly increase bad debt losses. A shortening of the credit period will have the opposite effect.

Credit Search

A process used by lenders to review an individual's or business's credit history before granting loans or credit.