The Identification and Elimination of Activities That Fail to Add

question 122

Multiple Choice

The identification and elimination of activities that fail to add value refers to

• A) external failures.
• B) activity reduction.
• C) internal failures.
• D) activity elimination.

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Definitions:

Recorded The Adjustment

The process of making entries to correct accounts or to account for transactions that have been missed in the financial records.

Subsidiary Ledger

A detailed ledger that supports and breaks down the information summarized in a general ledger.

Paid For Equipment

Refers to the cash outflow for the purchase of equipment, considered a capital expenditure in accounting.

Purchased On Account

Transactions where goods or services are bought on credit, with payment to be made at a later date.