Which of the Following Statements Best Defines Lean Accounting

question 95

Multiple Choice

Which of the following statements best defines lean accounting?

• A) an accounting system that comprises a single database that collects data and feeds it into software applications supporting all of a company's business activities
• B) a costing method that supports creating value for the customer by costing the entire value stream thereby eliminating waste in the accounting process
• C) an accounting system that omits recording some of the journal entries relating to the stages from the purchase of direct materials to the sale of finished goods
• D) an integrated costing system covering a company's accounting, distribution, manufacturing, purchasing, human resources, and other functions

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Definitions:

Indian Tribes

Indigenous peoples recognized in the United States with their own governments, customs, and territories.

Economic Independence

The state of having sufficient personal wealth to live, without needing to work actively for basic necessities. For nations, it refers to the ability to sustain its economy without undue reliance on external support or resources.

Self-Government

The right of people to rule themselves autonomously.

Melting Pot

A metaphor for a society where many different types of people blend together as one, often used to describe the assimilation of immigrants into American culture.