Lean Accounting Combines All of the Following Methods and Concepts

question 10

Multiple Choice

Lean accounting combines all of the following methods and concepts except:

• A) Value chain analysis
• B) Cellular manufacturing
• C) Just in time inventory systems
• D) Weighted average costing

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Definitions:

Future

Future refers to the time or period that is to come after the present, often considered in the context of uncertainty or potential.

Recognition

In accounting, recognition refers to the formal recording of an item in the financial statements, acknowledging its existence and the fact that it meets the criteria for financial reporting.

Revenue

Income that a business receives from its normal business activities, usually from the sale of goods and services to customers.

Deferral

A deferral occurs when cash related to a future revenue or expense has been initially recorded as a liability or an asset.