TQM Is

question 5

Multiple Choice

TQM is

• A)a small business certification of environmental compliance
• B)a philosophy of management
• C)a process of technical quality methodology
• D)a traditional method of product pricing

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Definitions:

Accrual-Basis Accounting

An accounting method where revenue is recorded when earned and expenses are recorded when incurred, regardless of cash flow.

Unearned Revenue

Income received by a business for goods or services yet to be provided, often recorded as a liability on the balance sheet until the revenue is earned.

Accrued Revenue

Income that a company has earned but has not yet received payment for.

Depreciation

The methodical distribution of a physical asset's cost across its lifespan, mirroring its depreciation over time.