Select the appropriate definition for each of the items listed below.
-The process of choosing among competing alternatives
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

Question

Quizplus · Accepted Answer

Decision making involves the process of choosing between different alternatives.

Answer: C
 Planning involves the process of developing a strategy or course of action for achieving specific goals.

Answer: D
 Controlling involves monitoring performance against goals and taking corrective action when necessary.

Answer: I
 Time is a measure of the duration of events or how long it takes to complete a task.

Answer: J
 Total quality management is a management approach that focuses on continuous improvement of products or services to meet or exceed customer expectations.

Answer: K
 Lean accounting is an approach to accounting that eliminates waste and focuses on improving efficiency and value.

Answer: M
 The controller is a senior financial officer responsible for managing accounting functions and financial controls.

Answer: N
 The treasurer is a senior financial officer responsible for managing a company's cash and financial investments.

Answer: O
 Ethical behavior involves following moral principles and professional standards when making decisions and conducting business.

Note: The following terms were not matched with definitions in the list: Financial accounting, Managerial accounting, Value chain, Continuous improvement, Line positions, Staff positions.

Select the Appropriate Definition for Each of the Items Listed