Select the appropriate definition for each of the items listed below.
-Searching for ways to increase the overall efficiency and productivity of activities by reducing waste, increasing quality, and reducing costs
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

Continuous improvement involves searching for ways to increase efficiency and productivity by reducing waste, increasing quality, and reducing costs.

Answer: J 
 Total quality management also involves improving efficiency and productivity by reducing waste, increasing quality, and reducing costs.

Answer: K 
 Lean accounting is a way to improve efficiency and productivity by reducing waste and streamlining accounting processes.

Answer: B 
 Managerial accounting involves analyzing and improving business processes to increase efficiency, productivity, and profitability.

Answer: F 
 The value chain is the process of creating value for the customer by combining and improving business processes.

Answer: M 
 A controller is responsible for managing and improving the accounting and financial processes of an organization.

Answer: N 
 A treasurer is responsible for managing and improving the financial resources and cash flow of an organization.

Answer: O 
 Ethical behavior involves following moral principles and values in decision making and actions.

The remaining options (A, C, D, E, H, I, and L) do not relate to the given definition.

Select the Appropriate Definition for Each of the Items Listed