
Just In Time:
Just in time inventory means to order the inventory as they are needed in the production, it increases the efficiency of the business.
Continuous Improvement:
Continuous improvement refers to the improvement that takes place in the operations of the business.
Customer Orientation:
Customer orientation refers to the production of customized products as per the customer requirements.
Total Quality Management:
Total quality management refers to quality checks of each product while producing or manufacturing a product, it helps in producing good quality products.
Triple Bottom Line:
Triple bottom line refers to the three aspects that are financial, environment and social. Triple bottom line is also called as corporate social responsibility
To match: The following statements.

Want to see the full answer?
Check out a sample textbook solution
Chapter 14 Solutions
GEN COMBO LOOSELEAF FINANCIAL AND MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD
- Need soln this No AIarrow_forwardWalsh plc sells wash machines and provides a one-year warranty against faults occurring after sale. Platt estimates that if all goods under warranty at its statement of financial position date of 31 December 2022 need minor repairs the total cost would be £ 6 million. If all the products under warranty needed minor repairs the total cost would be £ 24 million. At 31 December 2023 these amounts have risen to £ 7 million and £ 26 million respectively. Based on previous years` experience, Walsh estimates that the 80% of the products will require no repairs, 18% will require minor repairs and 2% will require major repairs. During the year ended 31 December 2023 actual costs of repair under the warranty amounted to £ 1,400,000. Required: a. b. What are the distinctions between liabilities, provisions and contingent liabilities under IAS 37 “Provisions”? Explain the accounting treatment of the warranty in Walsh plc`s financial statements for the year ended 31 December 2023, qualifying…arrow_forwardPlease provide answer this financial accounting questionarrow_forward
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education





