Asked by Rileigh Campbell on Jul 17, 2024
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In a lean accounting system, there are fewer transactions to record than there are in a traditional accounting system.
Lean Accounting System
An accounting practice aimed at reducing waste and improving financial control by aligning accounting processes with lean manufacturing principles.
Fewer Transactions
A situation where a business or an individual engages in a lesser number of financial exchanges or activities within a given period.
Traditional Accounting System
A method of accounting focusing on recording and reporting financial transactions based on historical costs and following generally accepted accounting principles (GAAP).
- Identify how lean manufacturing methodologies affect accounting systems.
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Learning Objectives
- Identify how lean manufacturing methodologies affect accounting systems.
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