In a lean system, waste is any action that
A. Costs money.
B. Could be done by an outside supplier.
C. Does not generate value.
D. Must be performed manually.
C. Does not generate value.
Because the purpose is to create value for the customer, waste is any action that does not generate value.
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Popson Inc. incurred a material loss which was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as:
A. An extraordinary loss. B. A separate line item between income from continuing operations and income from discontinued operations. C. A separate line item within income from continuing operations. D. A separate line item in the retained earnings statement.
Customs duties decrease the total amount of a good's production cost
Indicate whether the statement is true or false