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povanes ganesh
on Dec 17, 2024

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In a lean accounting system, the work in process and raw materials inventory accounts are combined.

Lean Accounting System

An accounting approach that aligns with lean thinking, focusing on value creation, waste elimination, and providing transparent financial information.

Work in Process

Inventory that includes items that are in the process of being produced but are not yet complete; this term is often used interchangeably with "In Process" in manufacturing contexts.

Raw Materials Inventory

The stock of raw materials awaiting processing into finished goods.

  • Understand the influence of lean manufacturing principles on accounting practices.
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Kabilesh ShasmithaDec 18, 2024
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