Which of the following is the revolutionary management accounting tool that tends to reduce waste associated with inventories?

Question

Quizplus · Accepted Answer

JIT (Just-in-Time) is a revolutionary management accounting tool that focuses on reducing waste associated with inventory by producing goods in smaller quantities and closer to the time of demand. This helps in reducing the cost of holding inventory, as well as potentially reducing the risk of obsolescence or spoilage of inventory. ABC (Activity-Based Costing), Economic Value Added, and TQM (Total Quality Management) are other management accounting tools that might bring benefits but are not primarily focused on reducing inventory waste.

Which of the Following Is the Revolutionary Management Accounting Tool