KAIZEN COSTING means "improvements in small steps" (i.e., continuous improvement). It was developed in Japan by Yashuhiro Monden. Kaizen Costing is applied to product that it already under production.
ENTITY ASSUMPTION is the assumption that financial statements are prepared for an entity that is separate and distinct from its owners.
MONITORING is the evaluation of the firm’s system of quality control to provide reasonable assurance that it is designed appropriately and operating effectively.
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