Chapter 4, Problem 15QS

To determine

Lean techniques: Lean techniques is the technique adopted in the production process in which waste occurring in the production system are reduced systematically without compromising on the productivity. Thus any part which is non-valuable to the customer is eliminated.

Lean accounting: Lean accounting means applying lean methods to accounting processes to eliminate unnecessary waste from transaction reporting and accounting processes. This ensures simple and lean accounting, timely and effective communication of information and strengthening of internal control system.

To explain:

The two key components of lean accounting.