Exam 1: C: Introduction to Business Processes

Asset accounting is concerned with tracking financial data related to assets such as machinery and cars.

Management accounting helps an organization track costs and revenues to assess its profitability

The final stage of asset management and customer service is the authorization maintenance stage.

Forecasts of finished goods are determined by data from material planning.

Accounts receivable is used to track money that is owed to vendors.

Asset management is concerned with both the preventive and the corrective maintenance of an organization's equipment.

The final stage of the customer service process is the settlement stage.

Without the various steps of the business process,a company can't successfully bill customers and ship products.

Materials encompass all the products,components,and parts that are used in an organization.

Common reports of financial accounting include income statement,profit and loss,and balance sheet.

Insufficient supply results in a situation called "stock out."

The fulfillment process sell)consists of all the steps involved in selling and delivering the products to the organization's customers.

Projects rely on resources located in and work performed in other processes.

Excess supply will result in lower inventory costs because the company is eligible for a bulk rate.

A project is permanent in nature and is typically associated with smaller,simpler projects.

The lifecycle data management design)process supports the design and development of products from the initial product idea stage through the discontinuation of the product.

The purpose of material planning is to match supply with demand.

An enterprise system is a set of tasks or activities that produce desired outcomes.

The procurement process includes all of the tasks involved in acquiring needed materials.

During the planning phase of a project the scope of the project is defined and the milestones and deadlines are established.