Which Term Refers to the Fundamental Rethinking and Radical Redesign

question 103

Multiple Choice

Which term refers to the fundamental rethinking and radical redesign of a business activity to achieve dramatic improvements in performance?

• A) Supply chain management
• B) Business process reengineering
• C) Total quality management
• D) Quality ownership
• E) Quality control

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Definitions:

Adjusting Entries

Entries made in accounting to update the records for any incomes and expenses that have been incurred but not yet recorded.

Financial Statements

Structured reports detailing the financial performance, position, and cash flows of an organization, typically including the balance sheet, income statement, and statement of cash flows.

Accounting Cycle

The series of steps followed by an entity to track and manage its financial transactions, from the initial transaction recording to the final financial statement preparation and closing entries.

Closing

The process of finalizing accounts at the end of an accounting period by summarizing revenues and expenses and indicating net profit or loss.