What Is a Business Facing Process

question 7

Multiple Choice

What is a business facing process?

• A) A standardized set of activities that accomplish a specific task, such as processing a customer's order.
• B) Result in a product or service that is received by an organization's external customer.
• C) Invisible to the external customer but essential to the effective management of the business and include goal setting, day-to-day planning, performance feedback, rewards, and resource allocation.
• D) Attempts to understand and measure the current process, and make performance improvements accordingly.

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Definitions:

Expense Accounts

Accounts used to record transactions relating to expenses incurred by a business, such as costs for materials, utilities, and salaries.

Common Stock

Equity securities representing ownership in a corporation, giving holders voting rights and a share in the company’s profits through dividends.

Trial Balance

An accounting report that lists the balances of all ledgers accounts to check the mathematical accuracy of the bookkeeping system.

Debit Balance

Refers to the excess of debits over credits in an account, indicating either an increase in assets or expenses or a decrease in liabilities, equity, or income.