What Is the Continuous Process Improvement Model

question 21

Multiple Choice

What is the continuous process improvement model?

• A) A standardized set of activities that accomplish a specific task, such as processing a customer's order.
• B) The result in a product or service that is received by an organization's external customer.
• C) An invisible process to the external customer but essential to the effective management of a business.
• D) The attempts to understand and measure the current process, and make performance improvements accordingly.

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Definitions:

Liability Account

An accounting record that captures the amounts owed by a business to others, representing its debts or obligations.

Double-Entry System

An accounting system that records each transaction twice, as debits in one account and credits in another, to ensure the accounting equation remains balanced.

Accounting Equation

The fundamental equation stating that Assets = Liabilities + Equity, which is the basis of the double-entry bookkeeping system.

Accounts Payable

Liabilities of a business that are owed to creditors for goods and services purchased on credit but not yet paid.