List and Explain the Five Steps of the DMAIC Process

question 14

Essay

List and explain the five steps of the DMAIC process.

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Definitions:

Trial Balance Column

A report that lists the balances of all general ledger accounts at a particular point in time, serving as a tool for verifying the total debits equal total credits in the accounting system.

Trial Balance Preparation

The process of compiling the balances of all ledgers into debit and credit columns to ensure that the total debits equal total credits in financial accounting.

Account Balance

The sum of money available in a financial account at a specific moment.

Trial Balance

A trial balance is a bookkeeping worksheet wherein the balances of all ledgers are compiled into debit and credit account columns to ensure total debits equal total credits.