Product Focused Processes

question 83

Multiple Choice

Product focused processes:

• A)allow more customization,but are not very efficient.
• B)are desirable because resource needs increase slowly with the complexity of a process.
• C)are processes that are specialized for relatively few products or customer groups.
• D)apply only to service firms,not to manufacturers.
• E)are profitable because customers demand flexibility,not specialization.

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Definitions:

Adjusting Entry

A journal entry made at the end of an accounting period to update the accounts and ensure they reflect all revenues earned and expenses incurred during the period.

Deferred Revenue

Income received by a company for goods or services yet to be provided; recognized as a liability until the service or product is delivered.

Journal Entry

A record in accounting that represents a transaction where debits and credits are equal, documenting financial transactions in the ledger.

Depreciation Expense

The deliberate apportionment of a tangible asset's cost over the period it is expected to be useful.