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COMM 226 CHAPTER 3 QUESTIONS AND ANSWERS
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COMM 226 CHAPTER 3 QUESTIONS AND ANSWERS
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COMM 226 CHAPTER 3 QUESTIONS AND ANSWERSPreventive maintenance
Correct Answer -is performed periodically—for example, the routine
maintenance of a machine in a factory
corrective maintenance
Correct Answer -is done as needed—for example, repairing a machine when
it breaks down
two support processes
Correct Answer -are related to people and projects
Human capital management (HCM) processes (people)
Correct Answer -focus on the people within the organization and include
functions such as recruiting, hiring, training, and
benefits management.
Project management processes (projects)
Correct Answer -used to plan and execute large projects such as the
construction of a new factory or the production of complex products such as
airplanes.
an accounting process called settlement
Correct Answer -is periodically carried out throughout the life of the project
and at the end of the project to assign costs and revenues to the appropriate
parties.
, two processes, which track the financial impacts of processes
Correct Answer -Financial accounting processes and Management
accounting or controlling processes
Financial accounting (FI) processes (track-external )
Correct Answer -track the financial impacts of process steps with the goal of
meeting legal reporting requirements—for example, the Internal Revenue
Service (IRS) or the Securities and Exchange Commission ( SEC).
steps in the different processes have an impact on an organization's
financial status. Organizations analyze this impact using processes
Correct Answer -in financial accounting: general ledger,
accounts receivable, accounts payable, and asset accounting.
Management accounting or controlling (CO) processes
(track-internal )
Correct Answer -focus on internal reporting to manage costs and
revenues.
major costs management accounting tracks are
Correct Answer -materials costs, labor costs, and overhead costs.
material
Correct Answer -products, components, parts that an organization uses
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