SCM 4380 Mid Term Exam With Verified Correct And Complete Solutions
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Course
SCM 4380
Institution
SCM 4380
Define Business Process - correct answer Set of tasks or activities that produce desired outomces
What is a financial accounting process? - correct answer Track the financial impacts or process steps with goal of meeting l...
Define Business Process - correct answer Set of tasks or activities that produce
desired outomces
What is a financial accounting process? - correct answer Track the financial impacts
or process steps with goal of meeting legal reporting requirements
What is a management accounting process? - correct answer They focus on internal
reporting to manage costs and revnues
What is the silo effect? - correct answer When workers complete their tasks in their
functional "silos" without regard to the consequences for the other components in the process
What is a functional structure? - correct answer -organizations that are divided into
functions or departments, each of which is responsible for a set of closely related activities
-Processes cut across functions!!!!!!!!!!!!
What are the 3 main business process's and what are their 4 related processes. - correct answer
1. Procurement Process (buy)
2.Production Process (make)
3.Fulfillment Process (sell)
1. Lifecycle Data Management Process (design)
2. Material Planning Process (plan)
3. Inventory and Warehouse Management Process (Store)
4. Asset management and customer service process (Service)
, Describe the procurement process (buy) - correct answer refers to all of the
activities involved in buying or acquiring the materials used by the organization, such as raw materials
needed to make products
Describe the production process (make) - correct answer -Involves the actual
creation of the products within the organization.
- Where as the production process is concerned with acquiring needed materials internally, the
procurement process is concerned with obtaining needed materials externally.
Describe the Fulfillment process (sell) - correct answer Consists of all the steps
involved in selling and delivering the products to the organizations customers
Describe the lifecycle data management process (design) - correct answer supports
the design and development of products from the initial product idea stage through the discontinuation
of the product
Describe the material planning process (plan) - correct answer Uses historical data
and sales forecast to plan which materials will be procured and produced and in what quantities
Describe the inventory and warehouse management process (store) - correct answer
is used to store and track the materials
Describe the asset management and customer services processes (service) - correct answer
Are used to maintain internal assets such as machinery and to deliver after sales customer service such
as repairs
Managerial Accounting Vs. Financial Accounting - correct answer -Managerial
accounting is concerned with tracking costs and revenues for internal reporting that is intended to help
management control costs and revenues and assess the profitability of various products and market
segments.
- Financial Accounting is concerned with tracking the financial impacts of processes with the primary
goal of meeting legal and regulatory reporting requirements.
-Financial accounting is focuses on external reporting that is mandated by laws and regulations where
managerial accounting is not.
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