Exam 5: Accounting in Erp Systems

In a manufactured item,the cost of heating the plant would be considered part of the item's raw materials.

A Business Warehouse system is a completely separate information system that extracts data from the ERP system.

Figure 2 -Figure 2 is Fitter Snacker's ____.

Assume Fitter Snacker's existing information systems are in place.FS has a customer called First State TastyBars.Here is the background data on FS and First State TastyBars: Today's date 4/20/2001 Current list price, NRG-A bars 1.00/6ar Accounts receivable balance at start of business day, First State TastyBars, as shown on the list available in Marketing \ 15,000 Credit Limit, First State TastyBars \ 17,000 An order came in from First State TastyBars: Product NRG-A Amount 10 cases (288 bars/case) Price List Ship to First State TastyBars headquarters Date desired 4/25/2001 Next invoice number A1200 Customer Purchase Order Number FST 1003 There are some documents in FS's system as follows: Purchase order FST 988 for 3 cases (864 bars) of NRG-A. This order is in the FS sales order-entry program, but Accounting has not been told about it yet. A check from FST for $\$ 5184$ was received in yesterday's mail and entered into Accounting's PeachTree program. The check applies to some March 2001 orders. The list of accounts receivable balances that Marketing uses does not reflect this payment. PeachTree program. The check applies to some March 2001 orders. The list of accounts receivable balances that Marketing uses does not reflect this payment. A)Given the state of FS's systems,will credit be granted or denied on the current order (purchase order FST 1003)? B)What is the actual First State TastyBars accounts receivable balance (without considering the current order)? C)If the FS systems processed transaction data in a more timely way would credit be granted or denied? Why?

Figure 2 -Figure 2 is an example of Fitter Snacker's Income Statement.

The Sarbanes-Oxley Act requires that financial statements filed with the SEC include a statement signed by the chief executive officer and chief financial officer,certifying that the financial statement complies with the SEC rules.

When a company has an ERP system,it no longer needs a general ledger.

With an ERP system,the job of tracking all the data required for a financial report can be a monumental undertaking.

Which financial statement shows account balances such as,cash held,amounts owed to the company by customers,the cost of raw materials and finished goods inventory?

What are the key features of the Sarbanes-Oxley Act?

Tolerance groups make sure employees do not exceed their authority in financial transactions.

What are the manufacturing costs that include factory utilities,general factory labor such as custodians or security guards,factory managers' salaries,storage,insurance,and other manufacturing-related costs?

In a company that has an ERP system the accountants talk in terms of "data flows" between modules.Why are the accountants not accurate,and what is a better term for them to use?

The cost of heating the plant would be considered part of manufacturing overhead.

When finished goods are transferred from the assembly line to the warehouse,an employee in the warehouse records the transaction using a terminal or a barcode scanner.Which SAP ERP module records this change?

Figure 3 -Figure 3 is an example of ____.

Figure 1 -Figure 1 is an example of Fitter Snacker's Income Statement.

Managerial accounting deals with determining the costs and profitability of the company's activities.

What are the implications of the Sarbanes-Oxley Act for ERP systems?

Figure 3 -What is the significance of the accompanying figure in SAP from an accounting standpoint?