Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) Balance Sheet 
B) Income Statement 
C) Credit Report 
D) Document Flow

Question 4

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: $\begin{array}{l|l}
\text { Today's date } & 4 / 20 / 2001 \
\hline \text { Current list price, NRG-A bars } & 1.00 / 6 a r \
\hline \begin{array}{l}
\text { Accounts receivable balance at start of business day, First State TastyBars, as } \
\text { shown on the list available in Marketing }
\end{array} & \$ 15,000 \
\hline \text { Credit Limit, First State TastyBars } & \$ 17,000
\end{array}$
An order came in from First State TastyBars:
$\begin{array}{|l|l}
\hline \text { Product } & \text { NRG-A } \
\hline \text { Amount } & 10 \text { cases (288 bars/case) } \
\hline \text { Price } & \text { List } \
\hline \text { Ship to } & \text { First State TastyBars headquarters } \
\hline \text { Date desired } & 4 / 25 / 2001 \
\hline \text { Next invoice number } & \text { A1200 } \
\hline \text { Customer Purchase Order Number } & \text { FST } 1003
\end{array}$
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?

Accepted Answer

The answer of Assume Fitter Snacker's existing information systems are...

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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?

Accepted Answer

A) Income statement 
B) Balance sheet 
C) Tolerance group 
D) Year end report

Question 10

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

Accepted Answer

The answer of What are the key features of the...

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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?

Accepted Answer

A) Direct costs 
B) Plant costs 
C) Overhead costs 
D) Manmade costs

Question 13

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?

Accepted Answer

The answer of In a company that has an ERP...

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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?

Accepted Answer

A) Materials Management 
B) Asset Management 
C) Sales and Distribution 
D) Controlling

Question 16

Figure 3
-Figure 3 is an example of ____.

Accepted Answer

A) Production Planning 
B) MRP 
C) Document Flow 
D) Configuration Settings

Question 17

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

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

The answer of What are the implications of the Sarbanes-Oxley...

Question 20

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

Accepted Answer

The answer of  
Figure 3
-What is the significance of...

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 ____.

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?