Question 1

Describe the general ledger with regard to SAP ERP.

Accepted Answer

The answer of Describe the general ledger with regard to...

Question 2

Assume that a buyer calls a seller to order $3,000 worth of goods and her credit limit is $10,000.If the sellers accounts receivable is already $8,500,how much of the new order will be accepted?

Accepted Answer

A)  The entire amount 
B)  $1,500 only 
C)  No amount 
D)  $10,000 only

Question 3

If Fitter Snacker's cost of making a case of bars is $209.82,and there are 24 bars to a box and 12 boxes to a case,how much money does it cost Fitter Snacker to make each individual bar?

Accepted Answer

A)  $17.49 
B)  $1.00 
C)  $8.74 
D)  $0.72

Question 4

Another name for an income statement is a profit and loss statement.

Accepted Answer

A) True 
 B)False

Question 5

Using standard costs to accumulate manufacturing costs means that the company does not have to keep track of actual manufacturing costs.

Accepted Answer

A) True 
 B)False

Question 6

An ERP system could have prevented all fraud at Enron.

Accepted Answer

A) True 
 B)False

Question 7

____ are often allocated based on total machine hours or total labor hours.

Accepted Answer

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

Question 8

Another name for an income statement is a ____.

Accepted Answer

A)  Credit 
B)  Profit and Loss 
C)  Sales 
D)  Revenue

Question 9

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 10

This is Fitter Snacker's ____.

Accepted Answer

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

Question 11

For Fitter Snacker,the sum of direct materials,production overhead,and direct labor is the ____.

Accepted Answer

A)  COGM - cost of goods manufactured 
B)  COGS - cost of goods sold 
C)  COGP - cost of goods produced 
D)  COGS - cost of goods shipped

Question 12

Tolerance groups allow for limiting the authority of employees over certain amounts of transactions.

Accepted Answer

A) True 
 B)False

Question 13

What is the following? ____________________

Accepted Answer

The answer of What is the following? ____________________ ...

Question 14

The US Congress passed the Sarbanes-Oxley Act of 2002 in response to the fraud and abuse in the Enron collapse.

Accepted Answer

A) True 
 B)False

Question 15

SAP ERP's management reporting tools use data in data warehouses.

Accepted Answer

A) True 
 B)False

Question 16

The following is an example of Fitter Snacker's Balance Sheet.

Accepted Answer

A) True 
 B)False

Question 17

Assume a company has many foreign-based subsidiaries.In what ways can ERP improve preparation of consolidated financial statements?

Accepted Answer

The answer of Assume a company has many foreign-based subsidiaries.In...

Question 18

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 19

In an ERP system,the balance sheet and P&L statements are database reports.

Accepted Answer

A) True 
 B)False

Question 20

Explain how activity based costing would be implemented using an ERP system.In doing that,explain the advantage of using ERP with activity based costing.

Accepted Answer

The answer of Explain how activity based costing would be...

Exam 5: Accounting in ERP Systems

Describe the general ledger with regard to SAP ERP.

Assume that a buyer calls a seller to order $3,000 worth of goods and her credit limit is $10,000.If the sellers accounts receivable is already $8,500,how much of the new order will be accepted?

If Fitter Snacker's cost of making a case of bars is $209.82,and there are 24 bars to a box and 12 boxes to a case,how much money does it cost Fitter Snacker to make each individual bar?

Another name for an income statement is a profit and loss statement.

Using standard costs to accumulate manufacturing costs means that the company does not have to keep track of actual manufacturing costs.

An ERP system could have prevented all fraud at Enron.

____ are often allocated based on total machine hours or total labor hours.

Another name for an income statement is a ____.

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

This is Fitter Snacker's ____.

For Fitter Snacker,the sum of direct materials,production overhead,and direct labor is the ____.

Tolerance groups allow for limiting the authority of employees over certain amounts of transactions.

What is the following? ____________________

The US Congress passed the Sarbanes-Oxley Act of 2002 in response to the fraud and abuse in the Enron collapse.

SAP ERP's management reporting tools use data in data warehouses.

The following is an example of Fitter Snacker's Balance Sheet.

Assume a company has many foreign-based subsidiaries.In what ways can ERP improve preparation of consolidated financial statements?

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?

In an ERP system,the balance sheet and P&L statements are database reports.

Explain how activity based costing would be implemented using an ERP system.In doing that,explain the advantage of using ERP with activity based costing.