In Order to Achieve Maximum Benefit from an Enterprise Software

question 45

Multiple Choice

In order to achieve maximum benefit from an enterprise software package,a business should:

• A)customize the software to match all of its business processes.
• B)use only the processes in the software that match its own processes.
• C)change the way it works to match the software's business processes.
• D)select only the software that best matches its existing business processes.
• E)retain legacy systems that best work with the software.

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Definitions:

LIFO Method

Last-In, First-Out is an inventory valuation method where the most recently produced or acquired items are the first to be expensed.

Journal Entries

Records in accounting that document every financial transaction a company makes.

Cost of Goods Sold

The cost of goods sold (COGS) measures the direct costs associated with the production of goods sold by a company, including material and labor expenses.

Quarterly Financial Statements

Financial reports issued by a company every three months to provide insight into its financial health and performance.