Indicate One ERP Module Where You Would Expect to Find

question 55

Essay

Indicate one ERP module where you would expect to find information about each of the following items.
A. Accrued vacation time
b. All transactions affecting cash
c. Chart of accounts
d. Client name
e. Date of last inventory purchase
f. Pension plan data
g. Projected profits
h. Sales history
i. Shareholder names and addresses
j. Vendor quality ratings

Learn the treatment of transaction costs and how "sham" exchanges are regulated under GAAP.

Know the requirements for exchanging transactions under GAAP, including the concept of commercial substance.

Understand the accounting for intangible long-lived assets and depreciation methods.

Recognize how companies report asset revaluations under IFRS and the impact on equity.

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Definitions:

Interest Rate

The proportion of interest a borrower is charged for using funds borrowed from a lender.

Asset

Resources owned by individuals or businesses capable of generating future economic benefits.

Rational Investor

An individual who makes investment decisions based on logical analysis and evidence to achieve an optimum level of benefit or utility.

Interest Rate

The percentage portion of a loan assigned as interest to the borrower, usually specified as an annual percentage of the outstanding amount of the loan.