With the Proper Implementation of an ERP System

question 83

Multiple Choice

With the proper implementation of an ERP system:

• A)Fraud due to inappropriate transaction recording is eliminated.
• B)Employee IDs, passwords, and segregated duties aid in internal control measures.
• C)Audit trails are not necessary due to ID and password security concepts.
• D)All of the above, A, B, and C, are correct answers.

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Definitions:

Mortgage Reform and Anti-Predatory Lending Act

U.S. legislation aimed at improving the transparency of the mortgage process and protecting borrowers from unfair, deceptive, or predatory lending practices.

Subprime Mortgages

Loans granted to borrowers with lower credit ratings due to the perceived higher risk of default, often resulting in higher interest rates.

Quitclaim Deed

A legal document transferring a grantor's interest in a property to a grantee without guaranteeing the title's clearness.

Life Estate

A property interest that lasts for the life of a specific individual, after which the property reverts to the owner or moves to a different designated party.