An Enterprise Resource Planning (ERP) System Would

question 27

Multiple Choice

An enterprise resource planning (ERP) system would:

• A)Update both accounts receivable and inventory when purchased goods are received from a vendor.
• B)Update both accounts payable and accounts receivable when inventory purchased from a vendor is received.
• C)Update both accounts payable and sales when purchased goods are received from a vendor.
• D)Update both accounts payable and inventory when purchased goods are received from a vendor.

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Definitions:

Deposits in Transit

Funds that have been deposited by a company but have not yet been recorded by the bank.

Recorded

The process of documenting financial transactions in the accounting records of an organization.

Bank

A financial institution licensed to receive deposits, offer loans, and provide various other financial services, such as currency exchange and wealth management.

Bank Reconciliation

The process of matching and comparing figures from accounting records against those shown on a bank statement to ensure they are in agreement and accurate.