The First Step in Initiating an Evaluated Receipts Settlement (ERS)

question 145

Multiple Choice

The first step in initiating an Evaluated Receipts Settlement (ERS) transaction is the _______.

• A)contract, which may be the only "electronic" element in the process.
• B)payment, which may be the only "paperwork" in the process.
• C)contract, which may be the only "paperwork" in the process.
• D)payment, which may be the only "electronic" element in the process.

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Definitions:

Work In Process Inventory

The total value of unfinished goods that are in various stages of production within a company.

Job Cost Sheets

Documents that record and accumulate all costs assigned to a specific job or project.

Raw Materials

The basic materials from which products are manufactured or made.

Control Accounts

Accounts used in the general ledger to summarize the detail contained in a subsidiary ledger, helping to simplify and organize financial information.