An Organization's Enterprise Resource Planning ERP) System May Be Used

question 7

True/False

An organization's Enterprise Resource Planning ERP) system may be used to develop a national or global database for company personnel at different locations to post and purchase spare parts, obsolete materials, and surplus.

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Definitions:

Debit Column

A column in financial accounting used to record entries that decrease liabilities and increase assets or expenses.

Credit Column

A section on the right side of an accounting ledger used to record increases in liability, equity accounts, and revenue, or decreases in assets and expense accounts.

Ledger

A comprehensive collection of a company's accounts, where all transaction data from the journal is summarized and classified.

Unearned Rent

Income received by a landlord for rent that has not yet been earned because the rental period has not occurred.