ERP Systems Are Used by Some Large Organisations

question 43

Multiple Choice

ERP systems are used by some large organisations. ERP stands for:

• A)Enterprise Record Package.
• B)Early Reporting Process.
• C)Expense and Revenue Program.
• D)Enterprise Resource Planning.

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Definitions:

Long-Term Asset

Assets that are expected to provide economic benefits over a period longer than one year, such as buildings, machinery, and land.

Intangible Nature

The quality of being unable to be touched or grasped physically, often used to describe assets that do not have physical substance but are valuable to a business, like copyrights or goodwill.

Long-Lived Assets

Assets of a durable nature used in the regular operations of a business and that are expected to provide economic benefit for more than one year.

Standby Equipment

This term describes equipment that is kept on site and is ready to be used as a backup or support in case the primary equipment fails or needs maintenance.