Maintaining a General Ledger Is A(n)________ Activity That Must Be

question 2

Multiple Choice

Maintaining a general ledger is a(n) ________ activity that must be integrated into applications in order to form a true ERP product.

• A) supply chain
• B) accounting
• C) human resources
• D) manufacturing

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Definitions:

FIFO Approach

A method of inventory valuation where the first items put into inventory are the first ones to be recorded as sold.

Sum-Of-The-Years'-Digits Method

A depreciation technique that results in a more accelerated write-off of an asset over its useful life, by applying a decreasing fraction to its depreciable cost.

Repairs

Expenditures that restore an asset to its previous operating condition or maintain the asset in its current condition, without significantly enhancing its value.

Maintenance Costs

The expenses incurred to keep an asset in usable condition or restore it to its original condition without enhancing its value.