Which of the Following Describes an ERP System

question 123

Multiple Choice

Which of the following describes an ERP system?

• A)ERP systems provide a foundation for collaboration between departments.
• B)ERP systems enable people in different business areas to communicate.
• C)ERP systems have been widely adopted in large organizations to store critical knowledge used to make the decisions that drive the organization's performance.
• D)All of these are correct.

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Definitions:

Finished Goods

Finished Goods are products that have completed all stages of production and are ready for sale to customers.

FIFO Process Cost Method

An accounting method for valuing inventory and the cost of goods sold based on the assumption that the earliest goods purchased or manufactured are sold first.

Equivalent Units

A method used in process costing that converts partially completed units into a number of fully completed units.

Direct Materials Costs

The cost of raw materials that are directly used in the manufacture of a product.