_____________ ERP Components Are the Traditional Components Included in Most

question 15

Short Answer

_____________ ERP components are the traditional components included in most ERP systems and they primarily focus on internal operations.

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Definitions:

Profit

The financial gain obtained when the revenues generated from a business activity exceed the expenses, costs, and taxes needed to sustain the activity.

Revenue

The income that a business receives from its normal business activities, usually from the sale of goods and services to customers.

Expenses

The costs incurred in the process of generating revenue, including but not limited to rent, salaries, and utilities.

Income Statement

A financial document that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and net income or loss.