Enterprise Resource Planning (ERP) Integrates All Departments and Functions Throughout

question 25

True/False

Enterprise resource planning (ERP) integrates all departments and functions throughout an organization into a single MIS system (or integrated set of systems) so employees can make decisions by viewing enterprise wide information about all business operations.

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Definitions:

Balance Sheet

A financial statement that provides a snapshot of a company’s financial position by listing assets, liabilities, and equity at a specific point in time.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the ownership interest of the shareholders or owners.

Beginning Balance

The amount of money or value of an account or inventory present at the start of a financial period before any transactions have occurred.

Net Income

The profit remaining after all operating expenses, interest, taxes, and dividends have been deducted from total revenue.