When an ERP Is Used,it Is Assumed That There Will

question 62

Multiple Choice

When an ERP is used,it is assumed that there will be increases in efficiency and the effectiveness of the activities related to the revenue cycle.However,what must be in place and functioning well to fully realize these benefits?

• A) an effective marketing staff
• B) all the components of the expenditure cycle
• C) adequate controls
• D) adequate system flowchart documentation

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Definitions:

Resources

Various means or inputs (such as labor, capital, land) used in the production of goods and services.

Efficiency

The extent to which resources are used in the most productive way possible to achieve maximum output or outcomes.

Opportunity Costs

The cost of an alternative that must be forgone in order to pursue a certain action or the benefits you miss out on when choosing one alternative over another.

Economic Welfare

The overall health and well-being of an economy, often measured by standards of living, availability of goods and services, and income distribution.