As a Processing Tool in an Accounting Information System, ERP

question 58

Multiple Choice

As a processing tool in an accounting information system, ERP software is capable of generating outputs in the form of general-purpose financial statements.Which of the following statements is most true?

• A)The financial management module alone contains all the information a company needs to produce its financial statements.
• B)All four common ERP system modules provide information to the general purpose financial statements.
• C)A company needs to create a fifth module called "financial statement creation" if it wants to use an ERP system to create its financial statements.
• D)None of these statements is true.

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Definitions:

Overall Strategy

Encompasses the broad, long-term action plans and decisions made by an organization to achieve its major goals and objectives.

Benefits System

A structured plan offered by employers that provides employees with compensation additions, such as health insurance, retirement plans, or paid time off.

HRIS

Human Resource Information System, a software or online solution for managing employee data, payroll, recruitment, and other HR functions.

Law Required

A stipulation or mandate enforced by legal authority, necessitating adherence to specific rules or standards.