Each of the Following Describes ERP Systems Except

question 40

Multiple Choice

Each of the following describes ERP systems except:

• A) ERP apps interface with business partners through a B2B gateway, but cannot interface with legacy apps.
• B) From a technology perspective, ERP is the software infrastructure that links an enterprise's internal apps and supports its external business processes.
• C) ERP apps are modular, and the modules are integrated with each other to expand capabilities.
• D) Departments can easily stay informed of what's going on in other departments that impact its operations or performance.

Differentiate between the types of information provided to internal vs. external users and their purposes.

Understand the concept of owner's equity and how it is represented in financial statements.

Comprehend the structure and objective of income tax reports within financial reporting systems.

Distinguish between financial statements aimed at internal decision-making versus those for external use.

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Definitions:

Bank Checking Account

A bank account that allows the holder to deposit and withdraw money and write checks.

Postdated Check

A check written with a future date, preventing it from being cashed or deposited until that date.

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those presented on a bank statement to ensure they are in agreement.

Deposit in Transit

Funds that have been deposited by a company in its bank account but have not yet been recorded by the bank, leading to a timing difference in the company's accounting records.