Information Systems That Have Become Outdated and No Longer Meet

question 115

Multiple Choice

Information systems that have become outdated and no longer meet business needs are called _________ systems.

• A)CRM
• B)ERP
• C)legacy
• D)transaction

Recognize enforceability issues related to noncompetition clauses within contracts.

Identify factors considered by courts in determining the legality and enforceability of agreements based on public policy.

Understand the concept of unconscionability and its types (procedural and substantive) in contract law.

Recognize the legal implications of exculpatory clauses in contracts.

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Definitions:

Adjusting Entry

An accounting journal entry made at the end of an accounting period to allocate income and expenditures to the appropriate period.

Fiscal Period

A specific time period used for accounting purposes and financial reporting, typically a year, broken into quarters or months.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear, deterioration, or obsolescence.

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to update account balances before preparing financial statements.