Question 1

What are the three cost elements for a manufactured item?

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The answer of What are the three cost elements for...

Question 2

COMPLETION
  
Figure 2
-Figure 2 is Fitter Snacker's ____________________.

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The answer of COMPLETION
  
Figure 2
-Figure 2 is Fitter...

Question 3

In a company that has an ERP system the accountants talk in terms of "data flows" between modules.Why are the accountants not accurate,and what is a better term for them to use?

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The answer of In a company that has an ERP...

Question 4

Figure 1
-Figure 1 is Fitter Snacker's ____.

Accepted Answer

An income statement is a financial document that shows a company's revenues and expenses over a specific period, which is likely what Figure 1 represents.

Question 5

Describe the general ledger with regard to SAP ERP.

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The answer of Describe the general ledger with regard to...

Question 6

Figure 3
-Figure 3 is an example of ____.

Accepted Answer

Figure 3 is an example of Document Flow, which typically shows the sequence and relationship of documents in a process.

Question 7

How does ERP facilitate "drilling down" to see the details of transaction data?

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The answer of How does ERP facilitate "drilling down" to...

Question 8

Another name for an income statement is a ____ statement.

Accepted Answer

The income statement is often referred to as a profit and loss statement because it shows the company's revenue and expenses over a specific period and ultimately calculates the profit or loss. Choices A, C, and D do not accurately describe an income statement.

Question 9

In an ERP system,the balance sheet and P&L statements are ____.

Accepted Answer

Balance sheet and P&L statements are generated from the data stored in the ERP system's database, making them database reports.

Question 10

Assume Fitter Snacker's existing information systems are in place.FS has a customer called First State TastyBars.Here is the background data on FS and First State TastyBars: $\begin{array}{l|l}
\text { Today's date } & 4 / 20 / 2001 \
\hline \text { Current list price, NRG-A bars } & 1.00 / 6 a r \
\hline \begin{array}{l}
\text { Accounts receivable balance at start of business day, First State TastyBars, as } \
\text { shown on the list available in Marketing }
\end{array} & \$ 15,000 \
\hline \text { Credit Limit, First State TastyBars } & \$ 17,000
\end{array}$
An order came in from First State TastyBars:
$\begin{array}{|l|l}
\hline \text { Product } & \text { NRG-A } \
\hline \text { Amount } & 10 \text { cases (288 bars/case) } \
\hline \text { Price } & \text { List } \
\hline \text { Ship to } & \text { First State TastyBars headquarters } \
\hline \text { Date desired } & 4 / 25 / 2001 \
\hline \text { Next invoice number } & \text { A1200 } \
\hline \text { Customer Purchase Order Number } & \text { FST } 1003
\end{array}$
There are some documents in FS's system as follows:
Purchase order FST 988 for 3 cases (864 bars) of NRG-A. This order is in the FS sales order-entry program, but Accounting has not been told about it yet.

A check from FST for $ \$ 5184 $ was received in yesterday's mail and entered into Accounting's PeachTree program. The check applies to some March 2001 orders. The list of accounts receivable balances that Marketing uses does not reflect this payment.

PeachTree program. The check applies to some March 2001 orders. The list of accounts receivable balances that Marketing uses does not reflect this payment.

A)Given the state of FS's systems,will credit be granted or denied on the current order (purchase order FST 1003)?
B)What is the actual First State TastyBars accounts receivable balance (without considering the current order)?
C)If the FS systems processed transaction data in a more timely way would credit be granted or denied? Why?

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The answer of Assume Fitter Snacker's existing information systems are...

Question 11

What is the advantage to credit management in SAP ERP?

Accepted Answer

The advantage to credit management in SAP ERP is that the data is in real-time, meaning that credit limits and payment statuses are constantly updated and accurate. This enables faster credit decisions and improves cash flow management.

Question 12

Figure 1
-Figure 1 is Fitter Snacker's ____________________.

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The answer of  
Figure 1
-Figure 1 is Fitter Snacker's...

Question 13

If the cost of manufacturing NRG-A bars is $0.72 per bar,how much does FS need to charge to make a profit of $0.25?

Accepted Answer

To make a profit of $0.25, FS needs to charge their manufacturing cost per bar plus the desired profit per bar.

Manufacturing cost per bar = $0.72 
Desired profit per bar = $0.25 
Total cost per bar = $0.72 + $0.25 = $0.97

Therefore, FS needs to charge $0.97 per NRG-A bar to make a profit of $0.25. The closest option is C, $0.97.

Question 14

Assume a company has many foreign-based subsidiaries.In what ways can ERP improve preparation of consolidated financial statements?

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The answer of Assume a company has many foreign-based subsidiaries.In...

Question 15

The key pieces of information for cost analysis is the direct material costs and the ____.

Accepted Answer

Direct labor cost is a key component of cost analysis along with direct material costs.

Question 16

With a properly configured and managed ERP system,there are direct links between the company's ____________________ and individual transactions that make up the statements,so that fraud and abuse can be detected more easily.

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The answer of With a properly configured and managed ERP...

Question 17

If Fitter Snacker's cost of making a case of bars is $209.82.There are 24 bars to a box and 12 boxes to a case.How much money does it cost Fitter Snacker to make each individual bar?

Accepted Answer

To find out the cost of each individual bar, we need to divide the cost of making a case by the total number of bars in a case.

Total number of bars in a case = 24 bars/box x 12 boxes/case = 288 bars/case

Cost of making a case = $209.82

Cost per individual bar = Cost of making a case / Total number of bars in a case

Cost per individual bar = $209.82 / 288 = $0.727708

Rounding to the nearest cent, we get $0.73 as the cost per individual bar, which is option D.

Question 18

What is the sum of direct materials,production overhead,and direct labor?

Accepted Answer

The sum of direct materials, production overhead, and direct labor is known as the cost of goods manufactured (COGM).

Question 19

Any business events that occur between companies and their subsidiaries are known as ____________________.

Accepted Answer

The answer of Any business events that occur between companies...

Question 20

Figure 2
-Figure 2 is Fitter Snacker's ____.

Accepted Answer

Figure 2 is a financial statement that shows Fitter Snacker's assets, liabilities, and equity at a specific point in time. This is the definition of a balance sheet. The other choices, such as income statement, credit report, or document flow, would show different types of financial information and are not consistent with the information presented in Figure 2.

Quiz 5: Accounting in Erp Systems