Question 1

The following screen in SAP is an example of ____.

Accepted Answer

The screen is displaying the Document Flow in SAP, which shows the flow of documents between various departments or functions within an organization. The other options (Production Planning, MRP and Configuration Settings) are not related to this specific screen.

Question 2

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 3

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.

Accepted Answer

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

Question 4

A manufactured item has three cost elements.State what they are and briefly explain the nature of each.

Accepted Answer

The answer of A manufactured item has three cost elements.State...

Question 5

This is Fitter Snacker's ____.

Accepted Answer

The code given, 11ea56fd_7222_5a45_a5cc_896464e5f530_TB5053_00, is most likely a reference number for Fitter Snacker's financial records. The Balance Sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time, and is often used in conjunction with this type of reference number to track financial information. The other options (Income Statement, Credit Report, Document Flow) do not provide the same type of information that would be associated with a reference number.

Question 6

Given that 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

The answer of Given that the cost of manufacturing NRG-A...

Question 7

Describe the general ledger with regard to SAP ERP.

Accepted Answer

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

Question 8

For Fitter Snacker,the sum of direct materials,production overhead,and direct labor is the ____.

Accepted Answer

The sum of direct materials, production overhead, and direct labor is known as the Cost of Goods Manufactured (COGM), which represents the total production cost of goods completed during a specific period.

Question 9

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

Accepted Answer

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

Question 10

Another name for an income statement is a ____.

Accepted Answer

The best choice for another name for an income statement is "Profit and Loss statement". While "Sales" and "Revenue" are both related to income, they specifically refer to the money earned from selling products or services, whereas an income statement encompasses all revenue and expenses to provide an overall picture of a business's financial performance. "Credit" is not a suitable answer as it refers to a transaction, not a financial statement.

Question 11

What is the following? ____________________

Accepted Answer

The answer of What is the following? ____________________
 ...

Question 12

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

Accepted Answer

The balance sheet and P&L statements are reports in an ERP system, providing financial information about a company's assets, liabilities, and profits/losses. They are typically generated on a regular basis, such as monthly or quarterly, rather than just yearly. While ERP systems may have modules related to financial management, the balance sheet and P&L statements are specifically generated as reports within the system. Therefore, option C is the correct choice.

Question 13

What is the advantage to credit management in SAP ERP?

Accepted Answer

The advantage of credit management in SAP ERP is that the data is in real-time, which allows for timely and accurate monitoring of credit limits and customer balances. This helps to prevent credit issues and improve cash flow.

Question 14

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:
  
An order has come in from First State TastyBars:
  
There are some documents in FS's system as follows:
  
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?

Accepted Answer

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

Question 15

What is the following? ____________________

Accepted Answer

The answer of What is the following? ____________________
 ...

Question 16

This is Fitter Snacker's ____.

Accepted Answer

The answer of This is Fitter Snacker's ____. 
...

Question 17

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

Accepted Answer

The direct labor cost is the other key piece of information needed for a cost analysis. Direct material refers to the tangible components of a product or service that can be directly traced to its production, while direct labor refers to the wages and benefits paid to workers directly involved in the production process. Overhead, selling cost, and driver are not directly related to the cost of producing a specific product or service.

Question 18

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

Accepted Answer

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

Question 19

In a company that has an ERP system the accountants talk in terms of "data flows between modules" and "sharing data between modules".Why are the accountants speaking imprecisely? I.e.,why are "data flows between modules" and "sharing data between modules" misnomers if an ERP system is used?

Accepted Answer

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

Question 20

If Fitter Snacker's cost of making a case of bars is $209.82,and 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

The cost of making a case = $209.82
Number of bars in a case = 24 bars/box * 12 boxes/case = 288 bars/case
Cost to make each bar = Cost of making a case/Number of bars in a case = $209.82/288 = $0.72875 ≈ $0.72 (rounded to the nearest cent)

Quiz 5: Accounting in Erp Systems

The following screen in SAP is an example of ____.

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

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.

A manufactured item has three cost elements.State what they are and briefly explain the nature of each.

This is Fitter Snacker's ____.

Given that 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?

Describe the general ledger with regard to SAP ERP.

For Fitter Snacker,the sum of direct materials,production overhead,and direct labor is the ____.

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

Another name for an income statement is a ____.

What is the following? ____________________

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

What is the advantage to credit management in SAP ERP?

What is the following? ____________________

This is Fitter Snacker's ____.

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

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

In a company that has an ERP system the accountants talk in terms of "data flows between modules" and "sharing data between modules".Why are the accountants speaking imprecisely? I.e.,why are "data flows between modules" and "sharing data between modules" misnomers if an ERP system is used?

If Fitter Snacker's cost of making a case of bars is $209.82,and 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?