Test your basic knowledge |

ERP: Enterprise Resource Planning

Subject : it-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Impact on auditor responsibility as a consequence of real-time distribution of financial statements






2. Attempt by organizations to switch operations from their old legacy systems to a new system in a single event that implements the ERP across the entire company; more ambitious and risk than phased-in method






3. The two main ERP applications: Core Applications and ___________






4. You have created a material master. This material be shared at _________






5. Tell us who is responsible for the document and when it was created.






6. Some of the major implications for Internal Control and Auditing when dealing with ERP systems: 1) Transaction authorization - 2) _____________ 3) supervision 4) accounting records 5)independent verification 6) access controls 7) traditional access c






7. Decision support tool for management critical tasks through analytical investigation of complex data associations - supplies management with real-time info - takes information and converts it to data to make useful






8. ncorrect taxonomy results in invalid mapping that may cause material misrepresentation of financial data






9. For what reasons might a company refuse payment of an invoice from a vendor: It might be refused because the _____________ - the quantity of the shipment is too high or too low - could be a damaged good - a wrong good - or may have arrived before or






10. Posting periods in FF






11. The key concerns when dealing with ___________________ related to ERP roles: 1) the creation of unnecessary roles 2) the rule of least access should apply to permission assignments and 3) monitor role creation and permission-granting activities






12. Request for quotation






13. A meta-language for describing markup languages






14. A process of mapping a group's contacts to identify who knows whom and who works with whom






15. Sends work assignments through an e-mail system






16. The purpose of __________: Audit Trail. Determines the type of document it is.






17. Companies who purchase modules from ERP - SCM and ___ vendors must integrate the different modules together






18. The components to setup automatic account assignments: Chart of Accounts - Transaction key - _____________ - Modifier of Transaction Key - Valuation Class






19. Database constructed for quick searching - retrieval - ad hoc queries - and ease of use






20. Tells whether a transaction is a debit or credit and what G/L account is associated.






21. 3 characteristics of overall fit: off the rack - off the rack and tailored to fit - ______






22. ERP is different: 1)The system usually resides on multiple computers - 2) the system allows ______________ - customization - and maintenance 3) On-line and real-time processing (all databases are updated simultaneously and all stored together) 4) Dat






23. Purchased by Oracle - Strength in HR management - Widely used in the federal government






24. 2 or more organizations cooperate by integrating their IT systems - providing customers with the best of what each can offer






25. A document that tells us prices - materials - a specified time for a price - a formal agreement. (an informal agreement is an inquiry)






26. Components needed to process a ____________: Vendor - Rent Expense Account - Amount - Invoice - and agreement.






27. To share _________: One person creates the G/L Account. - Everyone then creates it with the same number - while adding their company code data to it.






28. Provides tools to manage the creation - storage - editing - and publication of information in a collaborative environment






29. The purpose of the ________ for account postings: A tolerance group sets limits for end users (such as dollar limits on transactions)






30. Includes support for multicountry - multicurrency environments and wide scalability






31. he financial periods that are posted for reporting purposes - internal and external.






32. usiness intelligence - CRM - SCM - e-business






33. The Advantages of XBRL: 1) business offers expanded financial info to all interest parties ___________ 2) companies using XBRP database technology can further speed the process of reports and 3) Consumers import XBRL documents into internal databases






34. Links to other documents on the Web and enables the reader to jump to another document located anywhere on the World Wide Web






35. Categories of intellectual and knowledge-based categories: explicit knowledge and _____________






36. How can tolerance groups be categorized: They can be either _________ or special. Users must be assigned to special.






37. An outline agreement






38. An organization's key strength - the business function that it does better than any of its competitors






39. The significance of each of each number: EX: 2/18 net 45 2% cash discount if paid within 18 days - and full payment due within 45 days.






40. Approach for implementing ERP systems in a phased manner; a popular alternative to the Big Bang method






41. The key ________ issues: Employee resistance - retraining and reorientation - more data collection screens required - lack of qualified personnel - security - and employee retention






42. Validation of ________ - ensure that appropriate taxonomy and tags have been applied






43. A _____ is needed to monitor the quality - objectives - and timelines






44. Three things make a _________: Document number. Fiscal Year. Company Code.






45. Participation in business processes - such as workflow






46. Benefits of ERP: 1) ERPs employ proven best practices - 2) Enable _____________ 3) Improve information management including eliminating duplicative systems - providing on-line and real-time info - and facilitating intra- and inter-organizational comm






47. An XML base language for standardizing methods for preparing - publishing - and exchanging financial information






48. The key _______ issued: 1) difficulty of migration from legacy systems to ERP database - 2) lack of interoperability among different vendors - 3)and continual maintenance requirements






49. Applications that operationally support the day-to-day activities of the business - support mission-critical tasks through simple queries of operational databases. Include sales and distribution - business planning - production planning - shop floor






50. You have created a __________. This materialwould be shared at each (smallest unit possible to be considered for a material)







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