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. Track logistics movement of goods.






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






4. To share ____________: One person creates the material number - Everyone the recreates the material using the same number and add their plant information to it.






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






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






7. 1) Single point of failure since all data processing is within one application 2) Complexity makes it difficult to understand 3) User acceptance influences likelihood of success 4) extensive training for many users 5) Inexperience with implementation






8. You have created a vendor master. This vendor be shared at ________






9. The steps to completing the ___________ process: Agreement - invoice - payment.






10. 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.






11. The types of contracts: Quantity Contract - ___________






12. 3 characteristics of overall fit: off the rack - off the rack and tailored to fit - ______






13. Amount for item with or without order reference - Form small differences automatically - Percentage Over/Under - Quantity Variance - Exceed amount: quantity variance - Blanket purchase order - value and time limit Price variance






14. 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






15. Manages the transportation and storage of goods






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






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






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






19. 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






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






21. Capturing - classifying - evaluating - retrieving - and sharing information assets that provides context for effective decisions and actions






22. Where the purchasing tolerances - goods receipt tolerances - and invoice receipt tolerances all are passed.






23. To share ________: One person creates the vendor number. - Everyone then recreates the vendor with the same number and their company code.






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






25. 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






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






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






28. Events consisting of large numbers of relatively simple transactions such as updating accounting records that are stored in several related tables






29. 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.






30. In ________ - D - R - K - and Z mean: D - Customer R - Invoice K - Vendor Z - Payment






31. The second largest ERP vendor






32. Anything that can be documented - archived - and codified - often with the help of IT






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






34. All the steps or business rules - from beginning to end - required for a business process






35. The Key _____________ issues: There are many high costs - maintenance requirements (upgrades and compatability) - extensive reorganization of the company






36. 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






37. Posting periods in FF






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






39. 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






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






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






42. The steps to completing the ___________: Vendor/Expense account exists - process invoice receipt - and then pay.






43. An outline agreement






44. 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






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






46. Request for quotation






47. 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






48. 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






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






50. Participation in business processes - such as workflow