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. 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.






2. Impact on auditor responsibility as a consequence of real-time distribution of financial statements






3. 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.






4. 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






5. Posting periods in FF






6. 4 perspectives a balanced scorecard views an organization from: learning and growth - ____________ - customer - financial






7. A system that integrates all departments and functions across an organization into a single computer system; helps facilitate communications among departments






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






9. 3 characteristics of overall fit: off the rack - off the rack and tailored to fit - ______






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






11. If a shared material is purchased by one "company" in dozens and purchased by another "company" in cases (equal to 10 dozen) - the ______ base unit of measure would be used on the Purchasing tab






12. A meta-language for describing markup languages






13. ____________________ categoriesKnowledge repositories (databases) - expertise tools - e-learning applications - discussion and chat technologies - search and data mining tools






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






15. 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






16. Document exchange - shared whiteboards - discussion forums - email






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






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






19. 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






20. 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






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






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






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






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






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






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






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






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






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






30. Stores documents in a central location and automatically asks the team members to access the document when it is their turn to edit the document






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






32. Sends work assignments through an e-mail system






33. An outline agreement






34. 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






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






36. 2 or more organizations cooperate by integrating their IT systems - providing customers with the best of what each can offer






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






38. 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






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






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






41. Supports the work of teams by facilitating the sharing and flow of information






42. 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






43. Enables organizations to clarify their vision and strategy and translate them into action






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






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






46. What components are needed to ____________: A vendor - an insurance expense account - amount of payment.






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






48. Price Variance. Maximum cash discount variance.






49. Supports team interactions






50. Participation in business processes - such as workflow