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






2. 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






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






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






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






6. Participation in business processes - such as workflow






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






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






9. 2 categories of collaboration systems: __________ - structured/process






10. An outline agreement






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






12. 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.






13. Sends work assignments through an e-mail system






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






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






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






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






18. 2 or more organizations cooperate by integrating their IT systems - providing customers with the best of what each can offer






19. 3 attributes of successful ERP components: overall fit - ___________ - solid implementation plans






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






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






22. Request for quotation






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






24. 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






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






26. 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






27. Posting periods in FF






28. 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






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






30. Price Variance. Maximum cash discount variance.






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






32. Facilitates the automation and management of business processes and controls the movement of work through the business process






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






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






35. 3 characteristics of overall fit: off the rack - off the rack and tailored to fit - ______






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






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






38. 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






39. The second largest ERP vendor






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






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






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






43. Account and finance - production and materials management - human resource






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






45. The global leader with 30 to 60% of the ERP market






46. 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






47. Supports team interactions






48. A meta-language for describing markup languages






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






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