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Exam (elaborations)

BPI - chapters 5 and 6 exam Questions and Answers (100% Pass)

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What type of accounting reports can be generated at any time in an ERP system? Balance sheets and income statements What are things that can be found on a balance sheet? - cash held - amounts owed to company by customers - cost of raw materials and finished goods inventory - long term ...

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  • November 10, 2024
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  • Exam (elaborations)
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BPI - chapters 5 and 6 exam
Questions and Answers (100% Pass)
What type of accounting reports can be generated at any time in an ERP

system?


✓ Balance sheets and income statements




What are things that can be found on a balance sheet?


✓ - cash held

✓ - amounts owed to company by customers

✓ - cost of raw materials and finished goods inventory

✓ - long term assets




What are things that can be found on an income statement?


✓ - sales

✓ - cost of sales

✓ - profit or loss in a given period




What is the effect on the financials using integrated IS?


✓ Simplifies process of closing books and prepping financial statements



Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

What happens to temporary accounts when closing the books?


✓ The balances are transferred to the retained earnings accounts




What is materials management (MM) module?


✓ Controls the purchasing and records inventory changes




What does a sales representative need to be able to review when an order

comes in?


✓ The account receivable balance




What are the three elements that go into a manufactured item's cost?


✓ - cost of raw materials

✓ - cost of direct labor

✓ - overhead




What are inventory costs?




Master01 | October, 2024/2025 | Latest update

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