1. An income statement shows a company's profit or loss in a period of time. 2. When a company has an ERP system, it no longer needs a general ledger.
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1 Chapter 5: Accounting in ERP Systems TRUE/FALSE 1. An income statement shows a company's profit or loss in a period of time. 2. When a company has an ERP system, it no longer needs a general ledger. 3. When a company has an ERP system, the general ledger is maintained by the ERP system. 4. The SAP ERP system has a module called Accounting and Finance. 5. In SAP ERP access to general ledger accounts is spread over many modules. 6. In a manufactured item, the cost of heating the plant would be considered part of the item's raw materials. 7. The cost of heating the plant would be considered part of manufacturing overhead. 8. Using standard costs to accumulate manufacturing costs means that the company does not have to keep track of actual manufacturing costs. 9. Activity-based costing treats overhead costs as more direct than traditional cost-accounting methods have treated them. 10. In activity-based costing, overhead costs are assigned to products based on the manufacturing activities that gave rise to the costs. 11. ERP systems help in resolving conflicts in goals, standardizing basic processes, and controlling product costs. 12. Having ERP will require a company to restrict the number of cost allocation bases. 13. In an ERP system, data does not flow from one module to another. 14. The term drill down refers to the ability to view the details behind a summary of information. 15. With an ERP system, the job of tracking all the data required for a financial report can be a monumental undertaking. 16. A Business Warehouse system is a completely separate information system that extracts data from the ERP system. 17. The U.S. Congress passed the Sarbanes-Oxley Act of 2002 in response to the fraud and abuse in the Enron collapse. 18. The Sarbanes-Oxley Act requires that financial statements filed with the SEC include a statement signed by the chief executive officer and chief financial officer, certifying that the financial statement complies with the SEC rules. 19. It is very easy to delete items in the ERP system.
2 20. SAP ERP has sophisticated user administration tools that allow different levels of authorization management, to ensure that employees can perform only the transactions required for their jobs. 21. Tolerance groups make sure employees do not exceed their authority in financial transactions. Figure Figure 2 is an example of Fitter Snacker s Balance Sheet. 23. Figure 2 is an example of Fitter Snacker s Income Statement. Figure 1
3 24. Figure 1 is an example of Fitter Snacker s Balance Sheet. 25. Figure 1 is an example of Fitter Snacker s Income Statement. 26. Another name for an income statement is a profit and loss statement. 27. In an ERP system, the balance sheet and P&L statements are database reports. 28. Managerial accounting deals with determining the costs and profitability of the company s activities. 29. In the SAP ERP system, inputs to the general ledger occur simultaneously with input of business transactions to the various modules. Figure Figure 3 is an example of document flow. 31. Figure 3 is an example of production planning. 32. The key feature of any ERP system is the ability to drill down from a report to the source documents (transactions) that created it. MULTIPLE CHOICE 1. The process of transferring balances for temporary or nominal accounts, such as revenue, expense, gain, and loss, to the retained earnings account is called. a. cost accounting d. closing the books b. account closure e. statement wrap-up c. periodic closure 2. When finished goods are transferred from the assembly line to the warehouse, an employee in the warehouse records the transaction using a terminal or a barcode scanner. Which SAP ERP module records this change? a. Materials Management c. Sales and Distribution b. Asset Management d. Controlling
4 3. Which general ledger document tracks the amount of money that a customer owes for the goods received by the customer? a. Balance sheet c. Accounts payable b. Accounts receivable d. Income statement 4. Which financial statement shows account balances such as, cash held, amounts owed to the company by customers, the cost of raw materials and finished goods inventory? a. Income statement c. Tolerance group b. Balance sheet d. Year end report 5. Assume that a buyer calls a seller to order $3,000 worth of goods and her credit limit is $10,000. If the sellers accounts receivable for the customer is already $8,500, how much of the new order will be accepted? a. The entire amount c. No amount b. $1,500 only d. $10,000 only 6. What are the manufacturing costs that include factory utilities, general factory labor such as custodians or security guards, factory managers salaries, storage, insurance, and other manufacturing-related costs? a. Direct costs c. Overhead costs b. Plant costs d. Manmade costs 7. In, activities associated with overhead cost generation are identified and then records are kept on the costs and on the activities. a. activity-based costing c. run of the mill costing b. backoffice costing d. plant operation costing 8. Each transaction in SAP ERP gets its own unique number, which acts as an index to the appropriate database table entries. This is known as. a. document reference c. auditing codes b. document flow d. unique codes Figure 2
5 9. Figure 2 is Fitter Snacker s. a. Balance Sheet c. Credit Report b. Income Statement d. Document Flow Figure Figure 1 is Fitter Snacker s. a. Balance Sheet c. Credit Report b. Income Statement d. Document Flow 11. Another name for an income statement is a statement. a. credit c. sales b. profit and loss d. revenue 12. In an ERP system, the balance sheet and P&L statements are. a. generated yearly c. database reports b. not available d. modules 13. What is the advantage to credit management in SAP ERP? a. Marketing and Sales get weekly reports. c. Payments are posted daily. b. The data is in real-time. d. There is no advantage. 14. If the cost of manufacturing NRG-A bars is $0.72 per bar, how much does FS need to charge to make a profit of $0.25? a. $1.00 c. $0.97 b. $0.99 d. $ What is the sum of direct materials, production overhead, and direct labor? a. COGM - cost of goods manufactured c. COGP - cost of goods produced b. COGS - cost of goods sold d. COGS - cost of goods shipped
6 Figure Figure 3 is an example of. a. Production Planning c. Document Flow b. MRP d. Configuration Settings 17. The key pieces of information for cost analysis is the direct material costs and the. a. direct labor cost c. driver cost b. overhead cost d. selling cost 18. If Fitter Snacker s cost of making a case of bars is $ There are 24 bars to a box and 12 boxes to a case. How much money does it cost Fitter Snacker to make each individual bar? a. $17.49 c. $8.74 b. $1.00 d. $0.73 COMPLETION Figure 2
7 1. Figure 2 is Fitter Snacker s. Figure 1 2. Figure 1 is Fitter Snacker s. 3. Any business events that occur between companies and their subsidiaries are known as. 4. With a properly configured and managed ERP system, there are direct links between the company s and individual transactions that make up the statements, so that fraud and abuse can be detected more easily. SHORT / DISCUSSION / ANALYTICAL QUESTIONS 1. What are the three cost elements for a manufactured item? 2. Assume a company has many foreign-based subsidiaries. In what ways can ERP improve preparation of consolidated financial statements? 3. In a company that has an ERP system the accountants talk in terms of "data flows" between modules. Why are the accountants not accurate, and what is a better term for them to use? 4. How does ERP facilitate "drilling down" to see the details of transaction data? 5. Describe the general ledger with regard to SAP ERP. 6. What are the two main accounting challenges when closing the books for companies with overseas subsidiaries?
8 7. Assume Fitter Snacker's existing information systems are in place. FS has a customer called First State TastyBars. Here is the background data on FS and First State TastyBars: Today's date 4/20/2001 Current list price, NRG-A bars 1.00/bar Accounts receivable balance at start of business day, First State TastyBars, as $15,000 shown on the list available in Marketing Credit Limit, First State TastyBars $17,000 An order came in from First State TastyBars: Product NRG-A Amount 10 cases (288 bars/case) Price List Ship to First State TastyBars headquarters Date desired 4/25/2001 Next invoice number A1200 Customer Purchase Order Number FST 1003 There are some documents in FS's system as follows: Purchase order FST 988 for 3 cases (864 bars) of NRG-A. This order is in the FS sales orderentry program, but Accounting has not been told about it yet. A check from FST for $5184 was received in yesterday's mail and entered into Accounting's PeachTree program. The check applies to some March 2001 orders. The list of accounts receivable balances that Marketing uses does not reflect this payment. a. Given the state of FS's systems, will credit be granted or denied on the current order (purchase order FST 1003)? b. What is the actual First State TastyBars accounts receivable balance (without considering the current order)? c. If the FS systems processed transaction data in a more timely way would credit be granted or denied? Why? Figure 3 8. What is the significance of the accompanying figure in SAP from an accounting standpoint?
9 9. Why is developing product costs in a large company such a time-consuming task? Why is an integrated system an advantage? 10. List ways in which an ERP system can prevent or minimize fraud in a company. ESSAY 1. Explain how activity based costing would be implemented using an ERP system. In doing that, explain the advantage of using ERP with activity based costing. 2. Explain how SAP ERP built-in management reporting and analysis tools are an advantage to an organization. 3. What are the key features of the Sarbanes-Oxley Act? 4. What are the implications of the Sarbanes-Oxley Act for ERP systems?
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