Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ERP > Ch. 3 > Flashcards

Ch. 3 Flashcards

1
Q

The key processes in financial accounting

A
  1. general ledger (GL)
  2. Accounts receivables accounting
  3. accounts payable accounting
  4. Asset accounting
  5. bank ledger accounting
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Is used to record the financial impacts of business process steps

A

general ledger (GL)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

is associated with the fulfillment process and is used to manage money owed by customer for goods and services sold to them

A

Accounts receivables accounting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

is associated with the procurement process. Manage money owed to the vendor.

A

accounts payable accounting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Is used to record data related to the purchase, use, and disposal of assets such as buildings equipment, machinery, and automobiles

A

Asset accounting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

is concerned with recording data associated with bank transactions.

A

bank ledger accounting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Typical financial statements

A

balance sheet
Income statement/ profit and loss statement
statement of cash flow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

is a snapshot of the organization at a point in time. Financial position of an organization

A

balance sheet

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

indicates the changes in a company’s financial position over a period of time. Indicates the financial performance of an organization.

A

Income statement, also known as a profit and loss statement

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

displays all cash receipts and payments over a specified period of time

A

statement of cash flow

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Organizational Data has three elements or levels.

A

Client
Company Code
Business areas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

are internal divisions of an enterprise

A

Business areas

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

is a division of an enterprise for which management monitors performance

A

segment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

A list of accounts that can be included in a general ledger an ordered listing of accounts that comprise a company’s general ledger.

A

chart of accounts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Are what the company owns, such as cash, inventory of materials, land, buildings, and money owed to the company by its customers (receivables)

A

Assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

are what the company owes to others, including money owed to vendors (payables) and loans from financial institutions

A

Liabilities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

refers to the owner’s share of the company’s assets.

A

Owner’s equity

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

are the monies the company earns by selling its products and services

A

Revenues

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

are the costs associated with creating and selling those products and services.

A

Expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

groups together accounts with similar characteristics.

A

account group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

all bank and cash accounts are consolidated in one account group

A

liquid assets

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

The typical company code data in general ledger accounts consist of the following elements.

A

Account currency
tax-related data
field status group

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

determines the currency in which all the transactions are recorded.

A

Account currency

24
Q

each country has to comply with distinctive tax laws that require it to include different

A

tax-related data

25
Q

determiner both the screen lay out for documents entry and the status of each field on the screen.

A

field status group

26
Q

each item in the account is marked as either “open” or “cleared”

A

open item management

27
Q

which are temporary accounts that hold data until these data are moved to another account

A

clearing accounts

28
Q

display is enabled, a link to the line-items that are included in account balances is maintained.

A

line-item

29
Q

Asset accounts are used to track the purchase price as well as increases and decreases in the asset’s value over time. Such accounts are maintained in ____________________.

A

subsidiary ledgers or subledgers

30
Q

are general ledger accounts that consolidate data from a group of related subledger accounts

A

Reconciliation accounts

31
Q

Records the impact (financial data) of a transaction step on financial accounting

A

Financial accounting document (FI document)

32
Q

is a two character code that identifies the specific business process step that generated the document.

A

document type

33
Q

which is a two-digit code that determines how a low item in posted

A

posting key

34
Q

an organizations can implement multiple ledgers in parallel and use each ledges for different purposes

A

parallel accounting

35
Q

is associated with a location where costs are incurred

A

cost center

36
Q

Costs incurred during processes can be allocated to or absorbed by these orders

A

cost objects

37
Q

have a physical form

A

Tangible assets

38
Q

are nonphysical form

A

intangible assets

39
Q

include a variety of financial instruments such as securities, long-term notes (debts), and mortgages

A

Financial assets

40
Q

a group of assets that possess similar characteristics

A

asset class

41
Q

The two most important parameters

A

account determination
Depreciation

42
Q

The reconciliation account for each asset in the asset subledger account is determined by its association with an asset class.

A

account determination

43
Q

an asset’s value diminishes due to wear and tear.

A

Depreciation

44
Q

which specifies how long the company anticipates using the asset.

A

useful life

45
Q

which is the value of the asset after it is depreciated.

A

book value

46
Q

is used to prepare financial statements for shareholders and to meet regulatory requirements.

A

Book depreciation

47
Q

is used to allocate the cost of using the asset to a cost center

A

Cost accounting depreciation

48
Q

is used to file federal and state income tax returns

A

Tax depreciation

49
Q

After an asset has completed its useful life, it is disposed of, or retired.

A

Retirement

50
Q

provides an overview of all the activities related to the asset

A

asset explorer

51
Q

is a hierarchical grouping of general ledger accounts that must be included in the financial statements.

A

financial statement version

52
Q

Three transaction types

A

Acquisition
Depreciation
Retirement

53
Q

Asset can be acquired either externally or through internal processes.

A

Acquisition

54
Q

If an asset has completed its useful life

A

Retirement

55
Q

A depreciation that is planned, periodic, and recurring decrease

A

Ordinary depreciation

56
Q

When extraordinary or unforeseen circumstances cause the asset to lose value

A

Unplanned depreciation

57
Q

Account information can be obtained at three levels

A

Account balance
Line items display
Original FI documents

ERP (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions