ACCT 307 - CHAPTER 12 EXAM QUESTIONS AND
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
GRADED A++
What is integrated accounting software?
• primarily processes bookkeeping transactions with great speed and accuracy
• organizes transaction processing in interconnected modules
- General ledger module (foundation of the system)
- Other modules: A/R, A/P, inventory, payroll, etc.
- Journal entries recorded in other modules update the general ledger module
• provides sophisticated financial and budgeting analysis tools and customized, graphic
accounting reports
• has E-commerce features
• Scalability accommodates business growth and leads to significant cost savings
What does “being scalable” mean?
upgrade to more powerful software without reinstalling or reconfiguring data
What is hosted solution?
- Hosted solution is the software can be made available on a file server or hosted by a
cloud service provider
- Midrange Accounting Software can be deployed from an array of options including the
hosted solution arrangement which facilitates scalability and accessibility.
, What are advantages of hosted solution?
- Reliability & Security
- Maintenance
- Reduce Cost
- Improve business growth with Scalability
What does ERP stand for?
- High-end accounting software programs such as Enterprise resource planning
(ERP) systems do much more than processing strictly accounting data
- ERP systems include:
+ SAP
+ Oracle/PeopleSoft
+ Microsoft Dynamics GP Enterprise
2 main features of ERP?
Central Database & Integration
What does integration mean? Specifically, what are purposes of SCM, CRM, BI,
and PRM?
• Unlike traditional accounting applications, an ERP integrates the financial (accounting)
module with other subsystems (e.g. human resources, manufacturing, distribution)
• Example of cross-functional integration:
An ERP system can be configured to automatically react to the creation of a new
customer order by:
- updating the shipping schedule
- updating the production schedule
ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
GRADED A++
What is integrated accounting software?
• primarily processes bookkeeping transactions with great speed and accuracy
• organizes transaction processing in interconnected modules
- General ledger module (foundation of the system)
- Other modules: A/R, A/P, inventory, payroll, etc.
- Journal entries recorded in other modules update the general ledger module
• provides sophisticated financial and budgeting analysis tools and customized, graphic
accounting reports
• has E-commerce features
• Scalability accommodates business growth and leads to significant cost savings
What does “being scalable” mean?
upgrade to more powerful software without reinstalling or reconfiguring data
What is hosted solution?
- Hosted solution is the software can be made available on a file server or hosted by a
cloud service provider
- Midrange Accounting Software can be deployed from an array of options including the
hosted solution arrangement which facilitates scalability and accessibility.
, What are advantages of hosted solution?
- Reliability & Security
- Maintenance
- Reduce Cost
- Improve business growth with Scalability
What does ERP stand for?
- High-end accounting software programs such as Enterprise resource planning
(ERP) systems do much more than processing strictly accounting data
- ERP systems include:
+ SAP
+ Oracle/PeopleSoft
+ Microsoft Dynamics GP Enterprise
2 main features of ERP?
Central Database & Integration
What does integration mean? Specifically, what are purposes of SCM, CRM, BI,
and PRM?
• Unlike traditional accounting applications, an ERP integrates the financial (accounting)
module with other subsystems (e.g. human resources, manufacturing, distribution)
• Example of cross-functional integration:
An ERP system can be configured to automatically react to the creation of a new
customer order by:
- updating the shipping schedule
- updating the production schedule
