As a processing tool in an accounting information system, ERP software is capable of generating outputs in the form of general-purpose financial statements.Which of the following statements is most true?
A)The financial management module alone contains all the information a company needs to produce its financial statements.
B)All four common ERP system modules provide information to the general purpose financial statements.
C)A company needs to create a fifth module called "financial statement creation" if it wants to use an ERP system to create its financial statements.
D)None of these statements is true.

Question

Quizplus · Accepted Answer

All four common ERP system modules (financial management, supply chain management, human resources management, and customer relationship management) provide information that can be used to generate general-purpose financial statements. However, it is important to note that some companies may still need to customize their ERP system or use additional software to meet their specific financial reporting needs. Option A is incorrect because while the financial management module provides critical financial data, it does not contain all the information needed to produce financial statements. Option C is incorrect because a separate "financial statement creation" module is not necessary in most cases. Option D is incorrect because option B is true.

As a Processing Tool in an Accounting Information System, ERP