This exercise tests your understanding of the information

Assignment Help Accounting Basics

Reference no: EM13603258

This exercise tests your understanding of the information needed to trace a sale through a multistep ERP sales cycle: sales order, inventory sourcing, delivery, billing, and payment. Assume that an order has been placed with your company's ERP system. these events occur:

A.) The system automatically checks the customer's credit and finds it to be acceptable. The order is recorded for the delivery date requested.

B.) The system schedules the production of the goods. (There is not enough inventory to ship from stock.)

C.) The system schedules raw material orders from the vendors to make the goods ordered.

D.) The raw materials are received and stored.

E.) The goods are produced and reserved for shipment to the customer.

F.) The system schedules the delivery, and the goods are put on the delivery truck. An invoice is printed and included with the shipment.

G.) Shipping notifies Accounting of the shipments details.

H.) A month later, the customer sends in payment, which is recorded in accounting.

For each of these events, list the information that must be recorded in the common database. You do not need to know how to use a database to do this nor do you need to understand bookkeeping. At each step, did the wealth of the company increase or decrease? At each step, hoe did the company's obligations to outsiders change? At each step, how did the obligations of outsiders to the company change?

Reference no: EM13603258

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