CFC ERP Systems & Financial Technology 2

Question 1

Which ERP module is primarily responsible for managing accounts payable, accounts receivable, and the general ledger?

Accepted Answer

Financial Accounting (FI)

Answer

The Financial Accounting (FI) module handles core accounting functions including AP, AR, and the general ledger.

Question 2

A company is implementing a new ERP system and wants to ensure financial data integrity across modules. Which approach BEST achieves this?

Accepted Answer

Using real-time integration between modules with a single source of truth

Answer

ERP systems achieve data integrity by integrating all modules around a unified database, eliminating redundant data entry.

Question 3

In ERP implementation methodology, what does a 'fit-gap analysis' identify?

Accepted Answer

Differences between standard system functionality and business requirements

Answer

A fit-gap analysis compares the ERP system's standard functionality against the organization's specific business requirements to identify gaps requiring customization.

Question 4

Which of the following BEST describes the role of a Chart of Accounts in an ERP financial system?

Accepted Answer

A structured list of all general ledger account codes used to classify transactions

Answer

The Chart of Accounts is the foundational structure that categorizes all financial transactions into the appropriate GL accounts.

Question 5

What is the primary risk of extensive ERP customization during implementation?

Accepted Answer

Difficulty upgrading to future software versions

Answer

Heavy customization creates technical debt and makes future upgrades costly and complex because custom code must be retested and re-integrated with each new version.

(CFC) Certified Financial Controller Practice Test

(CFC) Certified Financial Controller Practice Test

CFC ERP Systems & Financial Technology 2