Compare and contrast materials requirement planning (MRP) and enterprise resource planning (ERP)
What will be an ideal response?
Answer: Material requirements planning (MRP) helps a manufacturer get the correct materials where and when they are needed, without unnecessary stockpiling. Managers use MRP software to calculate when certain materials will be required, when they should be ordered, and when they should be delivered so that storage costs will be minimal. Because these systems are so effective at reducing inventory levels, they are used almost universally in both large and small manufacturing firms.
Enterprise resource planning (ERP) extends the scope of resource planning and management even further to encompass the entire organization. Typical ERP software programs consist of modules that address the needs of the various functional areas, from manufacturing to sales to human resources. Some companies deploy ERP on a global scale, with a single centralized system connecting all their operations worldwide.
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West County Bank agrees to lend Drake Builders Company $100,000 on January 1. Drake Builders Company signs a $100,000, 6%, 6-month note. What is the adjusting entry required if Drake Builders Company prepares financial statements on March 30?
A. interest expense 3,000 interest payable 3000 B. interest expense 3000 cash 3000 C. interest expense 1500 interest payable 1500 D. interest payable 1500 interest expense 1500
By definition, ________ feature a narrow but deep merchandise mix and high levels of service
A) department stores B) specialty retailers C) supermarkets D) convenience stores E) discount stores