How does a phased implementation process operate?
What will be an ideal response?
A phased implementation launches modules in phases rather than all at once. For example, an ERP might start with human resources and then phase in components of the financial modules and supply chain. The implementation team and trainers can focus on one departmental group at a time, helping them become accustomed to the new software while the developers watch for glitches. A disadvantage is that the new system's modules may be tightly integrated, so implementing one without the others may create some confusion and require temporary interfaces to the old systems. For example, the human resources system will include payroll data that must be passed to the old general ledger if the new ledger isn't up and running yet. Consistency is also an issue if information is maintained in more than one place as the modules are phased in.
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Income from Operations is determined by
a. subtracting Operating Expenses from Net Sales. b. adding Operating Expenses to Net Sales. c. adding Operating Expenses to Gross Profit. d. subtracting Operating Expenses from Gross Profit.
When a long-term non-interest-bearing note is exchanged solely for cash, the difference between the cash received and the face value of the note is recorded as
A) interest expense. B) premium on notes payable. C) discount on notes payable. D) interest payable.
Which of the following is a desirable quality for a brand name?
A) The name should be unique and difficult to pronounce to ensure legal protection. B) The name should be a common word rather than a distinctive one. C) The name should not suggest anything about the product quality. D) The name should translate easily into foreign languages. E) The name should not be extendable.
In its first year of operations, Lear Company reported financial statement income (prior to income tax expense) of $100,000 . In the same year, Lear Company reported $80,000 of taxable income, the difference being due to temporary differences. Assuming the enacted tax rate for the current year and all future years is 30%, what is Lear's current year adjustment for deferred income taxes?
a. Debit to Deferred Income Tax Liability for $6,000 b. Debit to Income Tax Expense for $6,000 c. Credit to Income Taxes Payable for $6,000 d. Credit to Deferred Income Tax Liability for $6,000 e. Credit to Income Tax Expense for $6,000