Practice Test Geeks(CFC) Certified Financial Controller Practice Test
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ERP Systems & Financial Technology Flashcards

7 cards from real CFC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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

    Answer: Financial Accounting (FI)

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

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

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

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

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

    Answer: Differences between standard system functionality and business requirements

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

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

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

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

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

    Answer: Difficulty upgrading to future software versions

    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.

  6. A controller notices that inventory values in the ERP's warehouse module differ from the general ledger balance. What is the MOST likely cause?

    Answer: An integration or posting error between the inventory and financial modules

    Discrepancies between sub-ledgers and the GL typically result from failed or incomplete postings in the module integration layer.

  7. In an ERP system, what is the function of 'period-end closing' procedures?

    Answer: Locking completed accounting periods to prevent retroactive changes and running period reports

    Period-end closing locks the accounting period after all adjustments are posted, ensuring historical records remain immutable and accurate.