Tag: elements of accounts

Questions Related to elements of accounts

Maintaining records of various properties helps _____________.

elements of accounts dual effect of transactions and types of accounts meaning and classification of business transactions develop the understanding of recording of transactions in journal illustrations on journal entries

  1. in ascertaining profit or loss of the business

  2. to ensure there is no unauthorised use or disposal of any asset or property of the business

  3. in fulfilling the statutory obligation

  4. in giving the look of a professionally managed company

Show answer
Correct Option: B
Explanation:

Assets purchased for the business are to be recorded in the books of account of the business. This is mandatory to keep a proper records of all such assets to ensure that the business assets are used for business purposes only. No unauthorized uses for business assets should be done. 

Which of the following is an accounting package?

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. Ready to use

  2. Customised

  3. Tailored

  4. All of the above

Show answer
Correct Option: D

The cost of installation and maintenance is relatively _______ in customised accounting package.

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. low

  2. medium

  3. equal

  4. high

Show answer
Correct Option: D

State the categories accounting packages are classified into ______.

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. Ready to use

  2. Customised

  3. Tailored

  4. All of the above

Show answer
Correct Option: D

Ready-to-Use accounting software is suited to_________ organisations.

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. conventional business

  2. big firms

  3. public ltd companies

  4. none of the above

Show answer
Correct Option: A

Which of the following softwares are used for data processing?
(i) EXCEL (ii) ACCESS (iii) SPSS (iv) STAR (v) PASW.

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. (i), (ii), (iv) and (v)

  2. (ii), (iii), (iv) and (v)

  3. (iii) and (iv)

  4. (i), (iii) and (iv)

Show answer
Correct Option: A
Explanation:

SPSS, as the name suggests, is software for performing statistical procedures in the social sciences field. The major limitation of SPSS is that it cannot be used to analyze a very large data set.

From the following, identify by the web-based financial software.

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. Private Equity Software

  2. Share Accounting Software

  3. Wealth Management Software

  4. WINGS $2013$

Show answer
Correct Option: D
Explanation:

Wings 2013 ERP is a complete enterprise software for small and medium businesses. Wings ERP is a completely web-based software.

Ready-to-use accounting software is suited to organisations running small/conventional business where the frequency or volume of accounting transaction is ________. 

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. very average

  2. very high

  3. very low

  4. very limited

Show answer
Correct Option: C
Explanation:

Ready-to-use accounting software is suited to organisations running small/conventional business where the frequency or volume of accounting transactions is very low. This is because the cost of installation is generally low and number of users is limited.

Which of the following software has applications in both Mathematics and Statistics?

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. SPSS

  2. SAS

  3. R

  4. None of the above

Show answer
Correct Option: D

Accounting package is classified in to __________________.

elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

  1. Ready-to-use; Customised; Tailored

  2. Recording; Storing of accounting data; Tailored

  3. Ready-to-use; Customised; Recording

  4. Customised; Tailored; Storing of accounting data;

Show answer
Correct Option: A
Explanation:

The accounting packages are classified into the following categories:
1. Ready-to-use
2. Customised
3. Tailored
Each of these categories offers distinctive features.