Tag: elements of accounts

Questions Related to elements of accounts

_____________ is a complex process involving information, knowledge, intelligence, wisdom and ability to judge.

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. Commonsense

  2. Decision-making

  3. Zero IQ

  4. Both a and b

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Correct Option: B

___________ controls various input devices which are used for entering data into the computer system.

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. Input unit

  2. Output unit

  3. Hardware

  4. Central processing ystem

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Correct Option: A

_________________ is where computer systems as on date do not possess any common sense because no full-proof algorithm is designed to programme common sense.

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. Lack of Commonsense

  2. Zero IQ

  3. Lack of Decision-making

  4. Both b and c

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Correct Option: A

Which of the following are features of computerised accounting system?

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. Online input and storage of accounting data.

  2. Printout of purchase and sales invoice.

  3. Grouping of accounts is done from the very beginning.

  4. All of the above

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Correct Option: D

Which equation does the chart of accounts tie-in with?

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. Accounting equation

  2. Wave equation

  3. The origin of complex numbers

  4. None of these

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Correct Option: A
Explanation:

A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in an accounting system. An account is a unique record for each type of asset, liability, equity, revenue and expense.

Why is a manual accounting system not feasible for most businesses?

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. There may be too many transactions that cannot be maintained in a manual system.

  2. The information may be confidential and a manual system requires employees to see data.

  3. Some businesses do not use accounting.

  4. Some systems may not know how to use manual spreadsheets.

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Correct Option: A

Transction processing system refers to the system which processes the transaction of an organisation.

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. True

  2. False

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Correct Option: A

Name the five main categories that the ledger accounts are grouped under:

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. Assets, credit cards, liabilities, money, contact cards

  2. Assets, production, bank register, purchases, sales

  3. Assets, liabilities, equity, income, expenses

  4. Assets, credit cards, purchases, money, bank register

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Correct Option: C

What is one disadvantage of a computerized accounting system?

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. It makes accounting entries much faster

  2. Systems often has to be customized to handle the needs of the business.

  3. If incorrect information is entered into the system, the reported data will be wrong.

  4. There are too many options in software packages.

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Correct Option: C

In addition to the standard chart of accounts for a specific industry, you will likely want to expand and/or modify the chart of accounts to fit your business. One tool that would be helpful in determining the accounts for your company would be your company's ___________ chart.

elements of accounts applications of computers in accounting introduction to computer and accounting information system meaning of computerised accounting system application of computerised accounting system

  1. profit

  2. loss

  3. cash

  4. organization

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Correct Option: D