Tag: meaning of computerised accounting system

Questions Related to meaning of computerised accounting system

Accounting software is not used to implement a 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. True

  2. False

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Correct Option: B
Explanation:

Accounting software is used to implement a computerised accounting system. The computer accounting system is based on the concepts of database.

Which of the following sequence of steps is used by the TPS in processing a transaction? 

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. Data entry, Data validation, Processing and revalidation, Storage, Information, Reporting

  2. Data analysis, Data validation, Processing and revalidation, Storage, Information, Reporting

  3. Data entry, Data validation, Storage, Information, Reporting, Processing and revalidation

  4. Data entry, Data validation, Processing and revalidation, Information, Reporting, Storage

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Correct Option: A
Explanation:

When the purchase department purchases materials from a supplier, an external transaction take place. The scope of financial accounting is confined to external transactions only. TPS involves following steps in processing a transaction: Data entry, Data validation, Processing and revalidation, Storage, Information, Reporting.

Which of the following statements is not true of the test data approach in a test 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. Test data tests only those controls which the auditor wishes to rely

  2. Test data should consist of data related to all controls prevalent in the organization

  3. The result of test data indicates that all the application and general controls are functioning properly

  4. Test data processed by the client's computer programme under the auditor's control

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Correct Option: B

Computers are dumb devices with ________________ as they cannot visualize and think what exactly to do under a particular situation. 

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 a and b

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Correct Option: B

Which of the following is not a limitation of a 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. Lack of Commonsense

  2. Zero IQ

  3. Reliability

  4. Lack of Decision-making

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Correct Option: C

_____________ 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.