Tag: accountancy

Quizzes (207) Questions (428)

Questions Related to accountancy

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

Which of the following detail is not included in Suppliers Master?

  1. Name of the supplier

  2. PAN Details

  3. Dealing person

  4. Nature of Business
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

While contact details and tax IDs are essential for a supplier master, the nature of the supplier's business is generally not a required field for accounting transaction processing.

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

Which type of liability is loan from Bank and Financial institution?

  1. Secured Loan

  2. Unsecured Loan

  3. Current Liability

  4. Capital
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Loans from banks and financial institutions are typically backed by collateral, classifying them as secured loans.

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

__________ may be classified into shares and debentures which may be further classified into quoted and unquoted.

  1. Current Assets

  2. Intangible Assets

  3. Tangible Assets

  4. Investments
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Investments are financial assets that can be held in the form of shares or debentures, which are often traded on markets as quoted or unquoted securities.

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

Non operating income means income from activity which is incidental to income from opearating activity.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Non-operating income is derived from activities that are not part of the core operations of the business, such as interest income or gains from the sale of assets.

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

The term ____________ means that the information of each customer and supplier is recorded once only and whenever any transaction entered with him is recorded, the detail of such customer or supplier is retrieved from the master and is not required to be fed again and again.

  1. customer master

  2. supplier master

  3. both (a) and (b)

  4. none of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Master files (both customer and supplier) are designed to store static data so that it can be retrieved by reference during transaction entry, eliminating the need for redundant data entry.

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

Customers Master or Suppliers Master is created for parties with whom the entity has regular dealing.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Master records are created for entities with whom the business has recurring transactions to streamline the accounting process.

Multiple choice accountancy accounting and database system applications of dbms in generating accounting information accounting and database management system accounting using data base management system (dbms)

The recording of financial transactions through books of original entries is followed in ________ accounting system.

  1. Computerised

  2. Manual

  3. Both manual and computerised

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The recording of financial transactions, in manual accounting system is through books of original entries while the data content of such transactions is stored in a well-designed accounting database in computerised accounting system.

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

If the overhead to be absorbed was the foremans salary the most likely appropriate basis for absorption would be _______________.

  1. Weight of material

  2. Direct labour hours

  3. Selling price

  4. Prime cost
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Foreman salary is a cost of service department. Cost of service department to be apportioned on to the production departments at certain logical proportion. 

Direct Labour hour is the suitable and logical base for apportionment of foreman salary. 

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

Some accounting software will classify some accounts as "income" accounts, while accountants might refer to these accounts as "revenue" accounts. Justify your answer with the correct option.

  1. True

  2. False

  3. Can't say

  4. None of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In accounting software, the terms income and revenue are often used interchangeably, although some accountants distinguish them based on specific reporting standards.

Multiple choice accountancy accounting using data base management system (dbms) applications of dbms in generating accounting information accounting and database management system accounting and database system

Which category do you think an insurance loan would go under?

  1. Assets

  2. Liabilities

  3. Expenses

  4. Income
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An insurance loan represents an amount borrowed against an insurance policy, which is a debt that must be repaid, thus classifying it as a liability.