Tag: commercial studies

Questions Related to commercial studies

An interactive link or a dialog between the user and database-oriented software through which the user communicates to the back-end database is ___________________.

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. Back-end Database

  2. Front-end Interface

  3. Data Processing

  4. Reporting System

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Correct Option: B
Explanation:

Front-end Interface is an interactive link or a dialog between the user and database-oriented software through which the user communicates to the back-end database.

____________by definition, is the process of identifying, recording, classifying and summarising financial transactions to produce the financial reports for their ultimate analysis.

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. Cost accounting

  2. Accounting

  3. Management accounting

  4. Financial accounting

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Correct Option: B
Explanation:

Accounting, by definition, is the process of identifying, recording, classifying and summarising financial transactions to produce the financial reports for their ultimate analysis.

Transactions lead to data duplication in __________ accounting system.

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. computerised

  2. manual

  3. both manual and computerised

  4. None of these

Show answer
Correct Option: B
Explanation:

In a manual accounting system, transactions recorded in the books of original entry are further classified by posting into ledger accounts. This results in transaction data duplicity. In computerised accounting, no such data duplication is made to cause classification of transactions.

A computerised accounting system is an accounting information system that processes the ______ to produce reports as per user requirements.

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. financial transactions and events

  2. cost transactions and events

  3. management transactions and events

  4. None of the above

Show answer
Correct Option: A
Explanation:

A computerised accounting system is an accounting information system that processes the financial transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements. Every accounting system, manual or computerised, has two aspects.

________, one of the advantage of computerised accounting system, allows the users to store data in a manner that does not require a large amount of physical space. 

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. MIS Reports

  2. Efficiency

  3. Legability

  4. Storage and Retrieval

Show answer
Correct Option: D
Explanation:

The advantage of computerised accounting system, storage and retrieval, allows the users to store data in a manner that does not require a large amount of physical space.

In a manual accounting system, ___________ are made to adhere to the principle of cost matching revenue, whereas in computerised accounting system _________ are prepared and stored to follow the principle of cost matching revenue.

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. adjusting entries, journal vouchers

  2. journal entries, journal vouchers

  3. adjusting entries, journal entries

  4. None of these

Show answer
Correct Option: A
Explanation:

In a manual accounting system Adjusting entries are recorded to match the expenses of the accounting period with the revenues generated by them.

In computerized accounting, Journal vouchers are prepared and stored to follow the principle of cost matching revenue.

The internet has assisted in decreasing the ______ in issuing financial reports to users.

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. time gap

  2. free from bias

  3. revenue

  4. None of the Above

Show answer
Correct Option: A
Explanation:

Earlier the physical copies of financial reports were sent via post or courier (though the option is still available).

But now, with the advent of internet, it has become possible for the companies display the financial reports on their official website, it is convenient for any one sitting in any part of the world to refer to these reports and also to other information of the company.
This saves a lot of time of the company and also the other stakeholders.

State whether the following statement are True or False:
Computer Accounting System is used for recording the financial transaction. 

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. True

  2. False

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Correct Option: A

State whether the following statement are True or False:
Computer Accounts System is Single entry as well as Double entry system. 

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. True

  2. False

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Correct Option: A

When computer programme or files can be accessed from terminals, access can be limited to authorized individuals by ________. 

commercial studies computerised accounting system accounting systems - manual and computerized difference between manual and computerised accounting meaning and importance of computerised accounting system

  1. appointing a librarian

  2. controlling passwords

  3. appointing EDP auditor

  4. both (A) and (B)

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Correct Option: D