Tag: commercial studies

Questions Related to commercial studies

To avoid invalid data input, a bank added an extra number at the end of each account number and subjected the new number to an algorithm. This techniques is known as _________. 

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

  1. dual read

  2. test for reasonableness

  3. check digit

  4. occurrence correction

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Correct Option: C

Which of the following activities would most likely be performed by EDP department?

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

  1. Authorising transactions

  2. Parity checks

  3. Distributing output

  4. Correction to transactional errors

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Correct Option: C

General controls will be ineffective when EDP department.

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

  1. Participates in computer software acquisition decisions

  2. Design Documentation for computerized operations

  3. Originate changes in master files

  4. Provide physical security for programme files

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Correct Option: C

Which of the following statement is not distinguishing feature for computer based processing and manual processing?

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

  1. Errors in a CIS environment are less systemic as compared to errors in manual processing

  2. The potential for human error in the CIS environment is greater as compared to manual system

  3. In a computer based accounting system, audit trail is in electronic form

  4. Computer processing offers management a variety of analytical tools.

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Correct Option: A

In a company person making investment are called _____.

commercial studies stakeholders in commercial organisation internal & external stakeholders and distinction between shareholders, stakeholders and customers stakeholders final accounts of companies

  1. partners

  2. members

  3. shareholders

  4. contributors

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Correct Option: C
Explanation:

In a company person making investment are called as shareholders. Shareholders are the owners of the company. They buy shares of the company there by investing money in the business. The shareholders of the company do not wholly manage the business but they do have voting rights in the decision making of the company.

As a stakeholder, Government expects ________.

commercial studies stakeholders in commercial organisation internal & external stakeholders and distinction between shareholders, stakeholders and customers stakeholders final accounts of companies

  1. Quality goods at reasonable prices

  2. More and more non-monetary benefits

  3. The company to pay taxes promptly and is environment friendly

  4. All of the above

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Correct Option: C
Explanation:

Stakeholders refer to any individual or organization whose interest or concern lies with the business.As a stakeholder, Government expects the company to pay taxes promptly and is environment friendly.

External stakeholders get influenced by the company's activity.

commercial studies stakeholders in commercial organisation internal & external stakeholders and distinction between shareholders, stakeholders and customers stakeholders final accounts of companies

  1. True

  2. False

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Correct Option: A
Explanation:

External stakeholders get influenced by the company's activity this is a true statement. Bu external stakeholders are entities who belong outside the business organizaton. For example: customers.

Which of the following represent Executive Managers as internal stakeholders of a company?

commercial studies stakeholders in commercial organisation internal & external stakeholders and distinction between shareholders, stakeholders and customers stakeholders final accounts of companies

  1. Managers

  2. Auditor

  3. CEO or CFO

  4. All of the above

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Correct Option: C
Explanation:

CEO and CFO represent Executive Managers as internal stakeholders of a company. CEO stands for Chief Executive Officer and CFO stands for Chief Financial Officer.

Only a company, which is limited by shares have shareholders. Whereas every company or organization have stakeholders.

commercial studies stakeholders in commercial organisation internal & external stakeholders and distinction between shareholders, stakeholders and customers stakeholders final accounts of companies

  1. True

  2. False

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Correct Option: A
Explanation:

Only a company, which is limited by shares have shareholders. Whereas every company or organization have stakeholders. This is a true statement since stakeholders refer to any individual or organization who have interest or concern regarding the business.

Responsibility of the company towards internal stakeholders is _____.

commercial studies stakeholders in commercial organisation internal & external stakeholders and distinction between shareholders, stakeholders and customers stakeholders final accounts of companies

  1. Secondary

  2. Primary

  3. Additional

  4. Optional

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Correct Option: B
Explanation:

Responsibility of the company towards internal stakeholders is primary since internal stakeholders are entities within the business organization. For example: employees, managers, etc.