Tag: commercial studies

Quizzes (186) Questions (1136)

Questions Related to commercial studies

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

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 _________. 

  1. dual read

  2. test for reasonableness

  3. check digit

  4. occurrence correction
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A check digit is a form of redundancy check used for error detection on identification numbers. It involves appending a digit calculated from the other digits in the number to ensure data integrity during input.

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

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

  1. Authorising transactions

  2. Parity checks

  3. Distributing output

  4. Correction to transactional errors
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The EDP (Electronic Data Processing) department is responsible for the operational aspects of computing, including the distribution of processed output to the relevant departments. Authorizing transactions and correcting errors are typically functions of the user departments, not the EDP department.

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

General controls will be ineffective when EDP department.

  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
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

General controls are designed to protect the integrity of the system. If the EDP department, which operates the system, also originates changes in master files, it creates a conflict of interest and bypasses the segregation of duties, rendering general controls ineffective.

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

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

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

In a CIS environment, errors are actually more systemic because a single programming error can affect every transaction processed by that system. Manual systems are prone to random human errors, but computer systems are prone to consistent, systemic errors.

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

In a company person making investment are called _____.

  1. partners

  2. members

  3. shareholders

  4. contributors
Reveal answer Fill a bubble to check yourself
C Correct answer
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.

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

As a stakeholder, Government expects ________.

  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
Reveal answer Fill a bubble to check yourself
C Correct answer
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.

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

External stakeholders get influenced by the company's activity.

  1. True

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

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

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

  1. Managers

  2. Auditor

  3. CEO or CFO

  4. All of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
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.

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

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

  1. True

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

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

Responsibility of the company towards internal stakeholders is _____.

  1. Secondary

  2. Primary

  3. Additional

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

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