Tag: elements of accounts

Questions Related to elements of accounts

When the related information is summarized to meet a particular need, it is called as a _________.

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. statement

  2. summary

  3. database

  4. report

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Correct Option: D
Explanation:

When the related information is summarized to meet a particular need, it is called as a Report. The content and design of the reports is expected to vary depending up on the level to which it is submitted and decision to made on the basis of the report. Hence, a report must be effective and efficient to the user and should substantiate the decision-making process.

Business process in the marketing and sales department involves which of the following activity?

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. inquiry

  2. Entry of outputs

  3. Dispatch of bill

  4. Billing to supplier

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Correct Option: A
Explanation:

The business process in the marketing and sales department involves the following activities:
1) Inquiry
2) Contact creation
3) Entry of orders
4) Dispatch of goods
5) Billing to customers

__________ reports summaries all activities of the organisation.

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. Summary

  2. Demand

  3. Exception

  4. Responsibility

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Correct Option: A

Which of the following criterion are required to be fulfilled by every accounting report?

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. Reliability, Timeliness, Accuracy, Completeness, Summarisation

  2. Relevance, Timeliness, Accuracy, Completeness, Summarisation

  3. Relevance, Timeliness, Accountability, Completeness, Summarisation

  4. Reliability, Timeliness, Accountability, Completeness, Summarisation

Show answer
Correct Option: B
Explanation:

When the related information is summarized to meet a particular need, it is called as a Report. The content and design of the reports is expected to vary depending up on the level to which it is submitted and decision to made on the basis of the report. Hence, a report must be effective and efficient to the user and should substantiate the decision-making process. Every accounting report must be able to fulfill the following criterion:
1) Relevance
2) Timeliness
3) Accuracy
4) Completeness
5) Summarisation

______________ reports will be prepared upon the specifications of the management.

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. Summary

  2. Demand

  3. Customer/Supplier

  4. Exception

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Correct Option: C

Querying with the database is the _______ step under the steps involved in designing accounting reports from the accounting data.

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. first

  2. second

  3. third

  4. fourth

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Correct Option: C

The _____________ department receives the list of workers from the ____________ department.

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. manufacturing, human resource

  2. human resource, manufacturing

  3. manufacturing, finishing

  4. finishing, manufacturing

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Correct Option: A

Finalizing the report is the _______ step in the steps involved in designing accounting reports from accounting data.

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. first

  2. second

  3. third

  4. fourth

Show answer
Correct Option: D

A report must be effective and efficient to the user and should substantiate the decision-making process.

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

When the related information is summarized to meet a particular need, it is called as a Report. The content and design of the reports is expected to vary depending up on the level to which it is submitted and decision to made on the basis of the report. Hence, a report must be effective and efficient to the user and should substantiate the decision-making process. Hence, a report must be effective and efficient to the user and should substantiate the decision-making process.

According to the conditions or exceptions the exception report is prepared.

elements of accounts using computerised accounting system grouping and codification of accounting steps in installation of cas accounting information system

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

According to the conditions or exceptions the exception report is prepared. for example, inventory report in short supplies, stock status query, over stocked status, etc.