Tag: elements of accounts

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Questions Related to elements of accounts

Multiple choice elements of accounts dual effect of transactions and types of accounts meaning and classification of business transactions develop the understanding of recording of transactions in journal illustrations on journal entries

Maintaining records of various properties helps _____________.

  1. in ascertaining profit or loss of the business

  2. to ensure there is no unauthorised use or disposal of any asset or property of the business

  3. in fulfilling the statutory obligation

  4. in giving the look of a professionally managed company
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Assets purchased for the business are to be recorded in the books of account of the business. This is mandatory to keep a proper records of all such assets to ensure that the business assets are used for business purposes only. No unauthorized uses for business assets should be done. 

Multiple choice elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

The cost of installation and maintenance is relatively _______ in customised accounting package.

  1. low

  2. medium

  3. equal

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

Customised accounting packages are built to specific user requirements, which makes their development, installation, and ongoing maintenance significantly more expensive than off-the-shelf software.

Multiple choice elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

Which of the following softwares are used for data processing?
(i) EXCEL (ii) ACCESS (iii) SPSS (iv) STAR (v) PASW.

  1. (i), (ii), (iv) and (v)

  2. (ii), (iii), (iv) and (v)

  3. (iii) and (iv)

  4. (i), (iii) and (iv)
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

SPSS, as the name suggests, is software for performing statistical procedures in the social sciences field. The major limitation of SPSS is that it cannot be used to analyze a very large data set.

Multiple choice elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

From the following, identify by the web-based financial software.

  1. Private Equity Software

  2. Share Accounting Software

  3. Wealth Management Software

  4. WINGS $2013$
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Wings 2013 ERP is a complete enterprise software for small and medium businesses. Wings ERP is a completely web-based software.

Multiple choice elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

Ready-to-use accounting software is suited to organisations running small/conventional business where the frequency or volume of accounting transaction is ________. 

  1. very average

  2. very high

  3. very low

  4. very limited
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Ready-to-use accounting software is suited to organisations running small/conventional business where the frequency or volume of accounting transactions is very low. This is because the cost of installation is generally low and number of users is limited.

Multiple choice elements of accounts selection of an accounting software package erp practical application of accounting software accounting information system

Accounting package is classified in to __________________.

  1. Ready-to-use; Customised; Tailored

  2. Recording; Storing of accounting data; Tailored

  3. Ready-to-use; Customised; Recording

  4. Customised; Tailored; Storing of accounting data;
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The accounting packages are classified into the following categories:
1. Ready-to-use
2. Customised
3. Tailored
Each of these categories offers distinctive features.