Tag: elements of accounts

Questions Related to elements of accounts

Central processing unit has ________ main units.

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  1. two

  2. three

  3. four

  4. five

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Correct Option: B
Explanation:

The three logical units that make up the central processing unit are the arithmetic and logic unit (ALU), main storage, and the control unit. Main storage retains active programs and data. It is relatively expensive, so secondary storage is used to store programs and data until they are needed in main storage.

Under ___________, reports can be prepared on the basis of the required information content according to decision usefulness of the report.

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  1. storage

  2. information

  3. reporting

  4. data entry

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Correct Option: C

Transaction Processing Systems (TPS) are among the earliest computerised systems catering to the requirements of _______ business enterprise.

elements of accounts overview of computerised accounting system accounting software concepts and types of computerized accounting system types of accounting software

  1. small

  2. large

  3. medium

  4. both a and b

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Correct Option: B

Under ____________, processed actions which culminate into financial transaction data  describe the withdrawal of money by a particular customer.

elements of accounts overview of computerised accounting system accounting software concepts and types of computerized accounting system types of accounting software

  1. data entry

  2. storage

  3. information

  4. reporting

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Correct Option: B

Which of the following CAATs allow fictitious transactions planted by the auditor to be processed along with real ones on client's system?

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  1. Integrated test facility

  2. Test data approach

  3. Generalised audit software

  4. Parallel simulation

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Correct Option: A

In tailored software, the user rights may be restricted according to the department and their relevant accounting software functions.

elements of accounts overview of computerised accounting system accounting software concepts and types of computerized accounting system types of accounting software

  1. True

  2. False

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Correct Option: A

'Exporting/Importing data facility' is one of the factors affecting the selection of accounting software.

elements of accounts overview of computerised accounting system accounting software concepts and types of computerized accounting system types of accounting software

  1. True

  2. False

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Correct Option: A

Which of the following factors affect the selection of accounting software?

elements of accounts overview of computerised accounting system accounting software concepts and types of computerized accounting system types of accounting software

  1. Flexibility

  2. Size of the organisation

  3. Expected level of secrecy (software and data)

  4. All of the above

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Correct Option: D

Which of the following was the first country to implement GST to reduce tax-evasion?

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  1. France

  2. Canada

  3. Germany

  4. Switzerland

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Correct Option: A

What are different types of supplies covered under the scope of Supply under CGST Act 2017?

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  1. Supplies made with consideration

  2. Supplies made without consideration

  3. Both of the above

  4. None of the above

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Correct Option: C