Tag: elements of accounts

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

Central processing unit has ________ main units.

  1. two

  2. three

  3. four

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

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

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

  1. storage

  2. information

  3. reporting

  4. data entry
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Reporting is the phase in an information system where data is organized and presented in a format useful for decision-making.

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

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

  1. small

  2. large

  3. medium

  4. both a and b
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Transaction Processing Systems were originally developed to handle the high volume of data generated by large business enterprises, which required automated record-keeping.

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

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

  1. data entry

  2. storage

  3. information

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

Storage involves keeping transaction data securely. In the context of an ATM, the record of the withdrawal is stored in the database for future reference and reporting.

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

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

  1. Integrated test facility

  2. Test data approach

  3. Generalised audit software

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

The Integrated Test Facility (ITF) involves creating a dummy entity (like a department or branch) within the client's system. Auditors then process test transactions through this dummy entity alongside real transactions to verify system integrity.

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

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

  1. True

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

Tailored (custom) software allows for granular access control, enabling administrators to restrict user permissions based on their specific roles and departmental needs.

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

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

  1. True

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

The ability to import and export data is a critical feature for accounting software, as it allows for integration with other systems and data portability.

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

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

  1. Flexibility

  2. Size of the organisation

  3. Expected level of secrecy (software and data)

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

When selecting accounting software, factors like flexibility, the size of the organization, and security/secrecy are all essential considerations to ensure the software meets business needs.

Multiple choice elements of accounts introduction to gst fundamentals of gst tax journal

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

  1. Supplies made with consideration

  2. Supplies made without consideration

  3. Both of the above

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Under the CGST Act, the scope of supply includes both supplies made with consideration (in the course or furtherance of business) and specific supplies made without consideration as listed in Schedule I.