Tag: elements of accounts

Questions Related to elements of accounts

One key control in the organization of the information systems department is the:

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

  1. Separation of the systems development group and the operations (data processing) group.

  2. Operating personnel should strictly control access to the client's database.

  3. Controller should manage the information system since it supplements the accounting work already done under the supervision of the controller.

  4. Information system department should be under the direction of systems development personnel since they are responsible for the overall performance of the system.

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Correct Option: A

According to the specifications of the management summary report will be 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

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Correct Option: B
Explanation:

According to the specifications of the management customer/ supplier report will be prepared. However, summary reports summaries all activities of the organisation and present in the form of summary reports. 

Which are the various 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. Definition of objective, Structure of the report, Querying with the database, finalising the report

  2. Definition of data, Structure of the data, Querying with the database, finalising data

  3. Definition of data, Structure of the report, Querying with the database, finalising report

  4. Definition of objective, Structure of the data, Querying with the database, finalising data

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Correct Option: A
Explanation:

The various steps involved in designing accounting reports from accounting data are as follows:
1) Definition of objective: The objective of the report must be clearly defined.
2) Structure of the report: The information to be contained therein and the style of presentation.
3) Querying with the database: The accounting information queries must be clearly defined and methodology to be adopted while interacting with the database.
4) Finalising the report.

The reports prepared upon the conditions or exceptions are called as __________ reports.

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. customer/supplier

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Correct Option: C

Under _________________, the information to be contained therein and the style of the presentation is specified.

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

  1. definition of objectives

  2. structure of the report

  3. querying with the database

  4. finalizing of the report

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Correct Option: B

Under _____________, the objectives of the report must be clearly defined, who are the users of the report and the decision to be taken on the basis of the report.

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

  1. structure of the report

  2. finalizing the report

  3. definition of objectives

  4. querying with the database

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Correct Option: B

Which of the following criterion are needed to be fulfilled for every accounting report?

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

  1. Relevance

  2. Timeliness

  3. Accuracy

  4. All of the above

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Correct Option: D

The accounting reports generated by the accounting software may be either routine reports or on the specific requirements of the user.

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

  1. True

  2. False

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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. The accounting reports generated by the accounting software may be either routine reports or on the specific requirements of the user. For example, the ledger is a routine report while a report on supplies of a particular item by a given party is an on-demand report.

The MIS structure which specifies the premises of management responsibilities are called _________ reports.

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. responsibility

  4. exception

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Correct Option: C

Statement of account, Purchase Analysis and Vendor Analysis report are prepared under _________ reports.

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

Show answer
Correct Option: C