Tag: grouping and codification of accounting

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Questions Related to grouping and codification of accounting

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

Accounting information system is important component of the organisational MIS in an organisation. 

  1. True

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

Accounting information system is important component of the organisational MIS in an organisation. It receives information and provides information and provides information to the other functional MIS.

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

___________ reports will be prepared only when the management requests them.

  1. Summary

  2. Exception

  3. Demand

  4. Customer/Supplier
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Demand reports are generated specifically when requested by management to address a particular inquiry or need. Unlike scheduled reports, they are not produced automatically.

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

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

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

Separation of duties is a fundamental internal control principle in information systems. By separating the development group from the operations group, the organization prevents unauthorized changes to production systems and reduces fraud risk.

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

According to the specifications of the management summary report will be prepared.

  1. True

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

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

Which are the various steps involved in designing accounting reports from accounting data? 

  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
Reveal answer Fill a bubble to check yourself
A Correct answer
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.

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

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

  1. summary

  2. demand

  3. exception

  4. customer/supplier
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Exception reports are designed to highlight data that falls outside of predefined parameters or conditions. They allow management to focus on areas that require attention or corrective action.

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

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

  1. definition of objectives

  2. structure of the report

  3. querying with the database

  4. finalizing of the report
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The structure of a report defines how the information is organized, what specific data points are included, and the visual style or format in which it is presented to the user.

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

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.

  1. structure of the report

  2. finalizing the report

  3. definition of objectives

  4. querying with the database
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Finalizing the report involves defining the objectives, identifying the target audience, and determining the decisions that will be made based on the report's findings.

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

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

  1. Relevance

  2. Timeliness

  3. Accuracy

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

Accounting reports must be relevant to the decision-making process, timely to be useful, and accurate to ensure reliability. Therefore, all these criteria are essential.

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

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

  1. True

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