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

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

  1. summary

  2. demand

  3. responsibility

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

Responsibility reports are structured to align with the hierarchy of management, showing performance and results based on the specific areas or departments for which a manager is responsible.

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

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

  1. summary

  2. demand

  3. customer/supplier

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

Customer/Supplier reports are specifically designed to analyze interactions, balances, and transactions related to external entities like vendors and clients.

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

When the related information is summarized to meet a particular need, it is called as a _________.

  1. statement

  2. summary

  3. database

  4. report
Reveal answer Fill a bubble to check yourself
D 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. Hence, a report must be effective and efficient to the user and should substantiate the decision-making process.

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

Business process in the marketing and sales department involves which of the following activity?

  1. inquiry

  2. Entry of outputs

  3. Dispatch of bill

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

The business process in the marketing and sales department involves the following activities:
1) Inquiry
2) Contact creation
3) Entry of orders
4) Dispatch of goods
5) Billing to customers

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

__________ reports summaries all activities of the organisation.

  1. Summary

  2. Demand

  3. Exception

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

Summary reports provide a high-level overview of an organization's activities, aggregating detailed data into a concise format for executive review.

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 required to be fulfilled by every accounting report?

  1. Reliability, Timeliness, Accuracy, Completeness, Summarisation

  2. Relevance, Timeliness, Accuracy, Completeness, Summarisation

  3. Relevance, Timeliness, Accountability, Completeness, Summarisation

  4. Reliability, Timeliness, Accountability, Completeness, Summarisation
Reveal answer Fill a bubble to check yourself
B 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. Hence, a report must be effective and efficient to the user and should substantiate the decision-making process. Every accounting report must be able to fulfill the following criterion:
1) Relevance
2) Timeliness
3) Accuracy
4) Completeness
5) Summarisation

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 upon the specifications of the management.

  1. Summary

  2. Demand

  3. Customer/Supplier

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

Customer/Supplier reports are often generated based on specific management specifications regarding which entities to analyze or what time periods to cover.

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

Querying with the database is the _______ step under the steps involved in designing accounting reports from the accounting data.

  1. first

  2. second

  3. third

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

In the standard process of designing accounting reports, querying the database to extract the necessary raw data is typically the third step, following the definition of objectives and structure.

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

The _____________ department receives the list of workers from the ____________ department.

  1. manufacturing, human resource

  2. human resource, manufacturing

  3. manufacturing, finishing

  4. finishing, manufacturing
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The human resource department manages personnel data and provides the list of workers to the manufacturing department, which then utilizes that labor for production.

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

Finalizing the report is the _______ step in the steps involved in designing accounting reports from accounting data.

  1. first

  2. second

  3. third

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

Finalizing the report is the concluding step in the design process, where the output is reviewed, formatted, and approved for distribution to the intended users.