Question 1

When different accounts are clubbed on the basis of some common characteristics that are shared by them, the concept is known as_______.

Accepted Answer

Grouping refers to the practice of organizing different accounts together based on shared characteristics or commonalities. This is often done to streamline accounting processes and improve clarity in financial reporting.

Question 2

Most organisations use __________ for coding their accounts.

Accepted Answer

Most organizations use "Block code" for coding their accounts because it allows for the categorization and systematic arrangement of accounts, making it easier to manage and retrieve financial information.

Question 3

Computers can be used in accounting in different number of ways:

Accepted Answer

Computers are versatile tools that can be used in various accounting tasks including batch processing, online/interactive processing, and managing wage/payroll systems, making all the options correct.

Question 4

Such systems also generate reports which allow the accounting professionals to have a proper view of different transactions in a comprehensive manner.

Accepted Answer

The answer of Such systems also generate reports which allow...

Question 5

This software is a package which is used for managing the entire organisation in a comprehensive.

Accepted Answer

Enterprise Resource Planning (ERP) software is designed to manage and integrate the important parts of a business, offering a comprehensive solution for the entire organization.

Question 6

The individual field in the sheet is known as a _________.

Accepted Answer

A cell is the individual field in a spreadsheet where a row and a column intersect.

Question 7

Such kind of software offers various functionalities such as cell content, pivot table, formulas and macros.

Accepted Answer

Spreadsheet software offers functionalities like cell content management, pivot tables, formulas, and macros.

Question 8

The software may also allow for graphical rendering of data, which is useful for carryingout analysis.

Accepted Answer

Spreadsheet software is specifically designed for data manipulation and analysis, including graphical rendering of data through charts and graphs.

Question 9

This is the kind of software which is specifically designed for meeting the requirements ofa particular business.

Accepted Answer

Customised accounting packages are specifically designed to meet the unique requirements of a particular business, unlike pre-packaged software which is more generic.

Question 10

The components of Computerised Accounting System are :

Accepted Answer

B) Data, People, Procedure, Hardware, Software are essential components of a Computerised Accounting System. Data is the raw financial information, People manage and operate the system, Procedures are the methods of processing data, Hardware refers to the physical components, and Software is the application that processes data.

Question 11

The Computerised Accounting System refers to :

Accepted Answer

A Computerised Accounting System involves using computers to process accounting transactions and generate records and reports, enhancing accuracy and efficiency.

Question 12

The components of Computerised Accounting System refers to :

Accepted Answer

The components of a Computerised Accounting System include:- Analysis of business transactions- Recording of transactions- Preparation of trial balance- Preparation of balance sheet- Preparation of profit and loss account

Question 13

The CAS should be

Accepted Answer

The CAS should be simple, integrated, transparent, accurate, scalable, and reliable.

Question 14

A computer is an electric device

Accepted Answer

The answer of A computer is an electric device
...

Question 15

Control unit works as ___________ of the computer.

Accepted Answer

The control unit is considered the brain of the computer because it directs the operation of the processor, telling it how to execute program instructions.

Question 16

Accounting standards issued by ICAI are mandatory in India.

Accepted Answer

Accounting standards issued by the Institute of Chartered Accountants of India (ICAI) are mandatory for companies operating in India, ensuring uniformity and consistency in financial reporting.

Question 17

Computer Accounting System is used for recording the financial transaction.

Accepted Answer

Computer Accounting Systems are indeed used for recording financial transactions, among other functions such as analyzing and reporting financial information.

Question 18

Which of the following is true statement for computerised accounting system?
A. the computer accounting system is based on the concept of database.
B. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.

Accepted Answer

The computer accounting system is indeed based on the concept of a database, which allows for efficient storage, retrieval, and management of financial data.

Question 19

Opening an account in a computerized accounting system is entirely different from opening an account in a manual system.

Accepted Answer

Opening an account in a computerized accounting system is fundamentally the same process as in a manual system; the primary difference lies in the tools used (software vs. paper and pen), not in the basic accounting principles or procedures.

Question 20

Creation of company is the first step in Computerized Accounting process.

Accepted Answer

Creation of company is the first step in Computerized Accounting process.

Quiz 2: Exploring Computerized Accounting Systems and Software

When different accounts are clubbed on the basis of some common characteristics that are shared by them, the concept is known as_______.

Most organisations use __________ for coding their accounts.

Computers can be used in accounting in different number of ways:

Such systems also generate reports which allow the accounting professionals to have a proper view of different transactions in a comprehensive manner.

This software is a package which is used for managing the entire organisation in a comprehensive.

The individual field in the sheet is known as a _________.

Such kind of software offers various functionalities such as cell content, pivot table, formulas and macros.

The software may also allow for graphical rendering of data, which is useful for carryingout analysis.

This is the kind of software which is specifically designed for meeting the requirements ofa particular business.

The components of Computerised Accounting System are :

The Computerised Accounting System refers to :

The components of Computerised Accounting System refers to :

The CAS should be

A computer is an electric device

Control unit works as ___________ of the computer.

Accounting standards issued by ICAI are mandatory in India.

Computer Accounting System is used for recording the financial transaction.

Which of the following is true statement for computerised accounting system? A. the computer accounting system is based on the concept of database. B. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.

Opening an account in a computerized accounting system is entirely different from opening an account in a manual system.

Creation of company is the first step in Computerized Accounting process.