Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Following businesses generally require customised software:Sol:
a. Banking
b. Medical
c. Retail or point of Sale
d. All of the above
Q. Features of computerised accounting systemSol:
a. Complete visibility
b. Fast, powerful, simple and integrated
c. Accuracy and speed
d. All of the above
Q. When different accounts are clubbed on the basis of some common characteristics that areshared by them, the concept is known as_______.
a. Asset
b. Liability
c. Income
d. Grouping
Q. _________ is the systematic assignment of number to items to classify and organise them.Sol:
a. Codification
b. Coding
c. Grouping
d. Recording
Q. Most organisations use __________ for coding their accounts.Sol:
a. Block code
b. Block number
c. Block group
d. Block section
Q. Computers can be used in accounting in different number of ways:Sol:
a. Utility in batch processing
b. Utility in Online/Interactive Processing
c. Utility in Wage/Payroll System
d. All of the above
Q. Such systems also generate reports which allow the accounting professionals to have aproper view of different transactions in a comprehensive manner.
a. Enterprise Resource Planning software
b. Pre-packaged accounting software
c. Spreadsheet software
d. Customised accounting packages
Q. This software is a package which is used for managing the entire organisation in acomprehensive.
a. Enterprise Resource Planning software
b. Pre-packaged accounting software
c. Spreadsheet software
d. Customised accounting packages
Q. Such kind of software offers various functionalities such as cell content, pivot table,formulas and macros.
a. Enterprise Resource Planning software
b. Pre-packaged accounting software
c. Spreadsheet software
d. Customised accounting packages
Q. The software may also allow for graphical rendering of data, which is useful for carryingout analysis.Sol:
a. Enterprise Resource Planning software
b. Spreadsheet software
c. Pre-packaged accounting software
d. Customised accounting packages
Q. This is the kind of software which is specifically designed for meeting the requirements ofa particular business.Sol:
a. Enterprise Resource Planning software
b. Customised accounting packages
c. Pre-packaged accounting software
d. Spreadsheet software
Q. The components of Computerised Accounting System are :Sol:
a. Data, Report, Ledger, Hardware, Software
b. Data, People, Procedure, Hardware, Software
c. People, Procedure, Ledger, Data, Chart of Accounts
d. Data, Coding, Procedure, Rules, Output
Q. The Computerised Accounting System refers to :Sol:
a. Printing of Balance Sheet and Profit and Loss Accounts using computer
b. Processing of accounting transaction through computer and produce records and reports
c. Processing of accounting related data and printing reports
d. None of the above
Q. The components of Computerised Accounting System refers to :
a. Business transactions are analysed, transactions recorded, prepare trial balance, preparation of balance sheet and profit and loss account
b. From data entry to preparation of final statements
c. Transformation of manual accounting system to CAS
d. None of the above