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Accounts

Get Answer ID Question Option 1 Option 2 Option 3 Option 4
1 One of the following is not the purpose of accounting To calculate liablity To ascertain profit or loss To show good profits To Keep the record of business transactions
2 The policy of anticipate no profits and provide for all possible losses arises due to Consistency concept Conservatism Concept Disclosure Concept Time Period Concept
3 Accural basis of accouning is based on Consistency Concept Matching Concept Disclosure Concept Time Period Concept
4 Which one of the following is correct Net Worth = Capital + Assets Net Worth = Capital - Assets Net Worth = Assets - Liability Net Worth = Capital + Libility
5 Journal is the Book of original entry Final statement Permanent Record Incomplete Record
6 Double Entry means Same Aspect is entered twice Entry is made in two sided of books Both the aspects of the transaction are recorded Two Persons record the transaction
7 All the ledger accounts tabulated in summary form is known as Ledger Summary Trial Balance Reconciliation Statement Balance Sheet
8 The comparison of one accounting period with tht in the past is possible only when the _________ concept is followed Consistency Concept Cost Concept Time period Conept Going Concern Concept
9 Which of the following is not a captial expenditure for a business man selling garments Purchase of land to construct the shop Purchase of old computer for use in the office Repair of a recently purchased second hand car before using it None of the above
10 On which of the following assets depereciation is not provided Land Building Plant Furniture
11 Purchase of plant for cash Decreases total assets Increases total assets Keeps the total assets unchanged None of the above
12 The method used to find out what profit a petty trader has made is The straight line method The reducing balance method The control accounts method The increased net worth method
13 One of the following is not a correct statement Debit the reciever Credit what comes in Credit the giver Debit all assets
14 According to Generally Accepted Accounting Principles Adequate cash must be kept Losses should be provided fpr Profits can be anticipated and accounting for Undertake only those activities which result in profits
15 which of the following is a revenue expenditure Land purchased Salary paid Building Pruchased Goodwill Purchased
16 Payment received from the debtor Decreases the total assets Increases the total assets Increases the total liabilities Result in no change
17 Find the total sale if Debtor ( Opening ) = Rs 500 , Debtor ( Closing ) = Rs. 1000 , Receipts from the debtors = Rs. 200 Rs. 500 Rs. 600 Rs. 700 Rs. 800
18 Debit note is used to record the details of All credit purchases All Credit sales Goods returned by the firm Goods returned to the firm
19 Current Ratio is used to measure Profit of the organisation Liquidity position of the organisation Overall functioning of the organisation None of the above
20 Which of the following is true about stock turnover ratio It helps to know the closing Stock It helps to know the speed at which stock is sold It helps to know how quickly do we get payment from the debtors It helps to know the level of stock the firm should keep
21 Trade discount is given to All customers Relatives only Regular buyers Bulk buyers
22 Source document are generated Only in our organisation by outside agency Both a and b None of the above
23 The events that effect any organization are a result of its interaction with its environment , which includes Economic , social entities Econimic, social and politiacal entities Economic social political and regulatory entities Regularoty entities
24 GAAP stans for Govenrment accepted accounting principles Generally accepted accounting Principles Generally accepted accounting policies None of these
25 Accouning Cycle consists of Six steps ( Journal , Posting , prepare a trial balance , prepare adjusting entries, prepare accounting reports and close the books Five Steps ( Journal , posting , prepare adjusting entries , prepare accouning reports and close the books ) Four Steps ( Journal , posting , prepare a trial balance and close the books Five steps ( Journal , Trail balance , Adusting entries , Prepare accounting reports and close the books )
26 Objective of managerial accounting information system are Internal reporting External reporting Internal and external reporting Internal or external reporting
27 The decision to extend credit beyond the normal credit limit is an example of Independent verification authorization segregation of functions supervision
28 When duties cannot be segregated the most important internal control procedure is Supervision Independent Verification Access Controls Accounting records
29 An accounting system that maintians an adequate audit trail is implementing which internal control procedure access controls segregation of functions independent verification accounting records
30 Who is responsible for establishing and maintaining the internal control system The internal auditor The accountant Management The external auditor
31 Stock has Credit balance Debit Balance May have debit or credit balance Does not have any balance
32 Closing entries are done At the beginning of the year At the end of the year May be done any time At the beginning and end of the year
33 The objective of final accounts is to To know the financial position To know Profit or loss To know gross profit To know the profit or loss and financial position
34 Subsidiary Ledgers are used in manual accounting environments. What file is comparable to subsidiary ledger in computersised environment Archive file Reference File Transaction file Master file
35 In computersed environment a list of authorised suppliers would be found in the Archive file Reference file Transaction file Master file
36 Which of the following is the best reason to seprate duties in anmanual system to avoid collusion between the programmer and the computer operator to ensure that supervision is not required to prevent the record keeper from authorizing transactions To enable the firm to fucntiron more efficiently
37 A check for missing data / blanks is an example of a : Record Check Set Membership check Field Check Bathch Check
38 The primary input to the Transaction Processing System is A Financial Transactions An Accounting Record An Accounting Report A Non Financial Transaction
39 The most fundamental element of useful data in the database is The record The key The file The attribute
40 Which is an example of serial codes of accounting system 0001 100-199 CHAN20 All of above
41 A number which uniquely identify a general ledger account and helps accounting system to summarize amounts recorded in that account is known as Budger Code Responsibility Code Account Code None of the above
42 A Process of assigning a group of numbers or letters to an accounting transaction is known as Coding Classification Policy Statement Categorization
43 The Code AZX/238/9X is most likely an example of a (N) Hierarchical Code Block Sequence code Alphabetic derivation code Serial code
44 Given the code 6724 , modulus 13, and weights 2-1 , 2-1 the check digit is 1 13 10 12
45 If the present numbe A 8743 is coded as A4783 , then it is an example of a Truncation Error Double transpostion Error Random Error Transcriptin Error
46 On a Batch report , the control information that protect removal of the last page of the report is the Page Numeber End of job marker Security Classification Page Title
47 The distribution test assumes reprots go to tose for whom they are intended and no one else. This is an Example of which of the following controls : Input Hardware Processing Output
48 A number that uniquely identify the dudgeted amounts for a responsibility center is called a Responsibility code Serial Code Budger Code Mnemonci Code
49 Which of the following factor makes the output recovery process easier : Lack of use of spool files Transaction data to be revovered instead of status data In - place update rather than batch update is used Use of checkpoint facilities avoided.
50 In a computerzed environment a list of authorized suppliers would be found in the master file transaction file reference file archive file
51 Which of the following is not a accounting software Tally Adobe E.X NacStock
52 NacStock Accounting software is developed using Visual Basic with access as its database Visual Basic with Oracle 7 as its database C++ With Access as its Database C++ with unify as its Database
53 On the basis of price which of the following accounting Tally and Wings 200 Pro Tally and Ace Tally and Ex NGN Ace and Visual Trio
54 Money Ware 2000 , and nvest accounting packages are for Office accouning home / SOHO Accounting Export Sector Services and trading Sector
55 The cost of the accouning softwares for unlimited user varies between 2000- 10,000 9,000 - 40,000 20,000 - 40,000 25000-30000
56 Two popular accouting software of Tata Consultancy services are EX and Personal Accountant EX and Tally EX and Fact Pro11.01 Tally and NacStock
57 Which one of the following may be possible parameter to allocate data processing costs to users. CPU Time CPU Power Used Number of data processing personanel Size of the data processing space.
58 The maximum length of a code fileld of store item in a accouning software may be 25 30 512 256
59 The maximum length of code field of general ledger account may be 10 50 256 30
60 Data validation is generally accomplished by making use of various types of totals Validation Verification Control None of the above
61 Outstanding analysis is carried out using Invoice file Invoice file and payments receipt file Payments receipt file and customer detail file Noe of the above
62 Identify the invalid field name out of the following "RS.35.89" "CURRENCY" PQR 32 "32 PQR"
63 Which of the following is true about a disk file where WRITE statement will always place a record in the next physical position? Sequentail file Relative file Indexed file None of above
64 Which of the following constitute master files in a sales invoicing system? Customer detail file Invoice detail file Payments receipt file All the above
65 A sale invoice Debits customers and credits sales Credits finished stock and debits sales Debits finished stock and credits sales None of the above
66 A sale invoice Debits customers and credits sales Credits finished stock and debits sales Debits finished stock and credits sales None of the above
67 Input to a computerized system is through: An output file from another system Scanning Manual entry All the above
68 A digit suffixed to a number for ensuring accuracy of the item is the Test digit Check digit Digital aspect None of these
69 The operation carried out on an input data for examination its acceptability is termed Validation Verification Moderation None of these
70 A sequential file organization is most suited for Airline reservation system A library A payroll system None of these
71 A suite of programs that handle an organisations database responsibilities is called a DBMS Database Processing System(DBPS) DMS All of the above
72 Reorder level is the level when inventory touches Zero stock Safety stock Either (a) or (b) None of the above
73 ABC analysis is used in Financial Accounting Payroll System Inventory Control Sales Management Systems
74 Which of the following is a transaction file? Purchase order file Voucher file Invoice file All the above
75 Systems design specification do not normally include Blueprint showing the layout of hardware Output requirements Input and storage requirements None of the above
76 The most efficient and well designed computerized payroll system would be On-Line real time system Batch processing system Both (a) and (b) above None of above
77 Ageing analysis is insiagral to which of the following? Personnel management Oil drilling Passenger reservation None of the above
78 A trial balance will always have Debits less than Credits Credits less than Debits Debits equal to Credits None of the above
79 Issue price Stays constant throughout the system in standard costing Changes with each receipt in case of average costing Changes in the case of the LIFO All of the above
80 A category items in an inventory control system. Should be monitored very closely Should not be reviewed Should be highest stocked None of the above
81 Discounts and rebates are offered on The base price of product The total invoice price The Base Price Plus all Taxes All of the above
82 In an inflationary economy, following will tend to undermine stock � on- hand Average price LIFO FIFO None of the above
83 A typical computerized business application system will have A master file only A truncation file only A master file and a transaction file None of the above
84 A typical materials management system contains following transaction files Receipts from vendors Issue to shop floors Rejected materials returned to vendors All the above
85 An efficient sales analysis system should be On Line processing system Batch mode processing system Both (a) and (b) above None of the above
86 Value of stock can be done by LIFO Standard cost Average cost Any of the above
87 Vendor performance can be measured in terms of Quality of suppliers Timeliness of supply Material supplied All the above
88 Ageing analysis of the stocks held in store Does not help the company optimize its inventory Helps the company optimize its inventory Both (a) and (b) None of these
89 Stricter inventory controls Minimise product controls Maximise product obsolescence Have no effect on product obsolescence None of these
90 Zero lead time of supplies means We may not need to hold any inventory Reorder points will have no relevance EOQ will have no relevance All of the above
91 Which of the following is not a liability? Share capital Reserves and surplus Secured loans Investments
92 A business accounting system includes Order entry Sales analysis Shipping/billing All of the above
93 An accounts receivable operation uses Customer invoice Purchase vouchers Challans All of the above
94 The credit control system should take account of Customer data bank Past payment record Volume of purchases All of the above
95 Contra entries affect the P and L Balance sheet Capital account None of the above
96 Every year-end, the computerized financial accounts Zeroise all income heads Zeroise all expenditure heads Leaves sub-ledger accounts unchanged Does all of the above
97 The master file of a payroll system contains Employee name No. of days present Basic salary (a) and (c) only
98 Employee advance are generally Kept in the subsidiary account Not incorporated in financial accounts Are part of the memorandum accounts None of the above
99 A credit note is Raised on the customer Credit customer & debits sales Both (a) and (b) above None of the above
100 In a double entry book keeping system, debits and credits Need not match Must match Both (a) and (b) Neither (a) nor (b)
101 Depreciation is Considered an expense item An addition to the assets of the company Provisional to inflation, the profits of the company None of the above
102 TDS is met with in which of the following systems? Inventory control P P and C Sales analysis None of the above
103 None of the above Useful for formulating personal policies Is derived from the payroll system Both of the above Neither of the above
104 Trial balance is a term used in Payroll Inventory control Sales management Financial accounting
105 Purchases from suppliers form part of Subsidiary ledger Payroll transaction file Balance Sheet Sales register
106 One of the following is not the purpose of accounting To calculate liability To ascertain profit or loss To show good profits To keep the record of business transactions
107 Accrual basis of accounting is based on: Consistency Concept Matching Concept Disclosure Concept Time Period Concept
108 Which one of the following is correct? Net Worth =Capital + Assets Net Worth = Capital � Assets Net Worth = Assets � Liability Net Worth = Capital + Liability
109 Journal is the Book of original entry Final statement Permanent Record Incomplete record
110 Double entry means Same aspect is entered twice Entry is made in two sides of books Both the aspects of the transaction are recorded Two persons record the transaction
111 On which of the following assets depreciation is not provided Land Building Plant Furniture
112 Purchase of plant for cash Decreases total assets Increases total assets Keeps the total assets unchanged None of the above
113 One of the following is not a correct statement Debit the receiver Credit what come in Credit the giver Debit all assets
114 According to Generally Accepted Accounting Principles Adequate cash must be kept Losses should be provided for Profits can be anticipated and accounting for Undertake only those activities which result in Profits
115 Which of the following is a revenue expenditure? Land purchased Salary paid Building purchased Goodwill purchased
116 Stock has Credit balance Debit balance May have debit or credit balance Does not have any balance
117 Closing entries are done At thebeginning of the year At the end of the year May be done any time At the beginning and end of the year
118 The objective of final account is to To know the financial position To know profit or loss To know gross profit To know the profit or loss and financial position
119 Payment received from the debtor Decreases the total assets Increases the total assets Increases the total liabilities Results in no change
120 Debits note is used to record the details of All credit purchases All credit slaes Goods retuned by the firm None of the above
121 Current Ratio is used to measure Profit of the organization Liquidity position of the organization Overall functioning of the organization None of the above
122 Trade discount is given to All customer Relatives only Regular buyers Bulk buyers
123 Source document are generated Only in our organization By outside agency Both a and b None of the above
124 GAAP stands for Government accepted accounting principles Generally accepted accounting principles Generally accepted accounting policies None of these
125 Objectives of Managerial accounting information system are Internal reporting External reporting Internal and External reporting Internal or External reporting
126 Objectives of Managerial accounting information system are Internal reporting External reporting Internal and External reporting Internal or External reporting
127 Who is responsible for establishing and maintaining the internal control systems? The internal auditor The accountant Management The external auditor
128 A check for missing data/blanks is an example of a Record Check Set Membership Check Field Check Batch Check
129 Which is an example of Serial Codes of accounting systems? 0001 100-199 CHAN2O All of above
130 The code AZX/2138/9x is most likely an example of a (n): Hierarchical Code Block Sequence Code Alphabetic derivation code Serial Code
131 Given the code 6724, modulus 13, and weights 2-1-2-1, the check digit is 1 13 10 10
132 If the present number A8743 is coded as A4783, then it is an example of a Truncation Error Double Transposition Error Random Error Transcription Error
133 In a computerized environment a list of authorized suppliers would be found in the Master file Transaction file Reference file Archive file
134 Which of the following is not a accounting Software Tally Adobe E.X. NacStock
135 NacStock Accounting Software is developed using Visual Basic with Access as its database Visual Basic with Oracle 7 as its database C++ with Access as its database C++ with Unify as its database
136 Moneyware 2000, and nVest accounting packages are for Office Accounting Home/SOHO Accounting Export Sector Services and Trading Sector
137 Two popular software of the Tata Consultancy Services are EX and Personal Accountant EX and Tally EX and Fact Proll.01 Tally and NacStock
138 The maximum length of a code field of store item in accounting software may be: 25 30 512 256
139 The maximum length of code field of general ledger account may be 10 50 256 30
140 The primary input to the Transaction Processing System is A financial transaction An accounting record An accounting report A non-financial transaction
141 In a database, a complete set of attributes for a single occurrence of an entity class is called a key a file a record a character
142 The type of transcation most suitable for batch processing is Airline reservations Credit authorization Payroll processing Adjustments to perpetual inventory
143 A graphical representation of sequential Processes is known as Sample Forms Flowchart Charts of Accounts Organisation Chart
144 Which one is not a system description tool Decision Table Decision tree Structured English Input Output Table
145 A diagram showing superior and subordinate relationships is known as Job Description Document Organisation Char Performance Standard Documentation Sample Reports
146 Accounts are reconciled by The owner The outside agency The government The banks
147 Accounts are reconciled At the end of the financial year At the end of the month At the end of the week As and when required
148 Which are the computer assisted audit techniques Test data Parallel Simulation Integrated test facility All of the above
149 Smart card is like a Credit card Debit card Times bank card None of these
150 SWIFT(Society for worldwide International Financial Telecommunication ) is based at London Belgium New York Delhi
151 EFT is a component of E-commerce Banking System Communication System None of these
152 What is the security method used for the sensitivity information. Data Encryption Lock-out System System Dial back Password
153 VISA or Master Card is an example of Retailing Payments On-line Token-base Payment Systems Online Credit Card Based Systems None of these
154 EDIFACT Standards for electronic data interchange are developed ANSI United Nations Both None of these
155 Components of Supply Chain Managemnet are Inventory Management Sales force Management Financial Management All the above
156 The most fundamental elements of useful data in the database is The record The key The file The attribute






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