Accounting
Question : Statement 1: By integrating and automating all business processes, computerised accounting system benefits all firms. Statement 2: These tasks could include production, inventory management, sales, and financing.
Option 1: Both the statements are true
Option 2: Both the statements are false
Option 3: Statement 1 is true and statement 2 is false
Option 4: Statement 1 is false and statement 2 is true
Correct Answer: Both the statements are true
Solution : By integrating and automating all business processes, computerised accounting system benefits all firms. These tasks could include production, inventory management, sales, and financing. Additionally, it makes it easier to organise precise and current business data in an approachable way. Hence, the correct option is 1.
Question : An accounting information system processes the financial transactions and events based on -
Option 1: Governing Principles
Option 2: Management Principles
Option 3: Accepted Principles
Option 4: Generally Accepted Accounting Principles
Correct Answer: Generally Accepted Accounting Principles
Solution : In order to provide reports that meet user needs, computerised accounting systems handle financial transactions and events in accordance with generally accepted accounting principles (GAAP).
Hence the correct answer is option 4.
Question :
R, M and P were partners in a firm. P died on 29th February, 2020. His share of profit from the closure of the last accounting year till the date of death was to be calculated on the basis of the average of three completed years of profits before death. Profits for the years ended 31st March, 2017, 2018 and 2019 were Rs. 80,000, Rs. 90,000 and Rs. 1,00,000 respectively.
Question:- If the profit-sharing ratio of remaining partners does not change; P’s share of profit will be ----
Option 1: Profit and loss suspense account debited by Rs 27,500
Option 2: Profit and loss suspense account credited by Rs 27,500
Option 3: Debited R’s capital account with Rs 22,000 and M’s capital account Rs 5,500 credited P’s capital account Rs 27,500
Option 4: None of the above
Correct Answer: Profit and loss suspense account debited by Rs 27,500
Solution : Answer = Profit and loss suspense account debited by Rs 27,500 Total profits=80,000+ 90,000+1,00,000= 2,70,000. Average profit= $\frac{2,70,000}{3}$= 90,000. P's share= 90,000×$\frac{1}{3}$×$\frac{11}{12}$= Rs 27,500 Profit & loss suspense A/c Dr 27,500 To P's capital A/c 27,500 Hence, the correct option is 1.
Question : The______ of a vendor is also an important factor to consider while opting for a computerized accounting software.
Option 1: Level of profit
Option 2: Honesty
Option 3: Capability
Correct Answer: Level of profit
Solution : When choosing computerised accounting software, management must take into account a vendor's level of profitability in order to determine whether it is financially feasible to install the programme.
Hence the correct answer is option 1.
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