Accounting
Question : In National income accounting, GVA stands for:
Option 1: general vesting added
Option 2: general visited account
Option 3: gross value accounting
Option 4: gross value added
Correct Answer: gross value added
Solution : The correct answer is gross value added.
In national income accounting, GVA stands for gross value added. It represents the total value of goods and services produced by an economy or a specific sector minus the value of intermediate goods and services used
Question : For making a trial balance it is not necessary to make a ________ in computerized accounting system -
Option 1: Ledger Accounts
Option 2: Jounral
Option 3: Capital account
Option 4: None of the above
Correct Answer: Ledger Accounts
Solution :
For making a trial balance it is not necessary to make a ledger accounts
in computerized accounting system
Hence the Cprrect answer is option 1.
Question : Which of the following are the objectives and significance of the current ratio?
Option 1: Current ratio is used to assess the firm’s ability to meet its short-term liabilities on time.
Option 2: According to accounting principles, a current ratio of 2:1 is supposed to be an ideal ratio. It means that the current assets of a business should, at least, be twice its current liabilities.
Option 3: The higher the ratio, the better it is, because the firm will be able to pay its current liabilities more easily.
Option 4: All of the above.
Correct Answer: All of the above.
Solution : Answer = All of the above.
All of the statements are correct regarding the objectives and significance of the current ratio. It evaluates the firm's ability to meet short-term liabilities, with a ratio of 2:1 considered ideal, and a higher ratio indicating
Question : ---------------may be expressed as an arithmetical relationship between two accounting variables.
Option 1: Ratio
Option 2: Accounting ratio
Option 3: Ratio Analysis
Correct Answer: Accounting ratio
Solution : Answer = Accounting ratio
The accounting ratio may be expressed as an arithmetical relationship between two accounting variables. The term accounting ratio is used to describe significant relationships which exist between figures shown in a Balance Sheet, in a Statement of Profit and Loss,
Question : Common-size Balance Sheet shows the percentage relation of each asset/equity and liability…………
Option 1: One accounting period
Option 2: Two or more accounting period
Option 3: To the total of assets/total of equity and liabilities
Correct Answer: To the total of assets/total of equity and liabilities
Solution : Answer = To the total of assets/total of equity and liabilities
Common-size Balance Sheet shows the percentage relation of each asset/equity and liability to the total of assets/total of equity and liabilities. Hence, the correct option is
Question :
Under computerised accounting, data means
Option 1:
Users
Option 2: A logical sequence of actions to perform a task
Option 3: The raw fact (as input) for any business application
Option 4: Computer, associated peripherals, and their network
Correct Answer: The raw fact (as input) for any business application
Solution : People means users. A logical sequence of actions to perform a task is a procedure. Computer, associated peripherals, and their network are called hardware. The raw fact (as input) for any business application is called data. Hence
Question : What is/are the features of an accounting computerised system?
Option 1: Data Security
Option 2: Improved Reporting
Option 3: Accuracy and Speed
Option 4: All of the above
Correct Answer: All of the above
Solution : Following are the features computerised accounting system: 1. Data Security, 2. Improved Reporting, 3. Accuracy and Speed, 4. Scalability, 5. Quick Decision Making, and 6. Advanced Features. Hence, the correct option is 4.
Question : Sentences of a paragraph are given below in jumbled order. Arrange the sentences in the correct order to form a meaningful and coherent paragraph. A. In fact, he began his career as a peon in a small firm. B. Before he joined us as the accounts officer, he was a junior clerk. C. He learnt typing, accounting and even graduated. D. But he gradually improved his qualifications.
Option 1: CDAB
Option 2: BADC
Option 3: CBAD
Option 4: BCDA
Correct Answer: BADC
Solution : The second option is the correct answer.
It starts with the introduction of the narrator's role as a junior clerk before becoming an accounts officer (B). The paragraph then provides additional context by revealing that the narrator began their career as a peon at a
Question : With computerized accounting, the organisation will have greater transparency for day-to-day business operations and access to vital information. This feature is known as:
Option 1: Transparency and control
Option 2: Accuracy and speed
Option 3: Scalability
Option 4: Reliability
Correct Answer: Transparency and control
Solution : With computerized accounting, the organisation will have greater transparency for day-to-day business operations and access to vital information. This feature is known as transparency and control. Hence, the correct option is 1.
Question : Under computerised accounting, data means
Option 1: System software and application software
Solution : Under computerized accounting, data means the raw fact (as input) for any business application. Hence, the correct option is 3.
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