Question : What are the salient features of Computerized Accounting System?

Option 1: Simple and Integrated

Option 2: Transparency and Control

Option 3: Accuracy and Speed

Option 4: All of the above

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

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

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

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

Option 4: None of the above