Question : Method of codification should be -
Option 1: Such that it leads to grouping of accounts
Option 2: An identification mark
Option 3: Easy to understand and leads to grouping of accounts
Option 4: None of the above
Correct Answer: Easy to understand and leads to grouping of accounts
Solution : The following factors create the requirement for codification: Speed, clarity, unambiguity, effort-saving, form-space-saving, classification-ease, and mechanisation are just a few of the benefits. The metric system should be used whenever practical, to ensure uniform dimensions, for example. Coding should be easy. Code must be distinct.
Hence the correct answer is option 3.
Question : Codification of accounts leads to ________.
Option 1: grouping of forms
Option 2: grouping of accounts
Option 3: grouping of sub heads
Option 4: None of these
Question : Under Codification of Accounts, code means ________.
Option 1: a system of letter or figure
Option 2: a system of speech
Option 3: grouping
Option 4: All of the above
Question : Which function of packaging is highlighted in the given statement? Statement: It makes the identification of a product easy.
Option 1: Product identification
Option 2: Product protection
Option 3: Product promotion
Question : Expenditure method is also known as__________________.
Option 1: Income disposal method
Option 2: Income spending method
Option 3: Factor income method
Option 4: None of the above.
Question : Codification of Accounts required for the purpose of:
Option 1: Hierarichal relationship between groups amd components
Option 2: Data Processing faster and preparing of final accounts
Option 3: Keeping data and information secured
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile