Question : The __________ is traditionally the most popular method of keeping records of financial transactions of any organization.
Option 1: manual system of accounting
Option 2: computerized system of accounting
Option 3: both 1 and 2
Option 4: None of these
Correct Answer: manual system of accounting
Solution : The manual system of accounting is traditionally most popular method of keeping records of financial transactions of any organization. Financial statements are the end products of the accounting process, which are prepared in accordance with the Generally Accepted Accounting Principles (GAAP). Hence, the correct option is 1.
Question : Computerized accounting system refers to the processing of accounting transactions through the use of ______.
Option 1: hardware
Option 2: software
Option 4: none of these
Question : With __________ accounting the organisation have greater transparency.
Option 1: Computerized accounting
Option 2: Manual accounting
Option 3: Both 1 and 2
Option 4: None of the above
Question : Under Computerised Accounting System, financial statements are generated from the _________ itself.
Option 1: software
Option 2: manual
Question : CAS (Computerized Accounting System) is designed to:
Option 1: automate
Option 2: integrate
Question : __________ are the end products of the accounting process, which are prepared in accordance with the generally accepted accounting principles.
Option 1: Financial statements
Option 2: Non-financial statements
Option 3: Computerized accounting
Option 4: Both 1 and 3
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