Q. The Income and Expenditure Account is a summary of cash transactions. Sol:
✅ Correct Answer: (B)
False
Financial Accounting MCQs and Notes
Q. The public hospitals do not carry the activities with an intention of earning profits. Sol:
✅ Correct Answer: (A)
True
Q. Which of the following software is not operating software? Sol:
✅ Correct Answer: (C)
MS Word
Q. Accounting softwares available are Sol:
✅ Correct Answer: (D)
All of these
Q. Accounting software requires Sol:
✅ Correct Answer: (A)
Transactions to be entered once
Q. Application softwares Sol:
✅ Correct Answer: (B)
Cannot operate without Operating Software
Q. Creation of company is the first step in Computerized Accounting process. Sol:
✅ Correct Answer: (A)
True
Q. Opening an account in a computerized accounting system is entirely different from opening an account in a manual system.
✅ Correct Answer: (B)
False
Q. Which of the following is true statement for computerised accounting system? a. the computer accounting system is based on the concept of database. b. Computer accounting system does not away with the concept of creating and maintaining journals, ledger etc.
✅ Correct Answer: (A)
Only a
Q. Computer Accounting System is used for recording the financial transaction. Sol:
✅ Correct Answer: (A)
True