Q. The individual field in the sheet is known as a _________. Sol:
✅ Correct Answer: (B)
Cell
Financial Accounting MCQs and Notes
Q. This software is a package which is used for managing the entire organisation in a comprehensive.
✅ Correct Answer: (A)
Enterprise Resource Planning software
Q. Such systems also generate reports which allow the accounting professionals to have a proper view of different transactions in a comprehensive manner.
✅ Correct Answer: (B)
Pre-packaged accounting software
Q. Computers can be used in accounting in different number of ways: Sol:
✅ Correct Answer: (D)
All of the above
Q. Most organisations use __________ for coding their accounts. Sol:
✅ Correct Answer: (A)
Block code
Q. _________ is the systematic assignment of number to items to classify and organise them. Sol:
✅ Correct Answer: (B)
Coding
Q. When different accounts are clubbed on the basis of some common characteristics that are shared by them, the concept is known as_______.
✅ Correct Answer: (D)
Grouping
Q. Features of computerised accounting system Sol:
✅ Correct Answer: (B)
Fast, powerful, simple and integrated
Q. Following businesses generally require customised software: Sol:
✅ Correct Answer: (D)
All of the above
Q. It refers to the system of recording, organising, summarising, analysing, interpreting and
communicating the financial data of a business.
Sol:
communicating the financial data of a business.
Sol:
✅ Correct Answer: (B)
Computerised Accounting