Class 11 Accountancy - Chapter Applications of Computers in Accounting NCERT Solutions | ‘An accounting report is essential
‘An accounting report is essential a report which must be able to fulfil certain basic criteria' Explain? List the various types of accounting reports.
When a data is processed properly than it becomes information and when such related information is summarized to meet a particular need, it is called a report. The content and design of the report is expected to vary depending upon the level to which it is submitted and decision to make on the basis of the report. A report must be effective and efficient to the user and should substantiate the decision making process. Every accounting report must be able to fulfill the following criterion:
(i) Relevance
(ii) Timeliness
(iii) Accuracy
(iv) Completeness
(v) Summarization
Type of Accounting reports:
The accounting reports generated by the accounting software may be either routine reports or on the specific requirements of the user. E.g. the ledger is a routine report while a report on supplies of a particular item by a given party is an on-demand report. However,from a broader perspective, the Accounting related MIS reports may be of following reports:
(i) Summary Reports: Summarizes all activities of the organisation and present in the form of summary reports like profit and loss account and balance Sheet.
(ii) Demand Reports: This reports will be prepared only when the management requests them, e.g, Bad Debts Report for a given product ,Stock Valuation Report.
(iii) Customer /Supplier Reports: According to the specifications of the management it will be prepared. e.g. Top 10 Customers reports , Interest on customer Account / Invoices, Statement of Account, Customer Reminder Letters Outstanding /Open Delivery Order ,Purchase Analysis ,Vendor Analysis Report.
(iv) Exception Reports: According to the conditions or exception the report is prepared. e.g. Inventory Report in short supplies ,Stock Status Query ,Over stocked Status ,etc.
(v) Responsibility Reports: The MIS structure specifies the premises of management responsibilities. e.g the report on Cash Position is to be submitted by the head of finance and Accounts Departments.
More Questions From Class 11 Accountancy - Chapter Applications of Computers in Accounting
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State the relationship between information and decision.
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Explain, using examples, the relationship between the organisational MIS and the other functional information system in an organisation. Describe how AIS receives and provides information to other functional MIS.
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List the distinctive advantages of a computer system over a manual system.
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State the various essential features of an accounting report.
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Draw block diagram showing the main components of a computer.
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Fill in the correct words :
1. The user oriented programmes designed and developed for performing certain specific tasks are called as ...........
2. Language syntax is checked by software called as ...........
3. The people who write programmes to implement the data processing system design are called as ...........
4. ........... is the brain of the computer.
5. ........... and ........... are two of the important requirements of an accounting report.
6. An example of responsibility report is ........... - Q:-
‘An organisation is a collection of interdependent decision-making units that exists to pursue organisational objectives’. In the light of this statement, explain the relationship between information and decisions. Also explain the role of the Transaction Processing System in facilitating the decision-making process in business organisations.
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What is Accounting Information System?
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Describe the various elements of a computer system and explain the distinctive features of a computer system and manual system.
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Name three components of a Transaction Processing System.
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