State the four basic requirements of a database applications.
1) Front- end interface : It is the link between the user and the database oriented software, through which the user communicates to the back-end database.
2) Back-end Database : It stores data which can be retrieved by the user only to the extent he is authorised to access.
3) Data Processing : It is the process of transforming the data into information useful for making decisions.
4) Reporting System : It is the system which helps in composing all the information in some integrated form known as a report.
Thus, the computerised accounting system is a system wherein the difference data is collected, processed and interpreted using suitable software to render useful reports.
Describe the various types of accounting software along with their advantages and limitations.
‘Computerised Accounting Systems are best form of accounting system’. Do you agree? Comment.
Name the various categories of accounting package.
Define a computerised accounting system. Distinguish between a manual and computerised accounting system.
Database is implemented using ........
‘Accounting software is an integral part of the computerised accounting system’ Explain. Briefly list the generic considerations before sourcing an accounting software.
A sequence of actions taken to transform the data into decision useful information is called.......
The framework of storage and processing of data is called as ........
Give examples of two types of operating systems.
Give two examples each of the organisations where ‘ready-to-use’, ‘customised’, and ‘tailored’ accounting packages respectively suitable to perform the accounting activity.
Name any two types of commonly used negotiable instruments.
Why is it necessary to record the adjusting entries in the preparation of final accounts?
State the meaning of incomplete records?
What is ‘Depreciation’?
Briefly state how the cash book is both journal and a ledger.
State the meaning of a trial balance?
Define accounting.
State the different elements of a computer system.
Why is it necessary for accountants to assume that business entity will remain a going concern?
State the need for the preparation of bank reconciliation statement?
A bank reconciliation statement is mainly prepared for:
(a) Reconcile the cash balance of the cash book.
(b) Reconcile the difference between the bank balance shown by the cash book and bank passbook
(c) Both (a) and (b)
(d) None of these
Tick the Correct Answer
Which of the following is not a business transaction?
a. Bought furniture of ₹ 10,000 for business
b. Paid for salaries of employees ₹ 5,000
c. Paid sons fees from her personal bank account ₹ 20,000
d. Paid sons fees from the business ₹ 2,000
Why is it important to adopt a consistent basis for the preparation of financial statements? Explain.
Show the effect through Journal entries:
Credit sales to Mohan 10,000 were posted to his account as 12,000
This is an error of ..................................
The wrong effect has been:
The correct effect should have been:
The rectification entry will be.
Which is the last step of accounting as a process of information?
a. Recording of data in the books of accounts
b. Preparation of summaries in the form of financial statements
c. Communication of information
d. Analysis and interpretation of information
Why is it necessary for accountants to assume that business entity will remain a going concern?
State different kinds of transactions that increase and decrease capital.
What is the primary reason for the business students and others to familiarise themselves with the accounting discipline?