Description : (i) System in which entry is recorded for cash as well as credit transactions.
Last Answer : Give the word term or phrase which can substitute each of the following statement : (i) ... of goods or services for immediate cash payment.
Description : (i) A system of book-keeping in which both the aspects of transactions are recorded.
Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i) A ... find out profit or loss under a single entry system.
Description : Which of the following does an auditor least likely perform in assessing audit risk? a. Understand the economic substance of significant transactions completed by the client. b. Understand the entity ... of recorded transactions. d. Obtain an understanding of the client's system of internal contro
Last Answer : Gather audit evidence in support of recorded transactions
Description : Which transactions are recorded in the Return Inward Book?
Last Answer : Which transactions are recorded in the Return Inward Book?
Description : Which transactions are recorded in the Return Outward Book?
Last Answer : Which transactions are recorded in the Return Outward Book?
Description : All transactions are recorded directly in the ledger.
Last Answer : State whether the following statement are ‘True or False’ with reason : All transactions are recorded directly in the ledger.
Description : Transactions can be recorded in any order in the Journal.
Last Answer : Correct the following statement and rewrite the statement : Transactions can be recorded in any order in the Journal.
Description : In which order the transactions are recorded in a journal.
Last Answer : In which order the transactions are recorded in a journal.
Description : In Book-keeping & Accountancy nonmonetary transactions are also recorded.
Last Answer : State whether the following statement are true or false with reason : In Book-keeping & Accountancy nonmonetary transactions are also recorded.
Description : Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. ... usually involve comparisons of ratios developed from recorded amounts with ratios developed by management
Last Answer : Analytical procedures used as risk assessment procedures use data aggregated at a high level.
Description : Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets
Last Answer : Obtaining and examining evidential matter
Description : All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting ... . c. contains only permanent accounts. d. proves that all transactions have been recorded.
Last Answer : d. proves that all transactions have been recorded.
Description : Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.
Last Answer : D] Expenses should be matched with the revenue of the period.
Description : The first required step in the accounting cycle is a. reversing entries. b. journalizing transactions in the book of original entry. c. analyzing transactions. d. posting transactions.
Last Answer : c. analyzing transactions.
Description : In Frame Relay, when a _____ is selected, the correspondingtable entry is recorded for all switches by the administrator A) PVC B) SVC C) either (a) or (b) D) neither (a) nor (b)
Last Answer : PVC
Description : Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The ... Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.
Last Answer : c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.
Description : When a guarantee extends to a single transactions or debt it is called a) Retrospective guarantee b) Specific Guarantee c) Prospective guarantee d) Fidelity guarantee
Last Answer : b) Specific Guarantee
Description : Is there one single recorded album, in which most of it's songs were hits?
Last Answer : Taylor Swift – Fearless Bruce’s – Born to Run Michael Jackson – Bad Janet Jackson – Rhythm Nation
Description : (i) The single Entry System of Book-keeping is a scientific method of books of accounts.
Last Answer : Do you agree with the following statements? (i) The single Entry System of Book-keeping is ... Entry System follows the golden rules of accounts.
Description : Drawings made during the year decrease the profit under the Single Entry System.
Last Answer : State True or False with reasons: Drawings made during the year decrease the profit under the Single Entry System.
Description : The single Entry System is based on certain rules and principles.
Last Answer : State True or False with reasons: The single Entry System is based on certain rules and principles.
Description : How is closing capital calculated under a single entry system?
Last Answer : How is closing capital calculated under a single entry system?
Description : Under Single Entry System only ________ are opened.
Last Answer : Under Single Entry System only ________ are opened. (a) Cash and Personal Accounts (b) Real ... c) Nominal Accounts (d) Real and Nominal Accounts
Description : Under single Entry system, Profit = Closing Capital less __________
Last Answer : Under single Entry system, Profit = Closing Capital less __________ (a) Opening Capital (b) ... Assets (c) Opening Liabilities (d) Drawings
Description : A statement of __________ is to be prepared in under to find out profit or loss under a single entry system.
Last Answer : A statement of __________ is to be prepared in under to find out profit or loss under a single entry system ... (c) Revenue (d) Profit or Loss
Description : (i) Excess of opening capital over closing capital of proprietor under single entry system.
Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i) ... (v) The incomplete method of the accounting system.
Description : Which statement is prepared under the single entry system to ascertain profit?
Last Answer : Which statement is prepared under the single entry system to ascertain profit?
Description : Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.
Last Answer : b. periodic inventory system.
Description : A UNIX file system has 1 KB block size and 4-byte disk addresses. What is the maximum file size if the inode contains ten direct block entries, one single indirect block entry, one double indirect block entry and one triple indirect block entry? (A) 30 GB (B) 64 GB (C) 16 GB (D) 1 GB
Last Answer : (C) 16 GB
Description : A unix file system has 1-KB blocks and 4-byte disk addresses. What is the maximum file size if i-nodes contain 10 direct entries and one single, double and triple indirect entry each? (A) 32 GB (B) 64 GB (C) 16 GB (D) 1 GB
Description : Arithmetical accuracy cannot be checked in Single Entry.
Last Answer : State True or False with reasons: Arithmetical accuracy cannot be checked in Single Entry.
Description : Which one of the following is not a feature of monopoly? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations
Last Answer : (2) Heavy selling costs Explanation: Heavy selling cost is one of the defining features of an oligopoly. Firms resort to heavy selling cost to attract customers. Under this market ... mainly by heavy advertising and promotional expenditure that ultimately adds to the total selling cost.
Description : A monopoly is characterized by (a) Limited entry and exit opportunity ; (b) Single supplier ; (c) Few customers ; (d) All the three
Last Answer : (a) Limited entry and exit opportunity ;
Description : Which one of the following is not a feature of monopoly ? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations
Last Answer : Heavy selling costs
Description : (i) A system of book-keeping which records only one aspect of business transactions and ignores other aspects.
Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i ... approximate or estimated values as on a particular date.
Description : Which information system answers routine questions about business transactions?
Last Answer : transaction processing system
Description : NEFT is an electronic fund transfer system that operates on a _________ basis which settles transactions in batches. A. Domain Net Settlement (DNS) B. Defined Net Settlement (DNS) C. Declared Net Settlement (DNS) D. Deferred Net Settlement (DNS)
Last Answer : D. Deferred Net Settlement (DNS) Explanation: NEFT is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS) basis which settles transactions in batches. In DNS, the ... till the particular cut-off time. These transactions are netted (payable and receivables) in NEFT.
Description : _______ is used for electronic dealing and reporting of transactions in government securities A. Delivery versus Payment (DvP) B. Negotiated Dealing System (NDS) C. Risk Mitigation D. All of the Above E. None of the Above
Last Answer : B. Negotiated Dealing System (NDS) Explanation: The Negotiated Dealing System (NDS) for electronic dealing and reporting of transactions in government securities was introduced in February ... , bids or applications for primary issuance of Government Securities when auctions are conducted.
Description : Which of the following factors most likely would influence an auditor's determination of the auditability of an entity's financial statements? a. The complexity of the accounting system. b. The ... c. The adequacy of the accounting records. d. The operating effectiveness of control procedures.
Last Answer : The adequacy of the accounting records.
Description : The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance ... . d. Most users today have access to the system that generates the financial statements they use
Last Answer : There is a potential bias in providing information
Description : Grouping and processing all of a firm's transactions at one time is called: a) a database management system b) batch processing c) a real - time system d) an on - line system e) None of The Above
Last Answer : c) a real - time system
Description : A characteristic of card system is 1) slowness in processing data 2) using cards as records of transactions 3) needing a larger data staff 4) All of these
Last Answer : 4) All of these
Description : _______ feature allows you to optimize your system and capture all possible transactions. a) scalability b) reliability c) elasticity d) none of the mentioned
Last Answer : elasticity
Description : The __________ property states that the system must have a mechanism to recover from committed transactions should that be necessary. a) Atomicity CSE-R17.BLOGSPOT.COM b) Consistencyc) Isolation d) Durability
Last Answer : Durability
Description : Assuming that you have all required authorizations, which functions can you access in SAP GUI for Java? A. Functions provided by SAP business One B. Functions provided by transactions in AS ... C. Functions provided by SAP NetWeaver Developer Studio D. Functions provided by AS Java SAP systems
Last Answer : B. Functions provided by transactions in AS ABAP based SAP system
Description : A set of complex and closely connected instructions, agents, practices, markets transactions, claims and liabilities relating to financial aspects of an economy is referred as: _____. a. Financial system b. Financial market c. Financial institution
Last Answer : a. Financial system
Description : In Electronic cash payment a. a debit card payment system is used b. a customer buys several electronic coins which are digitally signed by coin issuing bank c. a credit card payment system is used d. RSA cryptography is used in the transactions
Last Answer : b. a customer buys several electronic coins which are digitally signed by coin issuing bank
Description : The value recorded in system.last_record variable is of type
Last Answer : a. Number b. Boolean c. Character. ? b. Boolean.
Description : In a perpetual inventory system, a return of defective merchandise by a purchaser is recorded by crediting a. Purchases. b. Purchase Returns. c. Purchase Allowance. d. Merchandise Inventory.
Last Answer : d. Merchandise Inventory.