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Accounts in theory > ch-19 > Flashcards

ch-19 Flashcards

1
Q

What are the basic components of a computer hardware?

A

1.MotherBoard
2.Processor-Basic parts are:
a.ALU(Arithmetic and logical unit)
b.Memory unit
c.Control unit
3.Primary storage memory
RAM
ROM
4.Secondary storage devices
a.Online storage media
b.Near-line storage device
c.Offline storage media/Distribution media
5.Keyboard
6.Sound card and speakers
7.Monitor and liquid crystal display(LCD) Panel
8.Printers
a.Impact printers
b.Non impact printers

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2
Q

What are the major elements of a computer

A
  1. Hardware
  2. Software
  3. Humanware-People interacting with the computer and executing the program
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3
Q

What are the capabilities of a computer system

A
  1. Speed
  2. Accuracy
  3. Reliability
  4. Versatility
  5. Storage and retrieval
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4
Q

What are the limitations of a computer system

A
  1. Operates on predefined instructions
  2. Intelligence-Does not have intelligence of its own
  3. Lacks in Decision making
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5
Q

What is the purpose of MIS

A
  1. Right information
  2. At the right place
  3. In the right form
  4. To the right person
  5. At the right time
  6. At the right cost
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6
Q

What are the components of AIS

A
  1. People
  2. Procedure
  3. Data
  4. Technology
  5. Control
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7
Q

MIS reports w.r.t accounting data are?

A
  1. Debtors report
  2. Creditors report
  3. Routine reports
  4. exception reports
  5. Financial statements
  6. Other reports
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8
Q

What are the stages of automation

A
  1. Planning
  2. Selecting appropriate accounting software
  3. Selecting appropriate computer hardware
  4. Chart of accounts
  5. Grouping of accounts
  6. Generation of reports
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9
Q

Compare between manual and computerised accounting systems

A
  1. Identifying financial transactions
  2. Recording
  3. Classification
  4. Summarising
  5. Adjustment entries
  6. Grouping of accounts
  7. Financial statements
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10
Q

What are the advantages of computerised accounting

A
  1. Large volume of transactions
  2. Scalability
  3. Security
  4. Timely reporting
  5. Lower cost
  6. Less paper work
  7. Flexible reporting
  8. Queries
  9. Accurate
  10. Updating
  11. Financial statements
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11
Q

What are the advantages of readymade software

A
  1. Readymade softwares are economical
  2. Are available off-the-shelf
  3. Are developed by a group of experienced professionals
  4. Requires maintenance
  5. Are used by a number of users
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12
Q

What are the disadvantages of readymade software?

The advantages and disadvantages of readymade software are the same for customised software

A
  1. Window based software, which support only laserjet printer for printout,which is more expensive than dot matrix printers
  2. Do not have facility of secondary backup
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13
Q

What are the advantages of tailor-made software

A
  1. Takes care of accounting reports and MIS that may be required by the user and management of enterprise
  2. The enterprise may have to engage a software engineer to maintain it
  3. Well-trained users use the software
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14
Q

What are the disadvantages of tailor-made software

A
  1. Development cost is high
  2. If accounting person leaves the job, it takes some time before the new person becomes fully conversant with the software
  3. Development and maintenance costs are high
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15
Q

Sourcing of an accounting software

A
  1. Flexibility
  2. Cost of installation and maintenance
  3. Size of organisation
  4. Ease of adaption and training needs
  5. Expected level of secrecy
  6. Exporting/Importing data facility
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16
Q

What are the disadvantages of computerised accounting?

A
  1. Controls
  2. Data corruption
  3. Trained computer operators
  4. Limitations of software
17
Q

Define computer

A

It is a data processor

18
Q

Define hardware

A

They are the components of a computer that have physical existence

19
Q

Define software. What are the types of software.Also define them

A

Software is a set of instructions on the basis of which computer operates

  1. Operating Software-It is a set of instructions that makes an interface between the user and the computer
  2. Utility Software-It is a set of instructions that focuses on the operation of computer infrastructure
  3. Application software-It is a set of instructions designed and developed to perform jobs such as accounting
20
Q

What is the full form of MIS. Also define MIS

A

Management information system-It refers to a system whereby data collected and processed is disseminated in the form of information to the user

21
Q

What is the full form of AIS. Also define AIS

A

Accounting information system-It is a sub-system of MIS. It collects, shares and analyses financial data to produce and communicate accounting information

22
Q

Define chart of accounts

A

It is a list of heads of accounts to which debit and credit transactions are recorded and ultimately final accounts are produced

23
Q

Define grouping of accounts

A

It refers to expenses, incomes, assets and liabilities groups in which individual account heads are posted based on the chart of accounts

24
Q

Define accounting software

A

It is an application software to perform accounting function

25
Q

What are the types of accounting software. Also define them

A
  1. Readymade software-It means software that is available off-the-shelf and does not require much modification to carry out accounting function
  2. Customised software-It is a software that is available off-the-shelf and is modified to suit the requirements of the user
  3. Tailor-made software-It is a software that is expecially made for the user

Accounts in theory (19 decks)

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