mcq Flashcards
Identify the statement that is CORRECT about AND function.
B. It returns TRUE only if all conditions are TRUE.
Which the following statement is CORRECT regarding the Straight-Line depreciation.
The depreciation expense remains constant throughout the useful life of the asset.
In the Reducing Balance method of depreciation, _____________.
C. the depreciation expense decreases each period as a fixed percentage is applied to the asset’s diminishing book value.
Debtors Ageing is best described as _____________.
C. a technique for categorising debtors based on the length of time they have been outstanding.
_____________ is used in UBS Accounting system to control access to different work
areas.
B. Personal Identification Number (PIN) Control
The purpose of assigning a unique code to each account in the Charts of Accounts is to _____________.
C. ensure each account has its own distinct identifier.
_____________ characters are used to represent individual subsidiary accounts in the Charts of Accounts.
7
A creditor’s account can be deleted if _____________.
there are no transactions recorded and the account balance is zero.
These options relate to Clear Files / Generate Sample Chart EXCEPT_
Clear only charts - opening balances b/f and transactions remain.
These options relate to Clear Files / Generate Sample Chart
Clear both Charts of Accounts and transactions.
Clear only transactions - charts and opening balances b/f remains.
Clear both Charts of Accounts and transactions - Generate sample chart.
____________ function under Transactions tab in UBS system allows users to input details of funds disbursed by the business.
Payments
To lock the batch for Sales, the steps are _____________.
Transactions → Organise Batches → Highlight Sales Journal → Lock → OK → L appears in Lock Status.
Choose the statement which is INCORRECT related to Audit Trail.
Each sales transaction that was modified is recorded in the Audit Trail. The original transactions are deleted.
Choose the statement which is CORRECT related to Audit Trail.
Users may view the Audit Trail to see which sales transactions have been altered.
Any unreasonable modification of transactions, such as human errors, can be spotted via the Audit Trail.
To view the modified sales transactions, the steps are: Periodic → View Audit Trail → Period →Transactions Modified → Password: UBS.
The main advantage of the V.Edit button is that _____________.
it provides a faster and easier way to edit multiple transactions within a batch.
The steps to check recorded transactions are _____________.
Transactions → Print Batch of Transactions → Batch No. From / Batch No. To → Ok
_____________ cannot be generated by UBS Accounting.
Employee Performance Reports
Macro is a set of ___________ that you record in Excel and later can be __________ when it is needed.
C. instructions, run
In Debtor Ageing Report, you will apply the ________ to determine whether invoices are 30-60 days past due.
D. Nested IF function
The hard disk directory used to store data files in UBS Accounting System is
D. C:\UBSACC90\L1\
The Account Type Description Setting can be found in __________ tab menu.
B. Housekeeping
Identify the account number(s) that is/are NOT CORRECT.
i. 3000//00
ii. 9010/000
iii. 700K/001
iv. 4000/S08
C. i and iii
UBS Accounting System allows users to print the following reports EXCEPT ________.
answer : SOCIE
allowed :
Bank recon
Tb
cash flow
Identify the correct steps to create a Company Profile.
B. Housekeeping -> Setup -> General Setup
To run Year End Processing, go to __________ tab menu.
A. Periodic
After performing Year End Processing, the following effects happen EXCEPT:
C. All opening balances will be brought forward to the next accounting year
actual effects:
A. All transactions from period 1-12 will be removed
B. Accumulated profit / loss will be transferred to Retained Earnings account
D. Transactions for period 14 will be brought forward to next year as period 2
A cash customer returned a defective Cumil Rootan Chair to the seller, Felleny Trading. This transaction is recorded in ___________.
C. Cash Payment Journal
V.Edit function allows users _____________.
B. to change or edit more than one transaction in a batch at the same window
Entering debtor’s opening balances into the correct period can be done using _____________.
C. Distribute Last Year’s Aging
Electricity expenses account number is likely represented by _____________.
C. 9050/000
The formula =IF(OR(Condition1,Condition2,Condition3),”YES”,”NO”) will give the result:
i. YES if condition 1 and 2 are met
ii. NO if condition 2 and 3 are met
iii. YES if all the conditions are met
iv. NO if all the conditions are not met
C. i, iii and iv
The built-in function for straight-line method of calculating depreciation expense is __________.
D. =SLN(cost,salvage,useful life)
The followings functions are applied in Debtors Ageing Report EXCEPT:
C. NOT
applied:
DATE
IF
NESTED IF
The report that is useful to analyze the payment due to supplies for the purpose of cash management is the____________
A. Payable Ageing Report
Which of the following is the structure of a correct account number?
D. AAAA/BBB
If your accounting year is from 1 April 2021 to 31 March 2022, then period 4 refers to the month of __________.
C. July 2021
Which of the following is the Identification Number (PIN) that is normally reserved to management level?
A. PIN (0)
The account type ‘J’ when changed to ‘M’ will affect the accuracy of the following EXCEPT:
COGS to EXP
: D. Net sales amount
affected :
A. Net profit
B. Gross Profit
C. Cost of sales
Identify the correct steps required to create Company Profile.
A. Housekeeping → Setup → General Setup.
Which of the following is NOT true regarding special listing codes and their specified descriptions?
B. MA – Master Account
All of the followings are TRUE regarding PA Special Account EXCEPT:
C. It must be used in double entry.
true :
A. It stands for Profit Account.
B. It serves the purpose to store Net Profit or Loss brought down from last financial year.
D. Without creating PA special account in Chart of Account, UBS Accounting system does not allow users to run Year End Processing.
Bill Type is used to indicate the type of bill entered into the UBS Accounting system. Which of the following Bill Type is INCORRECT?
C. “R” stands for Receive Cheque
correct:
A. “I” stands for Invoice
B. “D” stands for Debit Note
D. “C” stands for Credit Note
The following menus can be accessed from Transaction Wizards EXCEPT:
D. Creditors
can be:
A. Purchases
B. Cheque Received
C. Cheque Payment
Identify the option that is NOT available in the Clear Files/General Sample Chart.
D. Clear both chart & transactions – File Organisation
available :
A. Clear both chart of accounts & transactions
B. Clearly only transaction – chart & b/f remain
C. Clear both chart & transactions – Generate sample chart
Bank Reconciliation Statement is normally performed by comparing the transactions in __________ and __________.
A. Bank Statement; Bank Account
