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accts > unit 1 computerised > Flashcards

unit 1 computerised Flashcards

1
Q

A logical sequence of actions to
perform a task.

A

procedure

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2
Q

The raw fact (as input) for any
business application.

poeple r also called

A

data

users

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3
Q

Hardware : Computer, associated —–,
and their network.
Software : System software and —–
software.

A

peripherals

system soft+ applictaion soft

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4
Q

journals also called —

A

day books

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5
Q

journals also called —

A

day books

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6
Q

The — is a record of inflow and outflow of resources.
In accounting, a transaction consists of —-
data elements, such as —- of account, accounting —–, —– of
transaction and amount

A

transaction
4
name of acc
accounting code
date and
amount

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7
Q

A data-item (data ——) is the smallest named unit of data in
the information system

A

element/item

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8
Q

acc application software results in info being diplayed thorugh —–

A

accesed queries

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9
Q

The —- system of accounting is
traditionally most popular method of keeping
records of financial transactions of an
organisation. Financial statements are the end
products of the accounting process, which are
prepared in accordance with Generally
Accepted Accounting Principles (GAAP). The
accounting —- means the processes involved
in identifying, measuring and communicating
the information

A

manua
accting cycle

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10
Q
  • Financial Statements are prepared from the finally adjusted ——
    and balancing the accounts.
A

ledger

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11
Q

fetaures of CAS:
SAST (a) R
5 fts

A

-simple and integrated
transarency n control
-accuracy n speed
-scalability
-re.iability

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12
Q

CAS is designed to automate and integrate all the business operations.CAS may be integrated with enhanced MIS (Management
Information System), —- and—— capabilities to simplify all the business processes of the organisation easily and
cost-effectively

which ft?

A

Multi-lingual
Data Organisation

simple n integrated

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13
Q

which ft?
CAS provides sufficient time to plan,/increases data accessibility and enhances user satisfaction. With computerised accounting, the
organisation will have greater transparency for day-to-day business
operations and access to the vital information.

A

-transoarency n ocntrol
if it mentions time to plan or more access of data blah blah that implies more control

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14
Q

CAS provides user-definable —– (data entry screens or forms)
for fast, accurate data entry of the transactions. It also helps in
——– desired documents and reports.
whch ft?

A

templates
generalising
accuracy and speed - cos templates make easier

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15
Q

The increase in the number of transaction changes the —– and
—— of the business. Therefore it becomes necessary to have proper
classification of data. T

A

vol and size

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16
Q

Revenue means inflow of resources, which results from the sale of goods or
services in the normal course of business and increase in —- . Expenses
imply consumption of resources in generating revenues.

A

capital

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17
Q

In order to maintain the hierarchical relationships between
a group and its sub-groups, proper —— is required to ensure
neatness of classification.

A

codification

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18
Q

According to —— Dictionary, the term code means “a system of letter or figure with arbitrary meaning for brevity and for machine processing of information”. Thus, code is an —— mark.

A

concise oxford
identification

code is any letter/fig used for machine to process data w any sort of meaning u can give it, for concisneess

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19
Q

According to —— Dictionary, the term code means “a system of letter or figure with arbitrary meaning for brevity and for machine processing of information”. Thus, code is an —— mark.

A

concise oxford
identification

code is any letter/fig used for machine to process data w any sort of meaning u can give it, for concisneess

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20
Q

In —– Code, numbers and/or letters are assigned in consecutive
order. These codes are applied primarily to —— documents such as
cheques, invoices, etc. A sequential code can facilitate document
searches, ie either identification of missing codes
(numbers) relating to a particular document or a relevant document can be traced on the basis of code

A

Sequential- consecutive
source docs

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21
Q

digit coding utilizes the —- present (used)
in grouping of accounts. Major advantage of such coding is that if the
account codes are listed in ascending (i.e. increasing) order, these will
be automatically listed as per the desired hierarchy.

A

hierarchy

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22
Q

In a —– code, a range of numbers is partitioned into a desired number
of sub-ranges and each sub-range is allotted to a specific group. In
most of the uses of block codes, numbers within a sub-range follow
—– coding scheme, i.e. the numbers increase consecutively.

A

block- relates to ranges
sequential

23
Q

A — code consists of alphabets or abbreviations as symbols to
codify a piece of information

A

mnemonic

24
Q

coding struc also called —

A

scheme

25
Q

There are two basic activities in using software of CAS – One time activities
and recurring activites. One time activities include creation of Organisation details, accounting year, type of ledger (also called “——
—–s” ), etc. While reccuring activities include entry oftransactions and generation of —-.
The transactions are recorded on
the basis of Cash Vouchers, Bank Vouchers, Purchase Vouchers, Sales
Vouchers, Journal Vouchers, etc.
Reports include generation of Day books/journals,
Ledgers, Trial Balance, Statement of Profit and Loss, Position Statement
and Cash Flow Statem

A

craetion of master files/one time cativities
reports

26
Q

software provides the following:
— 3?

A
  • Password Security
  • Data Audit
  • Data Vault
27
Q

: —- is a mechanism, which enables a user
to access a system including data. The system facilitates defining the user rights according to —- policy. Consequently, a person
in an organisation may be given access to a particular set of a data
while he may be denied access to another set of data.

A

PASSWODR
org policy (it decides how passwords to be created)

28
Q

This feature enables one to know as to who and what
changes have been made in the original data thereby helping and fixing
the responsibility of the person who has manipulated the data and also
ensures data integrity. Basically, this feature is similar to —-

A

data audit
Audit Trail.
helps trace essentially

29
Q

Software provides additional security through data
encryption. concept called —

A

data vault
basically data is encoded in a safe or a vault

30
Q

———– essentially scrambles the information so as to make
its interpretation extremely difficult (almost impossible). Thus,
it ensures security of data even if it lands in wrong
hands, because the receiver of data will not be able to decode
and interpret it.

A

encyrption

31
Q

advantages of Computerised Accounting System (CAS):
1. Timely generation of reports and information in desired format.
2. Efficient record keeping.
3. Ensures effective control over the system.
. Economy in the processing of accounting data.
5. Confidentiality of data is maintained.

A

cheap, fast, secret,
ensures control and effiency

32
Q

limitation of CAS software:
1. Faster obsolescence of technology necessitates investment in — period of time.
2. Data may be lost or corrupted due to power interruptions.
3. Data are prone to hacking.
4. Un-programmed and un-specified reports cannot be generated.

A

shorter

33
Q

ais/accting info system has a substructure. how mahy?

A

12

34
Q

CASH AND BANK SUB-SYSTEM
It deals with the receipt and payment of cash both physical cash and
—-a—-. —a—- takes place without
having the physical entry or exit of cash by using the —- cards or
electronic banking

A

electronic fund transfer
credit cards or ebank

35
Q

— AND —— SUB-SYSTEM
It deals with recording of sales, maintaining of sales ledger and receivables. It generates periodic reports about sales, collections made, overdue accounts and receivables position as also ageing schedule of receivables/debtors.

A

sales and accts receivables

36
Q

INVENTORY SUB-SYSTEM
It deals with the recording of different items purchased (stock) and issued
specifying the price, quantity and date. It generates the —– report.

A

inventory
position and valuation report

37
Q

PURCHASE AND ACCOUNTS PAYABLE SUB-SYSTEM
It deals with the purchase and payments to —-. It provides for
ordering of goods, sorting of purchase expenses and payment to the
creditors. It also generates periodic reports about the performance of
suppliers, —- schedule and position of the creditors.

A

creditors
payment

38
Q

—— ACCOUNTING SUB-SYSTEM
It deals with payment of wages and salary to employees. A typical wage report details information about basic pay, dearness allowance, and other allowances and deductions from salary and wages on account of provident fund, taxes, loans, advances and other charges.
The system generates reports about wage bill, overtime payment and payment on
account of leave encashment, etc

A

PAYROLL - wages

basc anything t give to employees, vacations, holidays, pensions, payment for extra work blah blah

39
Q

—- ACCOUNTING SUB-SYSTEM
It deals with the recording of purchases, additions, deletions, usage of
fixed assets such as land and buildings, machinery and equipments,
etc. it also generates reports about the cost, depreciation, and book value of different assets.

A

FIXED ASSETS

40
Q

which acctig subsystem deals s=depreciaion?

A

dixed assets usb system

41
Q

EXPENSE ACCOUNTING SUB-SYSTEM
This sub-system records expenses under broad groups such as manufacturing, —–, financial, selling and — and
others.

A

administrative
selling & distributions

42
Q

TAX ACCOUNTING SUB-SYSTEM
This sub-system deals with compliance requirement —-, excise, customs and income tax.

A

value-added tax
(VAT)

43
Q

which This sub-system used in large
size organisation

A

tax accting sysbuytem

44
Q

FINAL ACCOUNTS SUB-SYSTEM
This subsystem deals with the preparation of Profit and Loss accounts,
Balance Sheet and ——— for reporting purposes.

A

cash flow statements

45
Q

—– SUB-SYSTEM
It deals with the ascertainment of cost of goods produced.
This system generates information about changes in the cost that takes place during the period under review

A

COSTING

46
Q

which accting sub It has linkages
with other accounting sub-systems for obtaining the necessary information about cost of material, labour, and other expenses.

A

costing subsystem`

47
Q

BUDGET SUB-SYSTEM
It deals with the preparation of budget for the coming financial year as
well as —– with the current budget of the actual performances

A

comparison

48
Q

Management Information System (MIS) deals with generation and —– of reports that are vital for management decision-making.
The Information system should be so flexible as to provide customised reports to support various managerial functions such as planning,
organising, staffing, oversight, control and decision-making including
—–, functional and —– nature.

A

processing of reports
operational. fucntional and strategic nature
(flexi so it give customised/personalised reports)

49
Q

what r internal controls designed to do?
(a) safeguard —- and optimise the use of resource

A

assets

50
Q

In Computerised Accounting System, accounting transactions are processed
using computer system. A computer system includes —- and software.

A

hardware

51
Q

Hardware includes ——, —–
(RAM), Monitor (Screen), Keyboard, Mouse, Hard Disk and CD/DVD for mass
storage of data and Printer, etc.

Software consists of set of —.
Software can either be a System Software (a part of Computer System) or an
—- Software.

A

Central Processing Unit (CPU),
Random Access Memory (ram)

instructions
Application

52
Q

CAS uses –a— Software. –a— Software
(such as —-) is an example of Application Software

A

Accounting
Tally

53
Q

Coding (for Account Head, Budget Head, Cost Centres, etc) is required in
CAS. Coding first requires development of its —–`. Coding Structure should be compatible with inherent structure of the element to be coded.
For example, Account Head coding requires a hierarchical structure to
progressively summarise the accounting information as per the requirements
of Balance Sheet and Profit and Loss Account.

A

structure

54
Q

Advantages of CAS include speed, efficiency, arithmetic —–, cost saving,
confidentiality of data

A

accuracy

accts (2 decks)

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