ACCOUNTING FRIEND
Wednesday, 30 April 2025
Tuesday, 29 April 2025
Monday, 28 April 2025
50 IMPORTANT QUESTIONS AND ANSWERS FROM ALL CHAPTERS OF COMPUETRISED ACCOUNTING
1. Which of the following is a feature of
Computerised Accounting System (CAS)?
A)
Complexity
B) Transparency
C) Slowness
D) Manual processing
Answer: B) Transparency
2. Which is NOT a component of CAS?
A)
Procedure
B) Hardware
C) Furniture
D) Software
Answer: C) Furniture
3. In accounting, grouping of accounts is based on:
A) Cost
B) Accounting Equation
C) Revenue
D) Stock
Answer: B) Accounting Equation
4. Codification using alphabets or abbreviations is
called:
A)
Sequential Code
B) Block Code
C) Mnemonic Code
D) Logical Code
Answer: C) Mnemonic Code
5. Which of the following ensures data security by
encrypting it?
A)
Password
B) Data Vault
C) Audit Trail
D) Firewall
Answer: B) Data Vault
6. Which is NOT a merit of CAS?
A) Saves
time and money
B) Confidentiality maintained
C) Risk-free
D) Transparency
Answer: C) Risk-free
7. Which sub-system deals with managing
receivables?
A) Cash
sub-system
B) Sales sub-system
C) Payroll sub-system
D) Purchase sub-system
Answer: B) Sales sub-system
8. Which software is a spreadsheet application?
A)
LibreOffice Writer
B) LibreOffice Calc
C) LibreOffice Impress
D) GNUKhata
Answer: B) LibreOffice Calc
9. The horizontal lines in a spreadsheet are:
A)
Columns
B) Rows
C) Cells
D) Grids
Answer: B) Rows
10. The intersection of a row and column is called:
A) Grid
B) Block
C) Cell
D) Matrix
Answer: C) Cell
11. A range in a spreadsheet is specified using:
A)
Semicolon (;)
B) Colon (:)
C) Comma (,)
D) Hyphen (-)
Answer: B) Colon (:)
12. Naming a range can be done from:
A) Edit
menu
B) Insert > Names > Define
C) Tools menu
D) Format menu
Answer: B) Insert > Names > Define
13. Which symbol is used for absolute cell
reference?
A) &
B) *
C) $
D) #
Answer: C) $
14. Which operator is used for multiplication in
spreadsheet formulas?
A) *
B) /
C) +
D) -
Answer: A) *
15. Which function gives the current system date?
A) NOW()
B) DATE()
C) TODAY()
D) TIME()
Answer: C) TODAY()
16. COUNT function counts:
A) Cells
with text
B) Empty cells
C) Cells with numbers
D) All cells
Answer: C) Cells with numbers
17. To count all non-empty cells, we use:
A) COUNT
B) COUNTA
C) COUNTBLANK
D) COUNTIF
Answer: B) COUNTA
18. Which function checks multiple conditions?
A) OR
B) IF
C) AND
D) SUM
Answer: C) AND
19. What is the syntax of the SUM function?
A)
=SUM(Number1,Number2,...)
B) SUM= (Number1,Number2,...)
C) =ADD(Number1,Number2,...)
D) SUM(Number1,Number2,...)
Answer: A) =SUM(Number1,Number2,...)
20. Which function rounds a number upward?
A) ROUND
B) ROUNDDOWN
C) ROUNDUP
D) SUM
Answer: C) ROUNDUP
21. Which function combines text from different
cells?
A) TEXT
B) CONCATENATE
C) LOOKUP
D) SUMIF
Answer: B) CONCATENATE
22. VLOOKUP stands for:
A)
Vertical Lookup
B) Variable Lookup
C) Virtual Lookup
D) Valid Lookup
Answer: A) Vertical Lookup
23. Which function calculates accrued interest?
A)
ACCRINT
B) PMT
C) RATE
D) NPV
Answer: A) ACCRINT
24. Which function is used to calculate monthly
instalments?
A) PV
B) PMT
C) NPV
D) FV
Answer: B) PMT
25. NPV stands for:
A) Net
Price Value
B) Net Present Value
C) New Present Value
D) Next Price Value
Answer: B) Net Present Value
26. Which feature restricts invalid data entry?
A)
Conditional Formatting
B) Data Validation
C) Data Audit
D) Password
Answer: B) Data Validation
27. Which feature highlights data based on specific
conditions?
A) Data
Entry
B) Data Validation
C) Conditional Formatting
D) Pivot Table
Answer: C) Conditional Formatting
28. Which is NOT a type of Data Table?
A) One
Variable
B) Two Variable
C) Three Variable
D) None of these
Answer: C) Three Variable
29. Pivot table is used for:
A) Text
editing
B) Analyzing data
C) Drawing charts
D) Creating databases
Answer: B) Analyzing data
30. Which error occurs when a number is divided by
zero?
A) #NAME?
B) #REF!
C) #DIV/0!
D) #VALUE!
Answer: C) #DIV/0!
31. Gross Pay formula is:
A)
Earnings – Deductions
B) BP + DA + HRA + TA + Other Allowances
C) Only Basic Pay
D) None
Answer: B) BP + DA + HRA + TA + Other Allowances
32. SLN function is used to calculate:
A)
Interest
B) Depreciation (Straight Line Method)
C) Profit
D) Net Pay
Answer: B) Depreciation (Straight Line Method)
33. DB function is related to:
A)
Straight Line Method
B) Reducing Balance Method
C) Summation
D) Addition
Answer: B) Reducing Balance Method
34. Loan repayment schedules are prepared using:
A) SUMIF
B) PMT
C) VLOOKUP
D) ROUNDUP
Answer: B) PMT
35. Pie charts are useful to show:
A) Trends
B) Comparisons
C) Percentages
D) Time Series
Answer: C) Percentages
36. GNUKhata is developed by:
A)
Microsoft
B) Digital Freedom Foundation
C) Google
D) Libre Foundation
Answer: B) Digital Freedom Foundation
37. GNUKhata is based on:
A) Single
entry
B) Double entry
C) Triple entry
D) None
Answer: B) Double entry
38. Which group does NOT relate to Balance Sheet?
A) Fixed
Assets
B) Investments
C) Current Liability
D) Indirect Expenses
Answer: D) Indirect Expenses
39. Opening stock is entered using:
A) Sales
voucher
B) Purchase voucher
C) Journal voucher
D) Receipt voucher
Answer: C) Journal voucher
40. Which shortcut is used for Receipts voucher in
GNUKhata?
A) F5
B) F4
C) F6
D) F7
Answer: B) F4
41. In GNUKhata, which menu option is used for
Ledger Creation?
A)
Voucher
B) Report
C) Master
D) Administration
Answer: C) Master
42. To prepare Bank Reconciliation Statement, the
option is:
A)
Voucher
B) Report
C) Master
D) Administration
Answer: C) Master
43. Reports in GNUKhata include:
A)
Invoice
B) Ledger, Trial Balance
C) Receipts
D) Payments
Answer: B) Ledger, Trial Balance
44. Database is an:
A)
Unorganised collection of data
B) Organised collection of data
C) Random storage
D) Manual entry
Answer: B) Organised collection of data
45. Relational database stores data in:
A) Single
table
B) Multiple tables
C) Rows only
D) Columns only
Answer: B) Multiple tables
46. Which field uniquely identifies a record?
A) Entity
B) Attribute
C) Primary Key
D) Form
Answer: C) Primary Key
47. Which is NOT a field type?
A) Number
B) Text
C) Chart
D) Date/Time
Answer: C) Chart
48. Query in LibreOffice Base is used for:
A)
Storing Data
B) Manipulating Data
C) Drawing Charts
D) Inserting Graphs
Answer: B) Manipulating Data
49. Forms in LibreOffice Base are mainly used for:
A) Input,
Retrieve, Update Data
B) Analyzing Data
C) Graphical Representation
D) Mathematical Calculation
Answer: A) Input, Retrieve, Update Data
50. Which report type changes over time?
A) Static
report
B) Dynamic report
C) Manual report
D) Automatic report
Answer: B) Dynamic report
Thursday, 24 April 2025
Receipt and Payment Account (at the time of Dissolution)
Receipt and Payment Account (at the time of
Dissolution)
At the time of
partnership dissolution, a Receipt and Payment Account is used to record all
cash transactions related to the dissolution process. It follows the same
format as a regular Receipt and Payment Account, with receipts on the
debit side and payments on the credit side, starting with the opening balance
of cash and ending with the closing balance.
Here's a more
detailed breakdown:
Structure:
·
Debit Side (Receipts):
Records
all cash inflows, including:
·
Money received from the sale of assets.
·
Cash collected from debtors.
·
Any other cash receipts related to the dissolution
process.
·
Credit Side (Payments):
Records
all cash outflows, including:
·
Payments made to creditors.
·
Settlement of liabilities.
·
Any other cash payments related to the dissolution
process.
·
Opening Balance:
The
account begins with the opening balance of cash on hand and at the bank.
·
Closing Balance:
The account ends with the final cash balance after
all transactions have been recorded.
Key Considerations
during Dissolution:
·
Realisation Account:
The
Realisation Account is used to record the transactions related to the sale of
assets and the settlement of liabilities. The balance of this account
(profit or loss) is then transferred to the partners' capital accounts.
·
Cash Flow Focus:
The
Receipt and Payment Account focuses solely on cash transactions, not on
accrual-based income or expenses.
·
Final Settlement:
The
final step is to distribute the remaining cash to the partners based on their
capital account balances.
·
Partner's Capital Accounts:
The Realisation profit/loss, and any other
adjustments related to dissolution, will be transferred to the partners'
capital accounts. The final settlement with partners is recorded in their
capital accounts.
Receipt and Payment Account (at the time of
Dissolution)
For the
period ending on [Date]
|
Receipts (Dr.) |
Amount (₹) |
Payments (Cr.) |
Amount (₹) |
|
To
Balance b/d
(Opening Cash/Bank) |
XXXX |
By
Creditors Paid |
XXXX |
|
To
Debtors Realised |
XXXX |
By
Liabilities Settled |
XXXX |
|
To Sale
of Fixed Assets |
XXXX |
By
Realisation Expenses |
XXXX |
|
To
Investments Realised (if any) |
XXXX |
By Bank
Overdraft Repaid (if
any) |
XXXX |
|
To
Other Receipts (e.g.,
Interest) |
XXXX |
By
Partner's Loans Repaid (if any) |
XXXX |
|
By
Final Settlement to Partners: |
|||
|
–
Partner A |
XXXX |
||
|
–
Partner B |
XXXX |
||
|
– (Add
more if applicable) |
XXXX |
||
|
By
Balance c/d
(Closing Cash/Bank) |
XXXX |
||
|
Total |
XXXXX |
Total |
XXXXX |