What transaction involve a situation where payment is made in the future?
· N Trade discount transaction
· Credit transaction
· Debit transaction
· Cash discount transaction
What type of accounting system refers to the keeping of accounting record through the use of electronic device of relevant posting in the books of accounting?
· Electrical bookkeeping
· Manual accounting system
· Mechanical accounting system
· Elecrical accounting system
Recording of accounting data in a computerised accounting system is done from _____ to the computer system.
· source dcuments
· input system
· keyboard
· CPU
One of these is NOT an advantage of computerised accounting system.
· accounting data is safe aand secured
· the risk of loss of data is reduced
· it helps in duplication of same records
· iIt is efficient way of keeping information
What type of accounting information explains that source of information must be verifiable and a source must corroborate the other?
· Relevance
· Comparability
· Relevance…ans is actually reliability
· Objectivity
Qualities of good accounting information ar except______.
· comparability
· timiliness
· objectivity
· durable
Which book is recorded cash received and cash paid. This is written up rom receipts or vouchers where employees are reimbursed.
· Petty cash book
· Receipts
· Cash book
· Cheques
The need for accounting information is important because it does the following.
· It is useful for decision making
· it is useful for election peparation
· It provides management with useful data
· It forms the basis for reporting on the activities of an enterprise.
What type of accounting system refers to the keeping of accounting record by hand written of relevant posting in the books of accounting?
· Electrical bookkeeping
· Manual accounting system
· Mechanical accounting system
· Elecrical accounting system
Recording of accounting data in a computerised accounting system is done from prime books to the computer system through _____ and other devices.
· monitor
· CPU
· souce documents
· keyboard
