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SSC CGL Exam  >  SSC CGL Tests  >  SSC CGL Tier 2 - Study Material, Online Tests, Previous Year  >  Test: Applications of Computer in Accounting- Case Based Type Questions - SSC CGL MCQ

Test: Applications of Computer in Accounting- Case Based Type Questions - SSC CGL MCQ


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10 Questions MCQ Test SSC CGL Tier 2 - Study Material, Online Tests, Previous Year - Test: Applications of Computer in Accounting- Case Based Type Questions

Test: Applications of Computer in Accounting- Case Based Type Questions for SSC CGL 2024 is part of SSC CGL Tier 2 - Study Material, Online Tests, Previous Year preparation. The Test: Applications of Computer in Accounting- Case Based Type Questions questions and answers have been prepared according to the SSC CGL exam syllabus.The Test: Applications of Computer in Accounting- Case Based Type Questions MCQs are made for SSC CGL 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Applications of Computer in Accounting- Case Based Type Questions below.
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Test: Applications of Computer in Accounting- Case Based Type Questions - Question 1
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Read the following hypothetical case study and answer the question that follows:

Mr. Nahin Ahmed keeps his book on Single Entry. From the following information given by him, ascertain his profit or loss for the year ending 31st March 2019 and prepare the final statement affairs.

His position on 1st April 2018 were as follows: Plant and Machinery ₹30,000; Stock ₹5,000; Cash in hand ₹100; Debtors ₹17,000; Loan from Mr. Bishal Podiyal ₹1,000 at 4% p.a. interest; Bank Overdraft ₹1,100 and Creditors ₹12,120.

On 31st March 2019, he owed his creditors ₹9,170 and had paid Mr. Bishal ₹500 in lieu of his loan on 1st October 2018 and paid no interest. He had bought additional Plant and Machinery @ ₹13,000. Debtors were ₹23,000 out of which ₹900 would not be able to connect. The Cash and Bank Balance was ₹4,100. Stock at the end was valued at ₹4,500.

Mr. Ahmed withdrew ₹8,300 for domestic purposes. He introduced a further capital of ₹10,000 during this year.

Q. The total amount of Plant and Machinery to be put in the Final Statement of Affairs is _________.

Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 1
The total amount of Plant and Machinery to be put in the Final Statement of Affairs is ₹43,000
Test: Applications of Computer in Accounting- Case Based Type Questions - Question 2
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Read the following hypothetical case study and answer the question that follows:

Mr. Nahin Ahmed keeps his book on Single Entry. From the following information given by him, ascertain his profit or loss for the year ending 31st March 2019 and prepare the final statement affairs.

His position on 1st April 2018 were as follows: Plant and Machinery ₹30,000; Stock ₹5,000; Cash in hand ₹100; Debtors ₹17,000; Loan from Mr. Bishal Podiyal ₹1,000 at 4% p.a. interest; Bank Overdraft ₹1,100 and Creditors ₹12,120.

On 31st March 2019, he owed his creditors ₹9,170 and had paid Mr. Bishal ₹500 in lieu of his loan on 1st October 2018 and paid no interest. He had bought additional Plant and Machinery @ ₹13,000. Debtors were ₹23,000 out of which ₹900 would not be able to connect. The Cash and Bank Balance was ₹4,100. Stock at the end was valued at ₹4,500.

Mr. Ahmed withdrew ₹8,300 for domestic purposes. He introduced a further capital of ₹10,000 during this year.

Q. How will the amount of capital at the beginning be ascertained by Mr. Nahin Ahmed?

Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 2
The amount of capital at the beginning be ascertained by Mr. Nahin Ahmed by preparing the Statement of Affairs as on 1st April 2018.

A Statement of Affairs provides a detailed summary of a company's assets and liabilities and is a key part of the insolvency process. It provides a clear audit trail of the status of business assets, and how much would be available to creditors once assets have been sold.

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Test: Applications of Computer in Accounting- Case Based Type Questions - Question 3
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Study the following hypothetical case study and answer the given questions: Rohit, the accountant of M/s Ravi Kanth Emporium who keep their books by Single Entry System, has accumulated the following information:

He also knows the following information that has been in the company:

(i) A provision of ₹1,450 is required for bad and doubtful debts.

(ii) Depreciation @5% is to be written off on Building and Furniture.

(iii) Wages outstanding ₹3,000; salaries outstanding ₹1,200.

(iv) Insurance has been prepaid to the extent of ₹250

(v) Legal Expenses outstanding ₹700 (f) Drawings of ₹7,520 were made.

Q. The amount of Profit after adjustment that needs to be added to the capital shown in the final statement of affairs is _____________.

Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 3
The amount of Profit after adjustment that needs to be added to the capital shown in the final statement of affairs is ₹6,980.
Test: Applications of Computer in Accounting- Case Based Type Questions - Question 4
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Study the following hypothetical case study and answer the given questions: Rohit, the accountant of M/s Ravi Kanth Emporium who keep their books by Single Entry System, has accumulated the following information:

He also knows the following information that has been in the company:

(i) A provision of ₹1,450 is required for bad and doubtful debts.

(ii) Depreciation @5% is to be written off on Building and Furniture.

(iii) Wages outstanding ₹3,000; salaries outstanding ₹1,200.

(iv) Insurance has been prepaid to the extent of ₹250

(v) Legal Expenses outstanding ₹700 (f) Drawings of ₹7,520 were made.

Q. What will be the treatment of outstanding wages and salaries?
Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 4
If outstanding wages are mentioned in the trial balance, they will be shown at the liabilities side only of the Balance Sheet (accounts appearing in the trial balance are shown only at one place in the final accounts).
Test: Applications of Computer in Accounting- Case Based Type Questions - Question 5
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Consider the following statements with regard to the objectives of Accounting Reports:

(i) The objective needs to be defined clearly specifying the user type.

(ii) The report can be incomplete and of rigid style.

(iii) It should provide the relevant information to manipulate the database.

(iv) Its needs have analysed the ending and suggestions.

Q. Identify the correct statement/statements:
Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 5
The objective of financial reporting is to track, analyse and report your business income. The purpose of these reports is to examine resource usage, cash flow, business performance and the financial health of the business. This helps you and your investors make informed decisions about how to manage the business.
Test: Applications of Computer in Accounting- Case Based Type Questions - Question 6
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Pick the odd one out:
Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 6

  • Database Management System: A database management system (DBMS) is a software package designed to define, manipulate, retrieve and manage data in a database.

  • Transaction Support System: Transaction processing systems provide an execution environment that ensures the integrity, availability, and security of data.

  • Accounting Information System: An accounting information system (AIS) is a structure that a business uses to collect, store, manage, process, retrieve, and report its financial data so it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators, and tax agencies.

  • Manual Accounting System: A manual accounting system is a bookkeeping system for recording business activity transactions, where financial records are kept without using a computer system with specialized accounting software.

Test: Applications of Computer in Accounting- Case Based Type Questions - Question 7
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Pick the odd one out:
Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 7

  • Mouse: The mouse is a small, movable device that lets you control a range of things on a computer.

  • Keyboard: A keyboard is a peripheral device that enables a user to input text into a computer or any other electronic machinery.

  • Joystick: A joystick is an input device consisting of a stick that pivots on a base and reports its angle or direction to the device it is controlling.

  • Monitor: A computer monitor is an output device that displays information in pictorial form.

Test: Applications of Computer in Accounting- Case Based Type Questions - Question 8
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Consider the following statements with respect to the features of Accounting Information System:

(i) The accounting and financial transactions are handled and manipulated.

(ii) It generates reports for the Outsiders and Internal Reports.

(iii) Futuristic data can be produced in the form of Budget forecasts.

Q. Identify the correct statement/statements:
Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 8
At a minimum, a modern accounting system should automate and streamline core financial management functions such as: Accounts receivable (order to cash) Accounts payable (procure to payment) Financial close.
Test: Applications of Computer in Accounting- Case Based Type Questions - Question 9
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Which of the following is the purpose of the Accounting Information System?
Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 9
Inventory control is the processes employed to maximize a company's use of inventory. The goal of inventory control is to generate the maximum profit from the least amount of inventory investment without intruding upon customer satisfaction levels.
Test: Applications of Computer in Accounting- Case Based Type Questions - Question 10
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Examples of Transaction Processing System are:
Detailed Solution for Test: Applications of Computer in Accounting- Case Based Type Questions - Question 10
Transaction processing systems consist of computer hardware and software hosting a transaction-oriented application that performs the routine transactions necessary to conduct business. Examples include systems that manage sales order entry, airline reservations, payroll, employee records, manufacturing, and shipping.
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