Question : An accounting information system processes the financial transactions and events based on -
Option 1: Governing Principles
Option 2: Management Principles
Option 3: Accepted Principles
Option 4: Generally Accepted Accounting Principles
Correct Answer: Generally Accepted Accounting Principles
Solution : In order to provide reports that meet user needs, computerised accounting systems handle financial transactions and events in accordance with generally accepted accounting principles (GAAP).
Hence the correct answer is option 4.
Question : Modern computerised accounting system is based on the concept of database which is implemented using -
Question : Under computerized system of accounting, MIS stands for
Question : Statement 1: In management accounting, data from cost accounting and financial accounting are both used. Statement 2: Therefore, a suitable system is required to combine cost accounts and financial accounts.
Question : Statement 1: By integrating and automating all business processes, computerised accounting system benefits all firms. Statement 2: These tasks could include production, inventory management, sales, and financing.
Question : The principles of management are:
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