Question : Statement 1: For efficient analysis and interpretation, the financial accounting data is categorised and codified. Statement 2: The accounts are categorised according to their nature.
Option 1: Both the statements are true
Option 2: Both the statements are false
Option 3: Statement 1 is true and statement 2 is false
Option 4: Statement 1 is false and statement 2 is true
Correct Answer: Both the statements are true
Solution : For efficient analysis and interpretation, the financial accounting data is categorised and codified. The accounts are categorised according to their nature. The codification accounts make account identification simple. Hence, the correct option is 1.
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 : What is/are the applications of computerised accounting systems?
Question : Assertion A: - For inter-firm comparison, it is necessary that accounting practices followed by the firms do not vary significantly. As there may be variations in accounting practices followed by different firms, a meaningful comparison of their financial statements is not
Question : Choose which of the following statements is not true.
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