Question : The principles of management are:
Option 1: Fixed and unchangeable
Option 2: Universal and flexible
Option 3: Specific to each organization
Option 4: Derived from accounting principles
Correct Answer: Universal and flexible
Solution : The correct answer is (b) Universal and flexible
The principles of management are considered universal in the sense that they are applicable to various organizations and industries. While the specific application of management principles may vary based on the context and organizational needs, the fundamental principles remain relevant across different settings. These principles provide a framework and guidelines for effective management practices, such as planning, organizing, leading, and controlling.
Furthermore, the principles of management are also flexible, meaning they can be adapted and customized to suit the unique requirements and challenges of each organization. Managers can apply and modify these principles based on the specific circumstances, goals, and resources of their organization.
Question : An accounting information system processes the financial transactions and events based on -
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 : Modern computerised accounting system is based on the concept of database which is implemented using -
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 : Under computerized system of accounting, MIS stands for
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