1-Accounting software is related to which system of accounting? a. Manual Individual customer records b. Manual system of accounting c. Computerized accounting d. Any system of accounting 2-A Creditor of the business uses the financial statement for a. Day to day decision making related to the business b. Making the decisions to buy or sell the shares c. Evaluating the risks of granting credit or lending money d. Verifying whether the company complies with tax laws 3-For every debit there will be an equal credit according to a. Dual aspect concept b. Matching concept c. Money measurement concept d. Cost concept 4-Mr. Asif is an accountant. Purchase of Merchandise on credit for OMR 75000 was entered in Furniture Account for OMR 75000 but he posted Accounts payable entry is correct. Which of the following rectification entry is correct? a. Debit Accounts payable RO 75000 Credit Furniture RO 75000 b. Debit Purchase RO 75000 Credit Accounts payable account RO 75000 c. Debit Purchase RO 75000 Credit Cash RO 75000 d. Debit Purchase RO 75000 Credit Furniture RO 75000 5-Electronic files will be used in which of the following accounting system? a. Computerized Accounting system b. It will not be used in any of the accounting system c. Manual Accounting system d. Both Computer and Manual Accounting system

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1-Accounting software is related to which system of accounting?

Manual Individual customer records

Manual system of accounting

Computerized accounting

Any system of accounting

2-A Creditor of the business uses the financial statement for

Day to day decision making related to the business

Making the decisions to buy or sell the shares

Evaluating the risks of granting credit or lending money

Verifying whether the company complies with tax laws

3-For every debit there will be an equal credit according to

Dual aspect concept

Matching concept

Money measurement concept

Cost concept

4-Mr. Asif is an accountant. Purchase of Merchandise on credit for OMR 75000 was entered in Furniture Account for OMR 75000 but he posted Accounts payable entry is correct. Which of the following rectification entry is correct?

Debit Accounts payable RO 75000 Credit Furniture RO 75000

Debit Purchase RO 75000 Credit Accounts payable account RO 75000

Debit Purchase RO 75000 Credit Cash RO 75000

Debit Purchase RO 75000 Credit Furniture RO 75000

5-Electronic files will be used in which of the following accounting system?

Computerized Accounting system

It will not be used in any of the accounting system

Manual Accounting system

Both Computer and Manual Accounting system

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