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Q:

Which are the main MIS Reports of an accounts department & what the format of preparing the MIS ? 

Answer:



Q:

Accrual accounting is used because

A) it provides a better indication of ability to generate cash flows than the cash basis. B) it recognizes revenues when cash is received and expenses when cash is paid.
C) cash flows are considered less important. D) All of the above
 
Answer & Explanation Answer: A) it provides a better indication of ability to generate cash flows than the cash basis.

Explanation:
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Q:

A Credit may signify a

A) Increase in the liability account B) Decrease in an asset account
C) Increase in the capital stock account D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

A credit may signify a decrease in an asset account or an increase in a liability or capital stock account. 

 

A debit may signify an increase in an asset account.

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Q:

A distinguishing feature of managerial accounting is

A) general-purpose reports B) very detailed reports
C) quarterly and annual reports D) external users
 
Answer & Explanation Answer: B) very detailed reports

Explanation:

Managerial accounting is the process of identifying, measuring, analyzing, interpreting and communicating information for the pursuit of an organization's goals. This branch of accounting is also known as cost accounting.

 

Hence, the distinguishing feature of managerial accounting is very detailed reports.

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0 305
Q:

Which is the most accurate statement about trade?

A) Trade makes some nations better off and others worse off B) Trading for a good can make a nation better off only if the nation cannot produce that good itself
C) Trade helps rich nations and hurts poor nations D) Trade can make every nation better off
 
Answer & Explanation Answer: D) Trade can make every nation better off

Explanation:
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0 547
Q:

Which of these investments may pay dividends?

A) Savings account B) Stocks
C) Bonds D) Certificates of deposit
 
Answer & Explanation Answer: B) Stocks

Explanation:

Stock investment may pay the dividends.

The amount of dividend will be depended on how many stocks you own and how much is that's company net income in that year

For example :

If you own 15 % of the company, and the company announced that they will pay Rs. 1,00,000 as dividend this year, you will get dividend payment of Rs. 15,000.

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Q:

Internal controls are concerned with

A) the extent of government regulations B) preparing income tax returns
C) safeguarding assets D) only manual systems of accounting
 
Answer & Explanation Answer: C) safeguarding assets

Explanation:

Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.

 

Internal control is all of the policies and procedures management uses to achieve the following goals.

  • Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud.

 

  • Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations.

 

  • Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business.

 

  • Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.

 

  • Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives.

 

Hence, Internal controls are concerned with safeguarding assets.

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1 840
Q:

The first step in solving an Ethical Dilemma is to

A) identify the alternatives B) identify an etical situation and ethical issues involved
C) weigh the impact of each alternative on various stakeholders. D) recognize and analyze the principal elements in the situation.
 
Answer & Explanation Answer: B) identify an etical situation and ethical issues involved

Explanation:
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7 801
Q:

Securities and Exchange Board of India (SEBI) is related to

A) Government of India B) Banks
C) State Government D) Share Market
 
Answer & Explanation Answer: D) Share Market

Explanation:
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Filed Under: Accounts Payable - Accounting and Finance
Exam Prep: Bank Exams , CAT
Job Role: Bank PO

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