COMPUTERIZED ACCOUNTING

What is Accounting Software used for?

• To record accounting transactions

• To create financial reports

• To manage inventory

• To calculate taxes

What does a Computerized Accounting System process?

• Financial transactions as per GAAP

• Inventory management

• Customer relationship management

• Payroll processing

What is the role of a database in Computerized Accounting Systems?

• To store transaction data

• To generate reports

• To manage user access

• To calculate financial ratios

What is an Automated accounting system?

• An approach to maintain up-to-date accounting records

• A manual method of accounting

• A system for payroll management

• A tool for tax calculation

What are the different types of Output Reports generated by Accounting Software?

• Profit & Loss A/c, Balance Sheet, Day Book

• Sales Reports, Purchase Reports

• Inventory Reports, Tax Reports

• Cash Flow Reports, Budget Reports

What fields are required in the Company Creation screen?

• Company Name, Address, Email, Mobile

• Company Name, Tax ID, Address

• Company Name, Phone Number, Website

• Company Name, Address, Owner Name

What is a voucher in accounting?

• A pre-numbered accounting document for recording transactions

• A type of financial report

• A method for calculating taxes

• A ledger account

What is GST?

• Goods and Service Tax

• General Sales Tax

• Gross Sales Tax

• Government Service Tax

What does GSTIN stand for?

• Goods and Services Tax Identification Number

• General Sales Tax Identification Number

• Goods and Services Tax Information Number

• Government Sales Tax Identification Number

What is the structure of GSTIN?

• State Code, PAN, Entity number, Z, Check sum digit

• State Code, Tax ID, Entity number

• State Code, Company Name, Check sum digit

• State Code, Registration Number, Entity number