WorksheetsERP & Business Acumen
Total questions: 30
Worksheet time: 15mins
Please find the applications of Tally
Financial Accounting
Financial Management
Inventory Management
Payroll
All the above
Suresh Enterprises sells goods on credit to his customers for an amount upto 5,00,000. This amount is called as
Credit Limit
Budget
Cost Centre
Interest
What is meant by accounts receivable?
Money owed to a company by its debtors
Money owed by a company to its creditors
Money owed to a company by its employees
Money owed by a company to its vendors
Under the accrual basis of accounting, revenues are reported in the accounting period when the:
Cash is Received
Service or Goods Have Been Delivered
End of the Month Has Arrived
Customer Pays
Which of the following is a financial mistake?
Getting a large tax refund without proper documentation
Using a budget to track where your money goes
Paying the full amount on your monthly credit card bill
Save money 1st, then spend the remaining on your needs/wants
"A business's records should never be mixed with an owner's personal records and reports". Which accounting concept is this?
Adequate disclosure
Business entity
Objective Evidence
Disclosure
Mr Amith Agarwal wants to bring a well known shoe shining company to Odisha. What type of business ownership would this be?
Franchise
Non-profit
Partnership
Manufacturing
Select items that attract GST
Milk
Soft drink
Biscuits
Tea
Cheese
Composition scheme is available only for
Inter state supplies
B2B supplies
Intra-state supplies
E-commerce operators
GST is a consumption of goods and service tax based on
Development
Dividend
Destiny
Destination
GST rates applicable on goods and services are:
0% 5% 12% 18% 26%
0% 6% 12% 18% 28%
0% 5% 12% 18% 28%
0% 5% 12% 16% 28%
Taxes that are levied on any Intra-State purchase are?
IGST
SGST
SGST/CGST
UTGST
What do you mean by Cascading Effect?
Tax on Tax
Multiple Tax
Goods and Services Tax
Input Tax Credit
What is time of supply in GST?
Date when the supplier receives the payment or the date of invoice whichever is earlier.
Date on which dealer enter the payment in their book
Date on which the payment is credited to their account
Date of Invoice
Which of the following tax is not subsumed in GST ?
Stamp Duty
Entertainment Tax
VAT
Entry Tax
ERP stands for (a)
ERP system decreases flexibility of an organization.
True
False
Functional units of ERP are_______(two correct options)
HR Module
Marketing Module
HF Module
Processing Module
Which of the following business functions would use Enterprise Resource Planning?
Hiring new staff
Legal strategies
Customer relationship management
Market entry strategies
Which of the following describes an ERP system?
ERP systems provide a foundation for collaboration between departments
ERP systems enable people in different business areas to communicate
ERP systems have been widely adopted in large organisations to store critical knowledge used to make the decisions that drive the organisation's performance
All of the above
Accounting and Finance is responsible for tasks related to:
Recruits, hires, trains, and compensates employees, ensures compliance with government regulations, and oversees the evaluation of employees
Provide summaries of operational data in managerial reports, controlling accounts, planning and budgeting, and cash-flow management
Sets product prices, promotes products through advertising and marketing, takes customer orders, supports customers, and creates sales forecasts
Develops production plans, orders raw materials from suppliers, receives raw material, manufactures products, maintains facilities, and ships products to customers
What is at the heart of any ERP system?
Information
Customers
Employees
Database
Material Requirement Planning(MRP) utilizes software applications for scheduling _________.
Sales Management.
Production Processes.
Marketing Techniques
Human Resource Management.
