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WorksheetsCOMPUTERIZED ACCOUNTING
Total questions: 20
Worksheet time: 20mins
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
What are the three types of GST?
CGST, SGST, IGST
VAT, Sales Tax, Service Tax
Income Tax, Corporate Tax, GST
Excise Duty, Custom Duty, GST
What is the proposed GST tax structure?
4-tier tax structure - 5%, 12%, 18%, 28%
3-tier tax structure - 10%, 15%, 20%
5-tier tax structure - 0%, 5%, 10%, 15%, 20%
Single tax rate for all goods and services
What is Input Tax in GST?
GST on Inward supply of goods and services
GST on Outward supply of goods and services
GST collected by the government
GST paid on imports
What is Output Tax in GST?
GST on Outward supply of goods and services
GST on Inward supply of goods and services
GST collected from customers
GST paid to suppliers
What is the primary purpose of GST?
To promote exports
To regulate prices
To increase government revenue
To simplify the tax structure
What is the significance of the GST return?
To report sales and purchases
To claim Input Tax Credit
To calculate Output Tax
All of the above
What is the difference between CGST and SGST?
CGST is collected by the central government, SGST by the state government
CGST applies to goods, SGST applies to services
CGST is for interstate sales, SGST is for intrastate sales
There is no difference; they are the same
What is the main benefit of using a computerized accounting system?
Increased accuracy in financial reporting
Reduced need for financial audits
Lower operational costs
Faster tax filing
What is the purpose of Input Tax Credit in GST?
To promote exports
To increase government revenue
To reduce the tax liability on purchases
To simplify tax compliance
What is the significance of maintaining accurate accounting records?
To ensure compliance with tax regulations
To facilitate better business decision-making
To provide transparency to stakeholders
All of the above
