Practical Accounting Data Processing AIN2601

1. The International Financial Reporting Standards (IFRS) require financial statements to be a(n) , reliable, relevant and comparable report. 1) secure 2) verifiable 3) economical 4) understandable 2. Bank reconciliation can identify cash book transaction processing errors, and even mistakes by the bank. 1) fraud and risk 2) fraud and theft 3) fraud and errors 4) fraud and corruption 3. A transaction processing system collects an organisation’s daily business transaction processes them into information. 1) simple 2) relevant 3) valuable 4) complete 4. Which one of the following is NOT a disadvantage of XBRL.. 1) Security 2) Data analysis 3) Unauthorised access 4) Inexperienced users 5. Human resource management (HRM) systems, is a specialised information system used for the management of personnel and the recording of their activities. Which of the following is NOT regarded as one of the functions in HRM? 1) Reports and reviews 2) Absence management 3) Performance management 4) Maintaining personal information 6. A financial MIS integrates financial and operational information from various sources into one system. Which of the following is NOT regarded as one of the examples of uses of financial MIS report? 1) Payment summaries. 2) Warehouse management. 3) Summaries of cash-flow information. 4) Reporting on exceptions and deviations. 7. Which of the following database files will be accesses, updated or modified in the revenue and receipts cycle? 1) Customer master files 2) General ledger accounts details 3) Credit note analysis files reports 4) Delivery note transaction file reports 8. Payroll is one of the most important processes from an employee’s perspective, because it ensures that he or she is paid every month. Which one of the following is NOT regarded as a functionality of most of the payroll software? 1) The calculation of annual financial statements. 2) The creation of statutory returns for tax, SDL, UIF and so on. 3) Managing different types of contributions such as medical aid. 4) The management of different deduction types .......................................CONTINUED...............................