Processed data is only useful to user if it is
Complex
Quantitative
Relevant
Qualitative
Correct answer is C
First thing to be considered when gathering data is the relevant and usefulness of the data or information before considering the qualitative aspect and other things
Relevant : even if the information of data is not processed, if the processed data is relevant, it will be useful to the user
What is the main purpose of transaction file?
To record assets and liabilities
To update income and expenses
To update master files
To make organization decision
Correct answer is C
The main purpose of organization file is to update the master file of the organization
Original entry
Contra entry
Prime entry
Contract entry
Correct answer is B
Contra entry is used to offset amount or same transaction against another on both side of the cashbook.
Which of these is the subsidiary book for return inwards?
Sales day book
Sales return journal
Purchases day journal
Cash book
Correct answer is B
Sales return journal otherwise called return inward book is meant for recording of all good returned by customer
In the period of rising prices, which method of stock valuation is most appropriate?
Last in First Out
Weighted average
First in First Out
Simple average
Correct answer is A
Last in first out:when price rise it results to lower bet income because the leftover inventory might be extremely old and perhaps obsolete