Sage Computerised Accounting - Qp2

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| By Jackson Matthews
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Jackson Matthews
Community Contributor
Quizzes Created: 588 | Total Attempts: 688,357
Questions: 8 | Attempts: 294

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Sage Computerised Accounting - Qp2 - Quiz

Questions and Answers
  • 1. 

    The purpose of using computerised accounting is to save time, increase accuracy and enhance security.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Computerised accounting is a system that uses software and technology to automate and streamline accounting processes. By using computerised accounting, businesses can save time by automating tasks that would otherwise be done manually, such as data entry and calculations. Additionally, computerised accounting systems are designed to be accurate and minimize errors, reducing the risk of mistakes in financial records. Furthermore, these systems often have built-in security measures to protect sensitive financial information, enhancing security. Therefore, the statement that the purpose of using computerised accounting is to save time, increase accuracy, and enhance security is true.

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  • 2. 

    If you have produced the financial statements based on inaccurate information, you have therefore produced a false view of the business. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    If the financial statements are prepared using inaccurate information, it means that the numbers and figures presented in the statements do not reflect the true financial position of the business. This can lead to a false view of the business as it may appear healthier or more profitable than it actually is. Inaccurate financial statements can mislead investors, creditors, and other stakeholders who rely on these statements to make decisions. Therefore, the statement "If you have produced the financial statements based on inaccurate information, you have therefore produced a false view of the business" is true.

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  • 3. 

    Limitations and risks of the computerised accounting includes:  (Select three)

    • A.

      You need to buy the software

    • B.

      Training required

    • C.

      Speed

    • D.

      Threat of viruses

    Correct Answer(s)
    A. You need to buy the software
    B. Training required
    D. Threat of viruses
    Explanation
    The limitations and risks of computerized accounting include the need to purchase the software, as it can be costly and may require additional expenses. Training is also necessary to ensure that users are proficient in using the software effectively. Additionally, there is a risk of viruses and other cybersecurity threats that can compromise the integrity and security of the accounting data. These risks need to be managed and mitigated to ensure the accuracy and reliability of the financial information.

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  • 4. 

    All sales and purchases must be reported and VAT paid on them, regardless of whether the sale or purchase has been paid. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    This statement is true because according to VAT regulations, all sales and purchases must be reported and VAT must be paid on them, regardless of whether the transaction has been fully paid for or not. This means that even if the payment for a sale or purchase has not been received, the VAT still needs to be accounted for and paid to the relevant tax authorities.

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  • 5. 

    It is good practice to always ensure that you have checked your company details as mistakes could have problematic implications in reality. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    It is important to always double-check company details because mistakes can have serious consequences in reality. Incorrect information can lead to legal issues, financial losses, and damage to the company's reputation. By verifying the accuracy of company details, potential problems can be identified and corrected before they cause any harm. Therefore, it is indeed good practice to ensure that company details are thoroughly checked to avoid any problematic implications.

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  • 6. 

    You must save your data only once you have completed the input data.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement "You must save your data only once you have completed the input data" is false. It is not necessary to save the data only after completing the input. Saving data can be done at any point during the input process, depending on the user's preference or the system's requirements.

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  • 7. 

    Sage has a default date which you must override to ensure that you get the most out of your package. 

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    Sage, a software package, has a default date that needs to be overridden in order to maximize its benefits. This suggests that the default date might not be suitable for all users or specific purposes, and therefore, it is necessary to customize it according to individual needs. By overriding the default date, users can ensure that they are utilizing Sage to its fullest potential and tailoring it to their specific requirements.

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  • 8. 

    Using a computerised accounting system decreases the chance of you entering accurate information because the computer software completes all calculations and automatically performs all procedures. 

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The given statement is false. Using a computerized accounting system actually increases the chance of entering accurate information. The computer software is designed to perform calculations and procedures automatically, reducing the possibility of human error. This system can also provide validation checks and prompts to ensure accurate data entry. Therefore, using a computerized accounting system improves accuracy and efficiency in accounting processes.

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Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Aug 28, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 08, 2014
    Quiz Created by
    Jackson Matthews

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