A system where accounting data is stored on remote servers accessed via the internet is termed as: MCQ with Answer and Explanation

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A system where accounting data is stored on remote servers accessed via the internet is termed as:

A. Manual Accounting

B. Social Accounting

C. Cloud Accounting

D. Forensic Accounting

Answer: Option C

Solution (By JKSSB Mock Tests)

Cloud accounting allows real-time multi-user access to financial data hosted securely on external servers rather than local hard drives.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The full form of GAAP is:

A. Generally Accepted Accounting Procedures

B. Generally Accepted Auditing Principles

C. Generally Accepted Accounting Principles

D. Global Accounting and Auditing Practices

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Correct Answer: Option C

Explanation:
GAAP stands for Generally Accepted Accounting Principles.

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Question #2

Goods distributed as free samples should be credited to which account?

A. Advertisement Account

B. Sales Account

C. Purchases Account

D. Free Samples Account

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Correct Answer: Option C

Explanation:
Goods distributed as free samples reduce the stock of purchased goods, hence Purchases Account is credited at cost price.

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Question #3

S1: In standard costing, the 'Labour Efficiency Variance' is calculated as (Standard Hours for Actual Production - Actual Hours Worked) x Standard Rate. S2: If the actual hours worked are less than the standard hours, the variance is favorable. Which statement(s) is/are correct?

A. S1 only

B. S2 only

C. Both S1 and S2

D. Neither S1 nor S2

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Correct Answer: Option C

Explanation:
Both statements are correct. The formula for Labour Efficiency Variance is (SH - AH) x SR. If AH < SH, the result is positive, indicating a favorable variance (less time taken than standard).

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