The term 'Cloud Accounting' refers to: MCQ with Answer and Explanation

Question

Share Report Error

The term 'Cloud Accounting' refers to:

A. Accounting for cloud computing expenses

B. Manual accounting on paper

C. Using accounting software hosted on remote servers accessed via internet

D. Accounting for weather-related losses

Answer: Option C

Solution (By JKSSB Mock Tests)

Cloud accounting uses online software, enabling real-time access and collaboration.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The concept of 'Appropriation Accounts' in government accounting is to:

A. Show profit of government companies

B. Record tax revenue

C. Show actual expenditure against grants approved by Parliament

D. Audit public accounts

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Appropriation Accounts compare the actual expenditure with the amounts granted by Parliament for each head.

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

Question #2

The 'Incremental Borrowing Rate' is used in lease accounting when:

A. Never

B. The lessee cannot determine the interest rate implicit in the lease

C. For all leases

D. The lessor does not disclose rate

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
If implicit rate is not readily determinable, lessee uses its incremental borrowing rate.

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

Question #3

Which of the following is an example of an 'Error of Commission'?

A. Entering Rs 4,500 instead of Rs 5,400 in an account

B. Failing to record a transaction entirely

C. Two errors cancelling each other out

D. Recording a machinery purchase in the Purchases Account

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
An error of commission involves incorrect casting, posting, or carry-forward, such as writing the wrong numerical amount.

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

Explore All Accountancy and Book Keeping MCQs