Target Exam

CUET

Subject

-- Accountancy Part C

Chapter

Overview of Computerised Accounting System

Question:

The Grouping of Accounts, in the context of Computerized Accounting System, means the classification of data from.........

Options:

Asset, liabilities and capital

Asset, capital, liabilities, revenue and expenses

Asset, owners equity, revenue and expenses

None of the above

Correct Answer:

Asset, capital, liabilities, revenue and expenses

Explanation:

The correct answer is option 2- Asset, capital, liabilities, revenue and expenses.

The group that represents the classification of accounts based on the data point of view is Asset, Liabilities, Capital, Revenue, and Expenses.

 

This grouping reflects the primary categories in financial accounting:

  • Assets: Resources owned by the business.
  • Liabilities: Obligations or debts of the business.
  • Capital: Owner's equity in the business.
  • Revenue: Income generated from business activities.
  • Expenses: Costs incurred to generate revenue.

Assets = Liabilities + Capital + (Revenues – Expenses).