State the relationship between information and decision.
As a system, every organisation accepts inputs and transforms them into outputs. All organisation systems pursue certain objectives through a process of resource allocation, which is accomplished through the process of managerial decision - making. Information facilitates decision regarding allocation of resources and thereby assists an organisation in pursuit of its objective.
Read the following transactions and identify the cause of difference on the basis of time gap or errors made by business firm/bank. Put a sign (✓) for the correct cause.
S. No. | Transactions | Time Gap | Errors made by business/ bank |
1.
3. 4. 5. |
Cheque issued to customer but not presented for payment. Cheque amounting to Rs. 5,000 issued to Interest credited by the bank but yet not recorded by Cheque deposited into the bank but not yet collected Bank charges debited to firm's current account by the |
Record the rectification entry for the following transactions:
Credit sales to Rajni 5,000 recorded in Purchases book:
This is an error of ..........................................
State the wrong entry recorded in the book of accounts
Correct effect should have been:
The rectification entry will be:
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Welcome to the NCERT Solutions for Class 11 Accountancy - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 5: State the relationship between information and decision.....
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