Accounting package is classified in to __________.

Ready to use; Customised; Tailored

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Recording; Storing of accounting data; Tailored

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Ready to use; Customised; Recording

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Customised; Tailored; Storing of accounting data

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Solution

The correct option is A Ready to use; Customised; Tailored
Accounting is the process of recording, classifying, and segregating the business transaction in such a way so that the financial statement gives the true and fair view of the business.

Accounting package is classified which are ready to use depending on the requirement of the organization. Customization is also an integral part of the accounting package depends on the business need. Tailor made Accounting package are those which can be suited in all the businesses.

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Give two examples each of the organisations where ‘ready-to-use’, ‘customised’, and ‘tailored’ accounting packages respectively suitable to perform the accounting activity.

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