Questions and Answers

1.

1) All expenses and losses always having..?

o A.
Credit balance
o B.
Debit balance
o C.
Exact difference balance
o D.
Balance entered in voucher

2.

2) Tracking number is used in _____________transaction

o A.
Bank
o B.
Cash
o C.
All
o D.
Stock item

3.

3) ____________ is the function key for changing date

o A.
F1
o B.
F2
o C.
F3
o D.
F4

4.

4) Balance sheet display...

o A.
Entire summary of the all ledger accounts
o B.
Balances of all individual account
o C.
Bank and cash Balances
o D.
Exact financial position of the business on specific date

5.

5) Tally is...
o A.

Package, which maintains accounts only

o B.
Which maintains accounts with inventory records
o C.
Which display the detail report trial balance, balance sheet etc
o D.
All are correct

6.

6) Which of the following is not a account type

o A.
Personal Accounts
o B.
Real Accounts
o C.
Occasional account
o D.
Nominal account

7.

7) Term loans & other medium /long _term loans comes under __________Group
o A.
Unsecured Loan
o B.

Secured Loan
o C.
Loans & Advances
o D.
Current liability

8.

8) ____________is beginning date of financial year

o A.
1st January
o B.
1st February
o C.
1st March
o D.
1st April

9.

9) Manufacturing expenses comes under___________ Group

o A.
Expenses (Indirect)
o B.
Miss Expenses
o C.

Direct Expenses
o D.
None

10.

10) Which financial statement can be made from Trial balance

o A.
Ledger
o B.
Purchases
o C.
Sales
o D.
Balance sheet

11.

11) In case of personal accounts the receiver is

o A.
Debit
o B.
Credit
o C.
Both
o D.

Balance entered in voucher

12.

12) Which of the following information is must to create a company

o A.
Name of the company & Financial year
o B.
Name of the company & Income Tax No
o C.
Name of the company & Sales Tax No
o D.
All Above

13.

13) Journal book is used to

o A.
Records all the entries
o B.
To records all the non-cash transactions only
o C.
Entries regarding general transactions
o D.
All sale and purchase records

14.

14) _____________is a Reserved group which goes to liabilities

o A.
Capital A/C
o B.
Fixed Asset
o C.
Investment
o D.
Sundry debtors

15.

15) Alias is ____________

o A.
To change group name
o B.
Simple mechanism to call an account by another name
o C.
Type of Group
o D.
Type of Ledger

16.

16) Rates & Taxes comes under ____________ Groups

o A.

Duties &Taxes
o B.
Income
o C.
Expenditure
o D.
None

17.

17) Sales purchase A/C groups are reflected in _____________

o A.
Profit & loss A/C
o B.
Balance sheet
o C.
Journal Register
o D.
None if the above

18.

18) Limit on single payments is available for_______________

o A.
Only Groups
o B.

Only ledger Accounts

o C.
Group& Ledger
o D.
None of the above

19.

19) System of traversing form Balance sheet to voucher permitting to view al the
o A.
Special situation
o B.
Tracking
o C.
Audit trail
o D.
None of the above

20.

20) In tally 5.4 _____________ option is available for maintaining Accounts

o A.
Account only
o B.
Accts-with-Inv
o C.

Inventory only
o D.
All are correct

21.

21) Trial Balance contains ___________ balance of all accounts

o A.
Opening
o B.
Closing
o C.
Only credit
o D.
None

22.

22) Under Group _______________ can be created

o A.
Vouchers
o B.
Date
o C.
Multiple Ledgers
o D.

All above

23.

23) Reports come under exception reports

o A.
Memorandum Vouchers
o B.
Negative stock
o C.
Optional Vouchers
o D.
All above

24.

24) Closing stock appears in _______________

o A.
Balance Sheet
o B.
Trial Balance
o C.
Profit & loss A/C
o D.
None of the above

25.

25) Cash in hand & bank A./C balance helps for______________

o A.
Inventory control
o B.
Payment Decision
o C.
Sales performance
o D.
None

26.

26) Tally give the facility to fine tune our control of Budgets over ledger accounts,
o A.
This statement is true
o B.
Tally does not give the facility to fine tune our control if Budgets
o C.
Tally gives the facility to fine tune our control of Budgets over only cost
Centers
o D.
Tally gives the facility to fine tune our control of budgets over group of
Accounts

27.

27) Changes carried out in F12 are ______________

o A.
Global & will be effective for all working companies
o B.
Not Global will not be effective for all working companies
o C.
Affected to that particular company only
o D.
None of the above

28.

28) Tally provides option to post stock value from Inventory directly to balance sheet
o A.
Non Integrated Accounts
o B.
Integrated Accounts & Inventory
o C.
Comprehensive Accounting
o D.
Multiple Accounting

29.

29) Restoration of data is ____________

o A.
Re-entering the data

o B.
Process of getting back the earlier data in Hard disk
o C.
Process of keeping a copy of the data in another place
o D.
All above

30.

30) _________Can not be printed in a Quick Format

o A.
Trial Balance
o B.
Balance Sheet
o C.
Cheque
o D.
Ledger

31.

31) _________key is used to view next level details of the item on the same screen.
o A.
Ctrl + Enter
o B.
Shift + Enter

o C.
Shift + R
o D.
Ctrl + S

32.

32) _________Vouchers is a pure inventory voucher

o A.
Delivery Note
o B.
Cash Paid Creditor
o C.
Material rejection entry
o D.
Expenses

33.

33) Inventory Managment comprises of _________

o A.
Delivery In
o B.
Delivery Out
o C.
Inventory control

o D.
All of above

34.

Contra entry is used for ___________

o A.
Transaction involves Cash and Bank
o B.
Transactions related to Purchase
o C.
Salaries paid to the employees
o D.
Contracting expenses only

35.

35) Optional Voucher is____________

o A.
Voucher Type is emergency
o B.
Voucher Type
o C.
Temporary Voucher which does not update any figure any where
o D.
Voucher which update figures

36.

36) Memorandum Voucher is used to

o A.
Enter entry having multiple account effect
o B.
For entries regarding bank overdraft
o C.
Remind entry which may have effect in future
o D.
None of these

37.

37) Which of the following is not a voucher type ____________

o A.
Contra
o B.
Payment
o C.
Capital
o D.
Receipt

38.

38) In case of personal Accounts Credit effect goes with

o A.
Sometimes to giver & sometimes to taker
o B.
Bank Account
o C.
The Receiver
o D.
The Giver

39.

39) In each & every entry Debit & Credit balance must be equal
o A.
Not necessary in Contra entry
o B.
Above statement is true
o C.
This is applicable in payment type entries only
o D.
None of the above

40.

40) Which of the following account groups can be classified as a Nominal accounts
o A.
Accounts of Buyer, Suppliers, Owners, Lenders etc

o B.
Accounts of fixed and current assets such as Cash, Building, Plant and
Machinery, vehicles etc
o C.
Accounts relating to expenses and Income such as sales, purchases
Discount Allowed,
o D.
All types of Bank, Stock and Cash account

41.

41) Duties & Taxes is considered as ___________________ in accounting groups.

o A.
Current liabilities
o B.
Current assets
o C.
Fixed assets
o D.
Taxes

42.

42) In balance sheet the shortcut key to activate the value is _________________
o A.
F7
o B.

B
o C.
F6
o D.
A

43.

43) The supplier of the company belongs to ___________________ group in

accounting
o A.
Supplier
o B.
Sundery debtor
o C.
Sundry creditor
o D.
Sundry Customer

44.

44) VAT stands for

o A.
Value Added Tax
o B.
Valuable At Tax
o C.

Value Added Tally

o D.
VAT Stands TAX

45.

45) ______________________ is the short key to change period in tally

o A.
Ctrl + F2
o B.
Alt + F2
o C.
Alt + F1
o D.
F2

46.

46) Fax machine is a ____________ asset.

o A.
Fixed
o B.
Direct
o C.
Current
o D.

None

47.

47) Use Alt + F8 for________________

o A.
Stock journal
o B.
Goods out
o C.
Goods In
o D.
None

48.

48) Tally is---------------Software

o A.
Computerize Accounting
o B.
Manual Accounting
o C.
Operating System
o D.
Language

49.

49) Alias is _____________

o A.
To change group name
o B.
Simple mechanism to call an account by another name
o C.
Type of group
o D.
Type of ledger

50.

50) TDS deduction ____________________ key used

o A.
ALT + T
o B.
ALT + S
o C.
ALT + Q
o D.
ALT + G

Questions and Answers

1.

Why is F1 used?
o A.
To create company
o B.
To delete company
o C.
To select company
o D.
To shut company

2.

Trail balance is summarized form of ___________.

o A.
Journal
o B.
Ledger
o C.
Stock Summary
o D.
None of Above

3.

Inventory is the information of ___________.

o A.

Ledgers
o B.
Groups
o C.
Stock
o D.
Proprietor

4.

The period of an accounting year is ___________.

o A.
1 January to 31 December
o B.
1 March to 31 March
o C.
1 April to 31 March
o D.
31 March to 1 April

5.

If we have to make the payment of our telephone bill then which voucher will be
used.
o A.
Contra Voucher
o B.

Payment Voucher
o C.
Journal Voucher
o D.
Receipt Voucher

6.

What is the use of direct command?

o A.
Analysis
o B.
Interpretation
o C.
Calculation
o D.
Classification

7.

If receptionist of Kamla travels charged Mr. Manish 1650 for 3 tickets from Delhi to
Lucknow, so which transaction voucher will be filled?
o A.
Payment Voucher
o B.
Receipt Voucher
o C.

Sale Voucher
o D.
Memo Voucher

8.

Mesh InfoTech purchased the goods of 5,000 Rs. from a sundry creditor Ramesh,
which statement is correct?
o A.
Ramesh is debited by mesh info tech for 5,000 Rs.
o B.
Mesh InfoTech is not debited by Ramesh for 5,000 Rs.
o C.
Mesh InfoTech is credited by Ramesh for 5,000 Rs.
o D.
Ramesh is credited by mesh info tech for 5,000 Rs.

9.

F4 button is used to ___________.

o A.
Backup the company data
o B.
Restore the company data
o C.
Alter the company data
o D.

None of these

10.

Select the steps to create a new voucher:

o A.
Gateway of tally> Voucher entries> Press Function key.
o B.
Gateway of tally> Account info.>Voucher type>Create
o C.
Gateway of tally> Account info> Voucher type> Display
o D.
Gateway of tally> Account info> Voucher type> Alter

11.

Credit was comes in Debit what goes out is ____________.

o A.
True
o B.
False

12.

Accounting Process contains following steps

o A.
Financial Transactions
o B.

Recording
o C.
Classifying
o D.
Summarizing
o E.
Analysis and interpretation

13.

Which one is better defined as Money measurement concept?

o A.
Every business is a separate entity from the proprietor. Business &
owners are distinct.
o B.
All transaction is to be recorded in the books of accounts at this cost
price when purchased, not on market price.
o C.
Every transaction has dual effect. If there is a debit then there has to be
a corresponding credit of equal amount.
o D.
Record only those transactions in the book of accounts, which can be
expressed in terms of money.

14.

The term in proprietor in tally is used as

o A.

A person who credits the goods to the company for a period

o B.
A person to whom company lends money in advance
o C.
Investor of money in any company
o D.
None of these

15.

Which voucher provides debit note and credit note options?

o A.
Payment voucher
o B.
Memo voucher
o C.
Debit voucher
o D.
Credit voucher
o E.
Journal voucher

16.

There may be several transactions relating to one particular account.

o A.

True
o B.
False

17.

Whether the business is in profit or loss during the period covered by the trial balance.
A trading and profit and loss account is prepared for this purpose. Which account
reveals this fact?
o A.
Real A/c
o B.
Nominal A/c
o C.
Final A/c
o D.
Tangible A/c

18.

What is the short key in tally for printing the sale voucher?
o A.
Ctrl+P
o B.
Ctrl+Alt+P
o C.
Alt+P

o D.
None of these

19.

Balance sheet is a _______________.

o A.
Statement of assets and liabilities a company.
o B.
Statement of Voucher entries
o C.
Statement of codes of accounting
o D.
None of above

20.

Restore option is used to store the data of another drive to your hard disk.
o A.
True
o B.
False

21.

Which is the correct order of accounting cycle?

o A.
Transactions > Ledgers > Journal > Trail Balance > Balance Sheet

o B.
Ledgers > Transactions > Journal > Trail Balance > Balance Sheet
o C.
Transactions > Journal > Ledgers >Trail Balance > Balance Sheet
o D.
Journal > Transactions > Ledgers > Trail Balance > Balance Sheet

22.

Tally is accounting software with coding.

o A.
True
o B.
False

23.

This button of button area is used to switch between the selected companies.
o A.
F3
o B.
Alt + F3
o C.
F1
o D.
Alt + F1

24.

Suspense account is used ______________________.

o A.
To keep track of money which we dont want to show in balances sheet,
whose transaction is not yet known.
o B.
It is used to holds indirect income of the company for e.g. income by
selling the goods.
o C.
Records of all investment bonds, shares etc.
o D.
None of above.

25.

Assets are the property of _____________.

o A.
Debtor
o B.
Owner
o C.
Creditor
o D.
None of these

Questions and Answers

1.

Liabilities means amount payable by business to the outsiders.

o A.
True
o B.
False

2.

Ledgering is Summarizing and Classification of transaction.

o A.
True
o B.
False

3.

Button Bar appears on Left Side of Tally Screen.

o A.
True
o B.
False

4.

Amount invested by business outside his business is Investment

o A.
True

o B.
False

5.

Purchase Order can be sent to the Supplier.

o A.
True
o B.
False

6.

Double Entry System is Incomplete or Partial records of Business transaction.

o A.
True
o B.
False

7.

Rule of Real A/c- Debit all Expenses & Losses, Credit all Income & Gains.
o A.
True
o B.
False

8.

Stock Journal Voucher does not affects Books of Accounts.

o A.
True
o B.
False

9.

The Amount due from the Debtor is called Debts.

o A.
True
o B.
False

10.

Button Bar appears on Left Side of Tally Screen.

o A.
True
o B.
False

11.

Salary paid to workers & labourers

o A.
True
o B.

False

12.

Trade Discount is allowed as Deduction from Invoice Price.

o A.
True
o B.
False

13.

Liabilities means amount payable by business to the outsiders.

o A.
True
o B.
False

14.

Drawings reduces Capital

o A.
True
o B.
False

15.

F11 key is used to access the feature for a company.

o A.
True
o B.
False

16.

________________ is the shortcut key for alteration of company data.

o A.
Alt + c
o B.
Alt+F2
o C.
Alt+F3

17.

________________ is the shortcut key to create a Master at a voucher screen.

o A.
Alt+C
o B.
Alt+M
o C.
Alt+D

18.

________________ is the shortcut key to select the Physical Stock Voucher.

o A.
Alt+F10
o B.
Alt+P
o C.
Alt+V

19.

________________ is the shortcut key to select the Rejection Out Voucher.

o A.
Alt+F6
o B.
Ctrl+O
o C.
Alt+F7

20.

____________ is a system of indirect taxation which has been introduced in lieu

ofsales tax.
o A.
VAT
o B.
Income

21.

VCD & RICE are ________________.

o A.
Units of Measurement
o B.
Stock Items

22.

____ is the shortcut key to export the report in ASCII, HTMLor XML format.
o A.
Alt+I
o B.
Alt+X
o C.
Alt+E

23.

Impersonal Accounts are Classified into _____________ Parts.

o A.
TWO
o B.
FOUR

24.

________________ is the Under Group of "Bank Overdraft".

o A.

Bank A/c
o B.
Bank OD A/c
o C.
Bank OCC A/c

25.

Recording of transaction in any book of accounting is called

as_______________________.
o A.
Transaction
o B.
Entry

26.

___________ is normally allowed by Creditor to his Debtor for getting

ImmediatePayment.
o A.
Trade Discount
o B.
Cash Discount

27.

Co-operative Bank comes in ________________ group.

o A.
Bank Account

o B.
Bank OCC
o C.
Current Assets

28.

Current Liabilities group includes ________________ subgroups.

o A.
Sundry Creditors
o B.
Sundry Debtors
o C.
Option 3
o D.
Option 4

29.

________________ is the Odd from following.

o A.
Book Stall
o B.
Society
o C.
Clubs

30.

Purchase Bill pending menu comes under ________________.

o A.
Statistics of A/c
o B.
Statistics of Inventory