MCQ Tally Accounting Concepts

MCQ
1. ETCS means
A) Enable Tax Collected at Source
B) Electronic Tax Collected at Source
C) Electric Tax Collected at Source
D) None of these
Answer : B
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2. To get Payroll Reports choose

A) Gateway of Tally > Display
B) Gateway of Tally > Display > Statement of Accounts
C) Gateway of Tally > Display > Statement of Payroll
D) Gateway of Tally > Display > Payroll Reports
Answer : D
3. BOM represents
A) Billing of Machines
B) Bill of Materials
C) Bill of Maintenance
D) None of these
Answer : B
4. "Alias" represents
A) Short name
B) Nick name
C) Code name
D) All of these
Answer : D
5. If we purchase any fixed asset in credit, we can pass it from

A) Payment mode
B) Receipt mode
C) Journal mode
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MCQ
D) Contra mode
Answer : C
6. Transfer of materials from one godown to another godown, use

A) Manufacturing Journal
B) Stock Journal
C) Purchase Journal
D) Both A & B
Answer : B
7. Recording of actual stock as physically verified or counted is done through

A) Journal
B) Stock Journal
C) Physical Stock
D) Sales
Answer : C
8. Budget represents ________________

A) Estimation
B) Forecasting
C) Assumption
D) All of these
Answer : D
9. Find out which is not a Default Ledger in Tally

A) Cash in Hand
B) Capital Account
C) Profit & Loss
D) None of these
Answer : D

MCQ
10. The Profit & Loss statement can be displayed in ______________ format(s).
A) Horizontal
B) Vertical
C) A or B
D) None of the above
Answer : C
11. Default ledger accounts in tally are ______

A) Balance sheet & profit & loss profit & loss and trial balance
B) Profit & loss and trial balance
C) Cash and profit & loss
D) Cash and bank
Answer : C
12. Default 'godown' name in tally is ____________

A) Primary
B) Main location
C) A or b
Answer : B
13. 'Tally vault' is a _________________

A) Security mechanism
B) Ledger a/c
C) Cost category
Answer : A
14. A Group Company is _______________ given to the merged accounts of member

companies of the group
A) a name
B) an identity

MCQ
C) A and B
Answer : C
15. In tally you get currency symbol option from _______ menu
A) Company creation
B) Stock items units
C) Regional setting
Answer : A
16. _____________ gives the balance for each day for the voucher type has been selected
A) Trial Balance
B) Daybook
C) Balance Sheet
Answer : B
17. Which option lists inventory valuation method in tally

A) Stock report
B) Stock journal
C) Stock analysis
D) Stock summary
Answer : D
18. How to activate the tally audit feature in a company

A) Press F11 key
B) During the creation of a company
C) In -comp info -> security control-option
D) Press F12 key
Answer : B

MCQ
19. What is the predefined number of groups in tally

A) 16
B) 28
C) 128
D) 228
Answer : B
20. Which of the following is used for voucher entry

A) Ledger Account B.
B) Groups
C) Sub-Groups
D) Depends on number of companies
Answer : A
21. Which of the following user type can view audit list
A) Tally Vault
B) Owner
C) Data Entry
D) Administrator
Answer : D
22. How can data be imported in tally

A) One company to another company created within Tally Package
B) Other programs - a spreadsheet or a database file
C) Depends on number of companies
D) Both A and B
Answer : D
23. Which of the following file is usually used as a master file

A) Inventory subsidiary

MCQ
B) Cash disbursements
C) Cash receipts
D) Payroll transactions
Answer : A
24. What is the advantage of a computer-based transaction processing system

A) Does not require as stringent a set of internal controls
B) Will produce a more accurate set of financial statements
C) Eliminates the need to reconcile control accounts and subsidiary ledgers
D) Will be more efficient at producing financial statements
Answer : D
25. Which of the following can be budgeted in tally

A) Net Transactions
B) Closing Balance
C) A and B
D) none
Answer : C
26. Which of the following shows daily balance for a selected voucher type
A) Daybook
B) Trial Balance
C) Balance Sheet
Answer : A
27. How many types of users are present in tally

A) 1
B) 2
C) 3
D) 4
Answer : C

MCQ
28. Which of the following is the predefined stock category in tally

A) Primary
B) Symbol
C) Stock
D) Main location
Answer : A
29. Which file in tally is used to record the import activity

A) Tally dat
B) Tally ini
C) Tally imp
Answer : B
30. Which of the following is compulsory to create while entry in Accounts with Inventory
A) Stock Groups
B) Stock Items
C) Units of Measure
D) All of these
Answer : D
31. ?Inventory books? is used to view

A) Stock Items
B) Group Summary
C) Both A and B above
D) None of these
Answer : C
32. Trial balance is prepared on ___________ basis

A) Monthly

MCQ
B) Annually
C) Half yearly
D) Any of the above
Answer : D
33. A ____________ serves the purpose of both journal and ledger accounts
A) Journal proper
B) Purchase day book
C) Cash book
D) Any of the above
Answer : C
34. The rate of trade discount varies with the ____________ purchased
A) Total asset
B) Current asset
C) Quantity
D) None of these
Answer : C
35. A ?credit note? is sent by ____________ to

A) Seller, buyer
B) Buyer, seller
C) Customer, seller
D) Creditor, seller
Answer : A
36. A trial balance is a ___________________

A) Ledger
B) Journal
C) Account
D) List
Answer : D

MCQ
37. Sales return are recorded in __________ Voucher

A) Sales voucher
B) Debit note
C) Receipt
D) Credit note
Answer : D
38. ERP stands for

A) Enterprise resource planning
B) Economic resource planning
C) Efficient resource planning
D) Economic resource processing
Answer : A
39. The home screen of tally is also known as

A) Menu bar
B) Gate way of tally
C) Accounts info
D) Button tool bar
Answer : B
40. Full form of ODBC

A) Open data base connectivity
B) Open data base calculating
C) Open document basically
D) Order data base connection
Answer : A
41. The option ?statutory compliance for? is appearing in

A) Company creation screen

MCQ
B) vat classification screen

C) F11 accounting features
D) account creation screen
Answer : A
42. Changes in accounts are possible only in

A) Display mode
B) Alteration mode
C) Single mode
D) multiple mode
Answer : B
43. Reserve group accounts in tally is

A) 28
B) 30
C) 18
D) 15
Answer : A
44. An account that the user need not create is

A) Cash at bank
B) Sundry creditors
C) Cash in hand
D) Balance sheet
Answer : C
45. The voucher type for recording goods received

A) Rejection in
B) Receipt note
C) Purchase order
D) Stock voucher
Answer : B

MCQ

MCQ Tally Accounting Concepts

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MCQ

2. To get Payroll Reports choose

5. If we purchase any fixed asset in credit, we can pass it from

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6. Transfer of materials from one godown to another godown, use

7. Recording of actual stock as physically verified or counted is done through

8. Budget represents ________________

9. Find out which is not a Default Ledger in Tally

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11. Default ledger accounts in tally are ______

12. Default 'godown' name in tally is ____________

13. 'Tally vault' is a _________________

14. A Group Company is _______________ given to the merged accounts of member

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17. Which option lists inventory valuation method in tally

18. How to activate the tally audit feature in a company

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19. What is the predefined number of groups in tally

20. Which of the following is used for voucher entry

22. How can data be imported in tally

23. Which of the following file is usually used as a master file

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24. What is the advantage of a computer-based transaction processing system

25. Which of the following can be budgeted in tally

27. How many types of users are present in tally

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28. Which of the following is the predefined stock category in tally

29. Which file in tally is used to record the import activity

31. ?Inventory books? is used to view

32. Trial balance is prepared on ___________ basis

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35. A ?credit note? is sent by ____________ to

36. A trial balance is a ___________________

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37. Sales return are recorded in __________ Voucher

38. ERP stands for

39. The home screen of tally is also known as

40. Full form of ODBC

41. The option ?statutory compliance for? is appearing in

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B) vat classification screen

42. Changes in accounts are possible only in

43. Reserve group accounts in tally is

44. An account that the user need not create is

45. The voucher type for recording goods received

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