Questions and Answers

1.
A.
B.
C.
D.

1) All expenses and losses always having..?

Credit balance
Debit balance
Exact difference balance
Balance entered in voucher

2.
A.
B.
C.
D.

2) Tracking number is used in _____________transaction

Bank
Cash
All
Stock item

3.

3) ____________ is the function key for changing date

A.
B.
C.
D.

F1
F2
F3
F4

4.

4) Balance sheet display...

A. Entire summary of the all ledger accounts

B. Balances of all individual account
C.
Bank and cash Balances
D. Exact financial position of the business on specific date

5.

5) Tally is...

A. Package, which maintains accounts only

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

6.

6) Which of the following is not a account type

A.
B.
C.
D.

Personal Accounts
Real Accounts
Occasional account
Nominal account

7.

7) Term loans & other medium /long _term loans comes under __________Group

A.
B.
C.
D.

Unsecured Loan
Secured Loan
Loans & Advances
Current liability

8.

8) ____________is beginning date of financial year

A.
B.
C.
D.

1st January
1st February
1st March
1st April

9.

9) Manufacturing expenses comes under___________ Group

A.
B.
C.
D.

10.
A.
B.
C.
D.

Ledger
Purchases
Sales
Balance sheet

11.
A.
B.
C.
D.

11) In case of personal accounts the receiver is

Debit
Credit
Both
Balance entered in voucher

12.
A.

Expenses (Indirect)
Miss Expenses
Direct Expenses
None
10) Which financial statement can be made from Trial balance

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

Name of the company & Financial year

B.
C.
D.

Name of the company & Income Tax No

Name of the company & Sales Tax No
All Above

13.

13) Journal book is used to

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

14.
A.
B.
C.
D.

15.

14) _____________is a Reserved group which goes to liabilities

Capital A/C
Fixed Asset
Investment
Sundry debtors
15) Alias is ____________

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

16.
A.
B.
C.
D.

Duties &Taxes
Income
Expenditure
None

17.
A.
B.
C.
D.

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

Profit & loss A/C
Balance sheet
Journal Register
None if the above

18.
A.
B.
C.

16) Rates & Taxes comes under ____________ Groups

18) Limit on single payments is available for_______________

Only Groups
Only ledger Accounts
Group& Ledger

D.

None of the above

19.

19) System of traversing form Balance sheet to voucher permitting to view al the

20.

Special situation
Tracking
Audit trail
None of the above
20) In tally 5.4 _____________ option is available for maintaining Accounts

A.
B.
C.
D.
A.
B.
C.
D.

Account only
Accts-with-Inv
Inventory only
All are correct

21.
A.
B.
C.
D.

Opening
Closing
Only credit
None

22.
A.
B.
C.
D.

Date
Multiple Ledgers
All above
23) Reports come under exception reports

Memorandum Vouchers
Negative stock
Optional Vouchers
All above

24.
A.
B.
C.
D.

22) Under Group _______________ can be created

Vouchers

23.
A.
B.
C.
D.

21) Trial Balance contains ___________ balance of all accounts

24) Closing stock appears in _______________

Balance Sheet
Trial Balance
Profit & loss A/C
None of the above

25.
A.
B.
C.
D.

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

Inventory control
Payment Decision
Sales performance
None

26.

26) Tally give the facility to fine tune our control of Budgets over ledger accounts,

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

27.

27) Changes carried out in F12 are ______________

A. Global & will be effective for all working companies

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

28. 28) Tally provides option to post stock value from Inventory directly to balance
A.
B.
C.
D.

sheet
Non Integrated Accounts
Integrated Accounts & Inventory
Comprehensive Accounting
Multiple Accounting

29.

29) Restoration of data is ____________

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

30.
A.
B.
C.
D.

30) _________Can not be printed in a Quick Format

Trial Balance
Balance Sheet
Cheque
Ledger

31. 31) _________key is used to view next level details of the

screen.
Ctrl + Enter
Shift + Enter
Shift + R
Ctrl + S

A.
B.
C.
D.

32.
A.
B.
C.
D.

Delivery Note
Cash Paid Creditor
Material rejection entry
Expenses

33.
A.
B.
C.
D.

33) Inventory Managment comprises of _________

Delivery In
Delivery Out
Inventory control
All of above

34.
A.
B.
C.
D.

32) _________Vouchers is a pure inventory voucher

Contra entry is used for ___________

Transaction involves Cash and Bank

Transactions related to Purchase
Salaries paid to the employees
Contracting expenses only

35.

35) Optional Voucher is____________

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

36.

36) Memorandum Voucher is used to

A. Enter entry having multiple account effect

B. For entries regarding bank overdraft

item on the same

C. Remind entry which may have effect in future

D.
None of these

37.
A.
B.
C.
D.

Contra
Payment
Capital
Receipt

38.
A.
B.
C.
D.

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

38) In case of personal Accounts Credit effect goes with

Sometimes to giver & sometimes to taker

Bank Account
The Receiver
The Giver
39. 39) In each & every entry Debit & Credit balance must be equal

A.
Not necessary in Contra entry
B.
Above statement is true
C. This is applicable in payment type entries only
D.
None of the above

40. 40) Which of the following account groups can be classified as a Nominal accounts
A. Accounts of Buyer, Suppliers, Owners, Lenders etc
B Accounts of fixed and current assets such as Cash, Building, Plant and Machinery,
. vehicles etc
C Accounts relating to expenses and Income such as sales, purchases Discount
. Allowed,
D. All types of Bank, Stock and Cash account

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

A.
B.
C.
D.

Current liabilities
Current assets
Fixed assets
Taxes

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

F7

B.
C.
D.

B
F6
A

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

accounting
Supplier
Sundery debtor
Sundry creditor
Sundry Customer

A.
B.
C.
D.

44.
A.
B.
C.
D.

Value Added Tax

Valuable At Tax
Value Added Tally
VAT Stands TAX

45.
A.
B.
C.
D.

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

Ctrl + F2
Alt + F2
Alt + F1
F2

46.
A.
B.
C.
D.

44) VAT stands for

46) Fax machine is a ____________ asset.

Fixed
Direct
Current
None

47.
A.
B.
C.
D.

Stock journal
Goods out
Goods In
None

48.
A.
B.
C.
D.

47) Use Alt + F8 for________________

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

Computerize Accounting
Manual Accounting
Operating System
Language

49.

49) Alias is _____________

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

50.
A.
B.
C.
D.

50) TDS deduction ____________________ key used

ALT + T
ALT + S
ALT + Q
ALT + G