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Questions and Answers

1) All expenses and losses always having..?

A. Credit balance
B. Debit balance
C. Exact difference balance
D. Balance entered in voucher
2) Tracking number is used in _____________transaction
A. Bank
B. Cash
C. All
D. Stock item
3) ____________ is the function key for changing date
A. F1
B. F2
C. F3
D. F4
4) Balance

sheet display...
Entire summary of the all ledger accounts
Balances of all individual account
Bank and cash Balances
Exact financial position of the business on specific date

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) Which of the following is not a account type
A. Personal Accounts
B. Real Accounts
C. Occasional account
D. Nominal account
7. 7) Term loans & other medium /long _term loans comes under __________Group
A. Unsecured Loan
B. Secured Loan
C. Loans & Advances
D. Current liability
8) ____________is beginning date of financial year
A. 1st January
B. 1st February
C. 1st March
D. 1st April
9) Manufacturing expenses comes under___________ Group
A. Expenses (Indirect)
B. Miss Expenses
C. Direct Expenses
D. None
10) Which financial statement can be made from Trial balance
A. Ledger
B. Purchases
C. Sales
D. Balance sheet

11) In case of personal accounts the receiver is

A. Debit
B. Credit
C. Both
D. Balance entered in voucher
12) Which of the following information is must to create a company
A. Name of the company & Financial year
B. Name of the company & Income Tax No
C. Name of the company & Sales Tax No
D. All Above
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) _____________is a Reserved group which goes to liabilities
A. Capital A/C
B. Fixed Asset
C. Investment
D. 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) Rates & Taxes comes under ____________ Groups
A. Duties &Taxes
B. Income
C. Expenditure
D. None
17) Sales purchase A/C groups are reflected in _____________
A. Profit & loss A/C
B. Balance sheet
C. Journal Register
D. None if the above
18) Limit on single payments is available for_______________
A. Only Groups
B. Only ledger Accounts
C. Group& Ledger
D. None of the above
19) System of traversing form Balance sheet to voucher permitting to view al t
A. Special situation
B. Tracking
C. Audit trail
D. None of the above
20) In tally 5.4 _____________ option is available for maintaining Accounts
A. Account only
B. Accts-with-Inv
C. Inventory only

D. All are correct

21) Trial Balance contains ___________ balance of all accounts
A. Opening
B. Closing
C. Only credit
D. None
22) Under Group _______________ can be created
A. Vouchers
B. Date
C. Multiple Ledgers
D. All above
23) Reports come under exception reports
A. Memorandum Vouchers
B. Negative stock
C. Optional Vouchers
D. All above
24) Closing stock appears in _______________
A. Balance Sheet
B. Trial Balance
C. Profit & loss A/C
D. None of the above
25) Cash in hand & bank A./C balance helps for______________
A. Inventory control
B. Payment Decision
C. Sales performance
D. None
26) Tally give the facility to fine tune our control of Budgets over ledger acco
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 onl
y cost Centers
D. Tally gives the facility to fine tune our control of budgets over gro
up of Accounts
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) Tally provides option to post stock value from Inventory directly to balance
A. Non Integrated Accounts
B. Integrated Accounts & Inventory
C. Comprehensive Accounting
D. Multiple Accounting
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) _________Can not be printed in a Quick Format

A. Trial Balance
B. Balance Sheet
C. Cheque
D. Ledger
31) _________key is used to view next level details of the item on the same scr
A. Ctrl + Enter
B. Shift + Enter
C. Shift + R
D. Ctrl + S
32) _________Vouchers is a pure inventory voucher
A. Delivery Note
B. Cash Paid Creditor
C. Material rejection entry
D. Expenses
33) Inventory Managment comprises of _________
A. Delivery In
B. Delivery Out
C. Inventory control
D. All of above
34) Contra

entry is used for ___________

Transaction involves Cash and Bank
Transactions related to Purchase
Salaries paid to the employees
Contracting expenses only

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) Memorandum Voucher is used to
A. Enter entry having multiple account effect
B. For entries regarding bank overdraft
C. Remind entry which may have effect in future
D. None of these
37) Which of the following is not a voucher type ____________
A. Contra
B. Payment
C. Capital
D. Receipt
38) In case of personal Accounts Credit effect goes with
A. Sometimes to giver & sometimes to taker
B. Bank Account
C. The Receiver
D. The Giver
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) Which of the following account groups can be classified as a Nominal account
A. Accounts of Buyer, Suppliers, Owners, Lenders etc
B. Accounts of fixed and current assets such as Cash, Building, Plant an
d Machinery, vehicles etc
C. Accounts relating to expenses and Income such as sales, purchases Dis
count Allowed,
D. All types of Bank, Stock and Cash account
41) Duties

& Taxes is considered as ___________________ in accounting groups.

Current liabilities
Current assets
Fixed assets

42) In balance sheet the shortcut key to activate the value is _________________
A. F7
B. B
C. F6
D. A
43) The supplier of the company belongs to ___________________ group in accounti
A. Supplier
B. Sundery debtor
C. Sundry creditor
D. Sundry Customer
44) VAT stands for
A. Value Added Tax
B. Valuable At Tax
C. Value Added Tally
D. VAT Stands TAX
45) ______________________ is the short key to change period in tally
A. Ctrl + F2
B. Alt + F2
C. Alt + F1
D. F2
46) Fax machine is a ____________ asset.
A. Fixed
B. Direct
C. Current
D. None
47) Use Alt + F8
A. Stock
B. Goods
C. Goods
D. None


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

A. Computerize Accounting
B. Manual Accounting
C. Operating System
D. Language
49) Alias is _____________


To change group name

Simple mechanism to call an account by another name
Type of group
Type of ledger

50) TDS deduction ____________________ key used

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