Computerized Accounting

Computerised Accounting with Tally - Question Bank

• Tally package is a product of Tally Solutions.

• It is possible to create multiple types of companies in Tally.

• The Gateway of Tally menu is displayed upon starting Tally for the first time.

• The "Alt+F1" shortcut is used to go to the Company Info menu from the Gateway of Tally.

• The "Esc" key is used to navigate from the Company Info menu back to the Gateway of Tally.

• The "Alter" option is used to make changes to an existing company in Tally.

• The "Create" option from the Company Info menu is used to create a new company in Tally.

• The "Split Company Data" option from the Company Info menu is used to divide company data into two financial years.

• The "Backup" option copies company data to a pen drive or CD.

• The "Restore" function places data from a pen drive or CD to its appropriate location in Tally.

• The "Select Company" option opens a company that has already been created in Tally.

• "Shut Company" is used to close an opened company in Tally.

• "Ctrl+P" is the shortcut key for printing any report in Tally.

• "Alt+E" is the shortcut to export company data to Microsoft Excel or another company.

• "F3" is the shortcut key to select a company in Tally.

• "Alt+F1" is the shortcut key to shut an opened company in Tally.

• "F2" is the shortcut key to change the current period in Tally.

• "Select Company" allows moving between companies when multiple are open.

• "Alt+F3" creates a new company in Tally.

• "F11" is the shortcut key is pressed to view features in Tally.

• "F12" is the shortcut key to view configure in Tally

• "Masters" menu is used for creating new ledgers, groups, and voucher types.

• "Account Info." submenu is used to create new ledgers, groups, and voucher types.

• Four types of ledgers, groups, and voucher types can be created in Tally.

• "Vouchers" submenu is used for voucher entry.

• "Quit" is used to exit Tally.

• Salary Account falls under Indirect Expenses.

• There are 28 pre-defined groups in Tally.

• There are 19 primary groups in Tally.

• There are 13 secondary groups in Tally.

• "List" displays primary and secondary groups in Tally.

• The "Cash" and "Profit & Loss A/c" ledgers are automatically created when a new company is created.

• "Alter" can make changes to created Groups of Ledgers

• There are 18 readily available voucher types in Tally.

• Five voucher types are provided in Tally to record transactions.

• "Alt+F12" posts entries in a double-entry accounting system instead of a single-entry system in Tally.ERP9.

• The Contra voucher type transfers amounts from one bank to another.

• Withdrawing Rs. 10,000 from State Bank is recorded in the Contra voucher type.

• Transactions for salary, rent, or interest paid are recorded in Payment.

• Interest received, commission received, or rent received in Tally is recorded in Receipt.

• Cash sales are recorded in Receipt

• Credit purchases of furniture are recorded in Journal

• Purchase returns, sales returns, depreciation, and bad debts are recorded in Journal

• All types of adjustment entries are recorded in Journal

• "Alt+F11" followed by "yes" in “Use Debit/Credit Noted” posts entries in credit and debit notes.

• A credit purchase entry is posted in Purchase

• Credit sales are recorded in Sales

• "F1" is the shortcut to use Accounting Features

• "F2" is the shortcut to use Inventory Features

• "F1" is the shortcut key is used to use Statutory & Taxation

• The Statutory & Taxation option enables VAT, TDS, and Service Tax.

• The "Ctrl+F8" key is used to post an entry in a debit Note in Tally.

• The Assets = Liabilities +Capital equation is true for the balance sheet.

• "Alt + F1" is the shortcut to view Report with all details.

• There are two options related to Company Features in "F11 Features".

• "Kgs." is to created for stock items like grain, pulse, sugar, oil, ghee.

• "F12" key displays part number for automobile industries.

• To view the Trial Balance: Gateway of Tally > Reports > Trial Balance

• To view the Profit & Loss A/C: Gateway of Tally > Reports > Profit & Loss A/C

• Additional Tax applied in VAT is 2.5% if VAT is 4%.

• Additional Tax applied in VAT is 2.5% if VAT is 12.5%.

• "F11" enables Value Added Tax (VAT).

• "F12" to set 'Yes' to allow selection of VAT/Tax class during entry.

• Duties & Taxes is selected for Input VAT or Output VAT.

• Duties & Taxes is selected for Input Additional Tax or Output Additional Tax.

• "Alt + C" creates a new Ledger during voucher entry.

• "Alt + D" is pressed for voucher entry or deleting a ledger.

• The Item Invoice Mode is on, by default, in the Purchase and Sales vouchers.

• To view Purchase Register: Gateway of Tally > Display > Account Books > Purchase Register

• The E-VAT forms indicates if VAT is payable or refundable.

• VAT Adjustment ledger will be group of Duties & Taxes

• TDS is applied to the commission of lottery ticket, professional fees, salary (contract) & all of these.

• TDS is not applied on rent income from land or home.

• The law requires to pay TDS to the Income Tax Department by Service Provider and Service Receiver both

• The TDS exemption limit for contractor and sub-contractor is 20000.

• The TDS exemption limit for professional fees like Audit fees, Consultancy fees, and Training fees is 30000.

• "B" enables Tax Deducted at Source (TDS).

• Appropriate step to view "TDS Nature of Payment": Gateway of Tally -> Statutory Info. -> TDS Nature of Payment.

• Indirect Incomes accounts for TDS on Advertisement A/C.

• Duties & Taxes is for TDS on Professional or Technical Services

• The relevant voucher type entry for TDS calculations is Journal

• Amount of VAT or TDS payable will be noted in Journal.

• The amount payable as TDS can be found via the Print Form 16A report

• The shortcut key to print VAT or TDS reports: Alt + P

• Ctrl + Alt + Z : shortcut to zoom TDS Challan

• To obtain any information related to TDS, visit the website: www.incometax.gov.in

• To print From 16A of TDS: Gateway of Tally → TDS Reports → Return → Print Form 16 A.

• "D"is the shortcut to set No in ‘Use Common Ledger A/c for Item Allocation?'

• The right option selected for different VAT entries is Not Applicable (purchase/sales).

• Stock Categories isn't compulsory while creating Accounts with Inventory.

• The following reports are prepared monthly in Tally: C. Trial Balance

• VAT Structure is beneficial for Trader.

• Purchase/Sales register is viewed by C. Accounts Books.

• To view Stock Items or Group Summary, choose Inventory books.

• To view VAT or TDS computation, choose Statutory Books

• Financial year normally ends on 31 March.

• The hot key that should be pressed to sales or a purchase: Alt + F9

• The Company Information can be changed from: Company Info > Alter

• Company Restore option:Available in Company INformation

• In general the financial year from shall be from 1st April of any year

• We can modify an existing Company from A. Company Info > Alter

• "The" is the key press: To change Current Date from Gateway of Tally F2

• Party account can be created through D. Any one of them

• A ledger may get a declaration space for it's Alias through Alt + F1

• F12 is also known as B. Company Configuration

• What is the utility of Tally Vault Password? C. It will not show the Company Name in the Company Select List.

• We can show Bill wise details of Debtors and Creditors by activating B. Maintain Bill wise Details

• The shortcut key to quit from Tally Ctrl = Q

• How many inbuilt Accounts group are in tally by default? B. 31

• The shortcut used to activate calculator is Ctrl = M

• Suspense Account Group-definition -> C. Liabilities

• The following is needed to press: Gateway of Tally & initially C. F10

• A & B contains (100*rate of vat)/(100+rate.of vat)

• Manufacturing Journal creates based on C. Stock Journal

• A. is the option -> to create use option B. Narrations for each entry

• Manufacturing Journal

• How many types of Measurement Units we can create -> Limitless

• The following options require to be activated -> activate the Job Costing C -> A & B

• C-are the Multiple Godowns are activated F11 > F2?

• 2-> predefined ledgers ->Three

• accounts book sees the list D->Trail Balance

• voucher need to be press -> Alt + P

• -> can see balance sheet changing B. Balance Sheet configuration D-> what does Configuration and C-> create VAT Duties?

• Create Security Multiple activates A-Tally Audit

• C- Stock Components allow ->Allow components list( List Details)

• Income is alias-> Capital Account

• Shift + Repeat

• MRP Full what A->Marginal

• Stock Journal use Transfer Stock

• Sales Discount Available in -C. Both what

• What is the report get ->Inventory Accounts D-> ->Shift is shift VOUCVER

• Report: -> Job C-job or B report -> F =press for ? C . F5

• Rev optional voucher? -> VOUCHER -D

• The type is = > C-both(a)

• D is-> Made B Journal Through

• A- Press f what

• Option a is: B exceptional voucher?

• -Defined UNDER C Duties

• Contra-Voucher

• Dr press to Use:B

• Electronic -> ECTS - What Mean A is

• Assessment -? ASSESMENT B NUMBERS

• Choose> Payroll Reports> Display

• C info

• Vat > Reports? Stat D display

A-Main B: what are materials? Alt F2 ? Fix from Journal and - Journal godown transfer Use Use for? What stock Counted for? a journal

• from
• A-From->

Which. Which can you the

• what is group ? C

• What type in Press - b

The import?-> Daty What create?->

• The name is -> What account monthly?-c The-what-account- b For name c What group? d Balance- What balance
• -> use the journal - What you the is B number

Test your knowledge of Tally accounting software. This quiz covers shortcut keys, company creation, and voucher types. Master Tally functions for efficient accounting.