Tally ERP 9 Quiz

Tally Key Features

• The F1 key is used to select an existing company from a list of companies.
• Import and Export of data between Tally and other programs is possible only through the ODBC program.
• The re-order point is the inventory quantity that triggers a stock replenishment activity.
• A company's details can be modified through the F3 key.
• An invoice is the official notice sent to customers to advise them of the amount of money owed.
• In Tally, all masters have four main options.
• To create a new column in a balance sheet, press Alt+Ctrl+C.
• The use of a group in Tally behaves like a sub-ledger, allowing the summarization of many ledger accounts into one line.
• In Tally, ledger details can be altered using either single or multiple modes, but it is not possible to delete a ledger from multiple modes.
• A group company is marked with a * symbol.
• The systems that work together to order, receive, and pay for replenishment of stock are Purchasing, Accounts Payable, and Receiving.
• Tally allows the deletion of a ledger from a single alteration mode.
• Cash Flow Statement, Fund Flow Statement, and Ratio Analysis are useful for management in decision-making.

Vouchers and Invoices

• A created company's details can be modified through the F3 key.
• In Tally, Types of Accounts and Types of Vouchers passed during the period can be seen in the Day Book report.
• The Ledger Accounts are unique in Financial Accounting Packages.
• Customers can be permitted to enter their own data into the firm's computer using the Enterprise Data.
• In Tally, vouchers can be customized as per the requirements.
• The number of steps in Accounts Compilation is 5.

Data Management

• In Tally, the use of a group classifies the accounts under different heads, allowing for summarized information.
• Revenue Account is also known as a Nominal Account.
• Method of Voucher Numbering is Manual and Automatic.
• Accounts Receivable are displayed in the Balance Sheet, Profit & Loss Journal, and Journal Book.
• To assemble a product from different items, a Journal entry is used.
• A purchase order data flow is directed to the purchasing system for use in closing out the outstanding purchase orders in the receiving system diagram.

Reporting and Analysis

• Tally provides at least 16 predefined voucher formats.
• The value of the inventory is included in a ledger account and is displayed as an asset on the Balance Sheet.
• From the voucher entry mode, if you press F5, you get the payment voucher in Tally.
• Default Cost Category in Tally is Primary Cost Category.
• A Group Company is simply a name and an identity given to the merged accounts of member companies of the group.
• In ratio analysis report of Tally FA package, you press F6 to display the bills receivable and bills payable report.
• The Profit & Loss statement can be displayed in Horizontal and Vertical formats.

Security and Administration

• In Tally, 'Tally Vault' is a security mechanism that encrypts and stores TALLY DATA at the data directory.
• Default 'godown' name in Tally is 'Main location'.
• In Tally, you get the currency symbol option from the Regional Setting menu.
• A Group Company is also given a name and an identity to the merged accounts of member companies of the group.
• Projected approximation of income or expenses is called Budget.
• Administrator type user is also called 'Auditor' of a company in Tally.

Shortcut Keys

• F1 key is used to select an existing company from a list of companies.
• F3 key is used to modify a company's details.
• F4 key is used to display the age-wise analysis of Bills Receivable or Bills Payable report.
• F5 key is used to create a sales voucher in Tally.
• F7 key is used to create a stock journal entry in Tally.
• F11 key is used to create a log of the import activity in a file.
• Ctrl+F3 key is used to display company information.
• Alt+F1 key is used to import and export data between Tally and other programs.
• Alt+Ctrl+C key is used to create a new column in a balance sheet.
• Alt+P key is used to print a report.### Accounts and Groups
• A user designated as an administrator can view the audit list.
• Tally supports importing company data from another company or a created database.
• In an accounting information system, subsidiary files are used for transactions, such as inventory, cash, and payroll.

Computer-Based Systems

• A computer-based system is more efficient than a manual system for transaction processing.
• It produces accurate financial statements and eliminates the need to reconcile accounts.

Memory and Data Transfer

• The memory address register is used to store data to be transferred to memory.
• Data is transferred from memory to a register or another memory location.

Computer Fundamentals

• Inefficient usage of excess computer equipment can be controlled by contingency planning and capacity planning.
• The CPU does not include the NIC Card, VSAT, or RAM card as components.
• A trailer label is used on a magnetic tape file to summarize the file and provide totals.

Output Devices

• Hard copy is a term used to describe printed output on a hard board.
• A daisy wheel is a type of printer.
• An impact printer creates characters by using an inked ribbon.

Security Controls

• The best security control in a microcomputer environment is to restrict physical access and use unremovable media.
• A control to prevent accidental erasure of customer information from a magnetic tape is to use a validity check and boundary protection.

Input Devices

• The individual dots that make up a picture on a monitor screen are called pixels.
• A flatbed plotter is used with a printer, but not with a pen, paper, or eraser.

Data Storage

• The amount of data that a disk may contain is known as the disk's capacity.
• A laser printer does not use an ink ribbon.
• Magnetic tape is a serial access medium.
• Hard disks can have a storage capacity in the region of 20 GB.
• A CD-ROM has a larger capacity in Mb than a floppy disk.
• Floppy disks should be stored away from magnet objects and sunny windows.

Computer Chips

• ROM chips are non-volatile, storing permanent data and instructions.
• RAM chips are volatile, storing temporary data.
• A computer chip can hold 8 bits of information.
• Cache is a small high-speed memory unit used for storing temporary results.

Computer Systems

• Software can be divided into two areas: system software and application software.
• Travel agents use personal computers when reserving flights.
• Vacuum tube-based electronic computers are of the first generation.
• The second generation of computers was developed using transistors.
• The third generation of computers used integrated circuits.
• The fourth generation of computers developed using microchips.
• The fifth generation of computers uses more than one microprocessor.### Database Systems
• Three steps involved in developing an information system: analysis, programming, and specific design.
• Generalized audit software is used for CAAT (Computer-Assisted Auditing Techniques) and is not used for concurrent auditing.
• CAATs are computer programs and data that an auditor uses as part of audit procedures to process data.

CAATs

• CAATs do not contain package programs, purpose-written programs, utility programs, or system management programs.
• Embedded audit routines are sometimes built into an entity's computer system to provide data for later use by the auditor.
• SCARF involves embedding audit software modules within an application system to provide continuous monitoring.
• Concurrent auditing involves the use of auditors as members of the system, and regular cross-system verification may minimize frauds.

Computer Security

• Computer security is frequently associated with confidentiality, integrity, and authentication.
• Data reserve engineering involves processing metadata to document system and abstract business rules and relationships.

Database Connectivity

• Using the open database connectivity feature in ACL can bring all the data directly or indirectly.

Computer-Assisted Auditing Techniques

• Computer-Assisted Auditing Techniques involve the use of computers through the "Black Box Approach" and require auditors to have expert knowledge.
• White Box Approach is necessary and involves expert knowledge on the part of the auditor.

System Development

• Systems development control includes authorization, approval, testing, implementation, and documentation of new systems software and system software modifications.

System Characteristics

• A system can be natural or made, open or closed, physical or conceptual.
• A system exhibits 'entropy' (a measure of disorder or randomness).

System Development and Controls

• Computer operation controls are designed to provide access to computer systems by all concerned personnel.
• Systems development control includes authorization, approval, testing, implementation, and documentation of new systems software and system software modifications.

System Types

• Supercomputers are the largest and fastest, suitable for commercial applications, including audit work.
• Assembler language uses mnemonic symbols.
• Operating systems are devised to optimize machine capabilities, manage multiple jobs and resources, and enable resource sharing.

Processing and Controls

• Batch processing involves processing transactions one after another.
• On-line processing refers to grouping transactions and processing them in one go.
• Real-time processing involves updating files with transaction data immediately after the event occurs.
• Time-sharing systems allow access to a CPU from remote terminals.
• DSS (Decision Support System) is a system that provides tools to managers to assist them in solving structured problems.

File Management

• Master files contain current records for identification and summarizing.
• Transaction files contain relatively permanent records.
• File volatility refers to the number of additions and deletions to the file in a given period.
• File activity is the proportion of transaction file records that are actually used and accessed in a given processing run.
• File interrogation refers to the retrieval of information from a file.
• One-to-one relationship means a single entity to a single entity in a monogamous structure.

Database Management

• RDBMS (Relational Database Management System) is structured to a series of 2-dimensional tables.
• SADB (Structured Audit Data Base) is affected by database software and safety.

Controls and Checks

• Controls are present over many aspects of the computer system and its surrounding social environment.
• In framed checking, data entry is checked against an expected picture or format.
• Errors are correlated on a quarterly basis.
• Field check is exclusive to a field.
• Benford's law states that there is a specific probability of the first digit of a number being 1, 2, 3, etc.
• Check digit is a group of numbers added to a code for determining the accuracy of other digits in the code.