Question 1

Where do we record cash sales in Tally
A)Contra
B)Receipt
C)Payment
D)Journal

Accepted Answer

Cash sales are recorded under the "Receipt" category in Tally because it involves receiving cash into the business.

Question 2

Where do we record credit purchase of furniture in Tally
A)Purchase
B)Payment
C)Receipt
D)Journal

Accepted Answer

Credit purchase of furniture is recorded in the Journal as it involves a non-cash transaction that needs to be recorded as a liability.

Question 3

Where do we record purchase return, sales return, depreciation, bad debts etc.in Tally
A)Journal
B)Payment
C)Contra
D)Receipt

Accepted Answer

These transactions are non-cash transactions that do not involve direct payment or receipt of cash, hence they are recorded in the Journal section in Tally.

Question 4

Which of the following equation is true for balance sheet
A)Assets = Liabilities +Capital
B)Liabilities = Assets + Capital
C)Capital = Assets+ Liabilities
D)All of these

Accepted Answer

The balance sheet equation is Assets = Liabilities + Capital. This equation shows that the total assets of a company must equal the total liabilities plus the total capital.

Question 5

How many options related to Company Features are there in F11: Features in Tally
A)3
B)2
C)5
D)4

Accepted Answer

The answer of How many options related to Company Features...

Question 6

Which unit is created for stock items like grain, pulse, sugar, oil, ghee etc.
A)Lts
B)Nos
C)Kgs
D)Box

Accepted Answer

Kgs (kilograms) is the unit typically used for measuring stock items like grain, pulse, sugar, oil, ghee, etc., as these items are commonly sold by weight.

Question 7

Which option is used to view Trial Balance from Gateway of Tally
A)Gateway of Tally> Reports > Trial Balance
B)Gateway of Tally> Trial Balance
C)Gateway of Tally> Reports >Display > Trial Balance
D)None of these

Accepted Answer

The correct path to view the Trial Balance in Tally is through the Gateway of Tally, then navigating to Reports, then to Display, and finally selecting Trial Balance.

Question 8

Which option is true for viewing Profit & Loss A/C in Gateway of Tally
A)Gateway of Tally> Reports > Profit & Loss A/C
B)Gateway of Tally>Display > Profit & Loss A/C
C)Gateway of Tally> Account Books > Profit & Loss A/C
D)None of these

Accepted Answer

Gateway of Tally> Reports > Profit & Loss A/C is the correct option for viewing Profit & Loss A/C in Gateway of Tally.

Question 9

By default, which mode is on in Purchase and Sales voucher
A)Norma Mode
B)Item Invoice Mode
C)Particulars Mode
D)None of these

Accepted Answer

By default, the Item Invoice Mode is on in Purchase and Sales vouchers in accounting software like Tally. This mode is used for recording transactions that involve inventory items.

Question 10

Which step is followed to view Purchase Register
A)Gateway of Tally> Display >Sales Register
B)Gateway of Tally> Account Books >Sales Register
C)Gateway of Tally>Display > Account Books > Purchase Register
D)None of these

Accepted Answer

To view the Purchase Register in Tally, you navigate through the Gateway of Tally to Display, then to Account Books, and finally select Purchase Register. This path allows you to access and review all purchase transactions recorded in Tally.

Question 11

Which of the following is not compulsory to create while entry in Accounts with Inventory
A)Stock Groups
B)Stock Items
C)Stock Categories
D)Units of Measure

Accepted Answer

Stock Categories are not compulsory for creating an entry in Accounts with Inventory. Stock Groups, Stock Items, and Units of Measure are essential for defining and categorizing inventory, but Stock Categories are optional and used for further classification.

Question 12

Which reports are prepared monthly in Tally
A)Profit & Loss A/C
B)Balance Sheet
C)Trial Balance
D)Cash Flow of Funds Flow

Accepted Answer

The answer of Which reports are prepared monthly in Tally
A)Profit...

Question 13

By which option Purchase or Sales register can be viewed
A)Statutory Books
B)Inventory Books
C)Accounts Books
D)Display

Accepted Answer

Accounts Books are used to view Purchase or Sales registers as they record all transactions related to purchases and sales, providing a detailed account of the business's buying and selling activities.

Question 14

Which option is used to view Stock Items or Group Summary
A)Accounts Books
B)Inventory Books
C)Statutory Books
D)Display

Accepted Answer

Inventory Books option is used to view Stock Items or Group Summary in accounting software, as it specifically pertains to managing and reviewing inventory-related data.

Question 15

We can change the Company Information from
A)A Company Info > Back up
B)Company Info > Alter
C)Company Info > Split Company Data
D)None of these

Accepted Answer

The correct option to change the Company Information in many software systems, including accounting and ERP systems, is typically found under a menu or option labeled something similar to "Company Info" followed by an action like "Alter" or "Edit." This allows users to update or change details about the company, such as its name, address, contact information, and other relevant details. Options like "Back up" or "Split Company Data" serve different purposes, such as creating a backup of the company's data or dividing the company's data into separate parts, respectively.

Question 16

Company Restore option is available in
A)Company Features
B)Company Information
C)Configuration
D)None of these

Accepted Answer

The Company Restore option is typically found in the "Company Information" section, where you can manage settings and information specific to the company, including restoring company data if such functionality is provided.

Question 17

We can modify an existing Company from
A)Company Info > Alter
B)Company Info > Alter Company
C)Gateway of Tally > Modify Company
D)None of these

Accepted Answer

The answer of We can modify an existing Company from
A)Company...

Question 18

Party account can be created through
A)Group creation window
B)Ledger creation window
C)Inventory creation window
D)Any one of them

Accepted Answer

Party accounts are typically created through the Ledger creation window, where detailed information about the party, such as name, opening balance, and contact details, can be entered and categorized appropriately under assets, liabilities, income, or expenses.

Question 19

What is the utility of Tally Vault Password
A)It will lock the period of Company
B)It will lock all voucher entries for that Company
C)It will not show the Company Name in the Company Select List
D)None of these

Accepted Answer

Tally Vault Password is a security feature in Tally that encrypts the company data, making the company name invisible in the Company Select List. This adds an extra layer of security, as unauthorized users cannot even see the company's name, let alone access its data.

Question 20

We can show Bill wise details of Debtors and Creditors by activating
A)Bill by bill
B)Maintain Bill wise Details
C)Maintain References
D)None of these

Accepted Answer

Maintain Bill wise Details is the feature in accounting software that allows users to track and manage the details of transactions on a bill-by-bill basis for both debtors and creditors.

Quiz 2: Tally Accounting Software Operations and Functions

Where do we record cash sales in Tally

Where do we record credit purchase of furniture in Tally

Where do we record purchase return, sales return, depreciation, bad debts etc.in Tally

Which of the following equation is true for balance sheet

How many options related to Company Features are there in F11: Features in Tally

Which unit is created for stock items like grain, pulse, sugar, oil, ghee etc.

Which option is used to view Trial Balance from Gateway of Tally

Which option is true for viewing Profit & Loss A/C in Gateway of Tally

By default, which mode is on in Purchase and Sales voucher

Which step is followed to view Purchase Register

Which of the following is not compulsory to create while entry in Accounts with Inventory

Which reports are prepared monthly in Tally

By which option Purchase or Sales register can be viewed

Which option is used to view Stock Items or Group Summary

We can change the Company Information from

Company Restore option is available in

We can modify an existing Company from

Party account can be created through

What is the utility of Tally Vault Password

We can show Bill wise details of Debtors and Creditors by activating