Are You Ready To Take This Tally Quiz?
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Balance sheet display...
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Entire summary of the all ledger accounts
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Balances of all individual account
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Bank and cash Balances
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Exact financial position of the business on specific date
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Are You Ready To Take This Tally Quiz? Test your knowledge on Tally's capabilities in displaying financial positions, understanding account types, recognizing financial year start dates, and categorizing expenses. Essential for learners in accounting and finance.
Quiz Preview
- 2.
Tally is...
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Package, which maintains accounts only
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Which maintains accounts with inventory records
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Which display the detail report trial balance, balance sheet etc
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All are correct
Correct Answer
A. All are correctExplanation
The correct answer is "All are correct." This means that all of the statements provided are true. Tally is a package that can be used to maintain accounts only, maintain accounts with inventory records, and display detailed reports such as trial balance and balance sheet. Therefore, all of the given options accurately describe the capabilities of Tally.Rate this question:
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- 3.
Which of the following is not an account type?
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Personal Accounts
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Real Accounts
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Occasional account
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Nominal account
Correct Answer
A. Occasional accountExplanation
The given options are Personal Accounts, Real Accounts, Occasional account, and Nominal account. Personal Accounts, Real Accounts, and Nominal accounts are all types of accounts commonly used in accounting. However, "Occasional account" is not a recognized account type in accounting. Therefore, Occasional account is the correct answer as it does not belong to the list of recognized account types.Rate this question:
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- 4.
Term loans & other medium /long _term loans comes under __________Group
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Unsecured Loan
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Secured Loan
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Loans & Advances
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Current liability
Correct Answer
A. Loans & AdvancesExplanation
Term loans and other medium/long-term loans come under the Loans & Advances group. This group includes all types of loans and advances provided by a company, such as term loans, working capital loans, and other long-term financing options. These loans are typically given to support the company's operations, expansion plans, or investment activities. They are categorized as long-term liabilities on the company's balance sheet and are expected to be repaid over a period of more than one year.Rate this question:
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- 5.
____________is beginning date of financial year
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1st January
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1st February
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1st March
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1st April
Correct Answer
A. 1st AprilExplanation
The beginning date of the financial year is 1st April. This is because in many countries, including India, the financial year starts on 1st April and ends on 31st March of the following year. This date is chosen to align with the agricultural and business cycles, as well as to allow for proper accounting and taxation purposes.Rate this question:
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- 6.
Manufacturing expenses comes under___________ Group
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Expenses (Indirect)
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Miss Expenses
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Direct Expenses
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None
Correct Answer
A. Direct ExpensesExplanation
Manufacturing expenses are costs directly associated with the production of goods. These expenses include raw materials, labor costs, and equipment depreciation. Since they are directly related to the manufacturing process, they fall under the category of Direct Expenses. Indirect Expenses, on the other hand, are costs that cannot be directly traced to the production process, such as administrative expenses or overhead costs.Rate this question:
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- 7.
Which financial statement can be made from Trial Balance?
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Ledger
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Purchases
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Sales
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Balance sheet
Correct Answer
A. Balance sheetExplanation
A balance sheet can be made from a trial balance because a trial balance provides a list of all the accounts and their respective balances, including assets, liabilities, and equity. By organizing and categorizing these balances, a balance sheet can be created, which shows the financial position of a company at a specific point in time. It presents a summary of the company's assets, liabilities, and equity, providing important information about its financial health and stability. Therefore, the correct answer is balance sheet.Rate this question:
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- 8.
In case of personal accounts the receiver is
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Debit
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Credit
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Both
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Balance entered in voucher
Correct Answer
A. DebitExplanation
In personal accounts, the receiver is debited. This means that when a person or entity receives money or any other benefit, their personal account is debited to record the increase in their balance. Debiting the receiver's account helps maintain accurate records of the transactions and ensures that the accounting equation (assets = liabilities + equity) remains balanced. By debiting the receiver, it reflects that they have gained something and their account balance has increased.Rate this question:
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- 9.
Which of the following information is must to create a company
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Name of the company & Financial year
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Name of the company & Income Tax No
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Name of the company & Sales Tax No
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All Above
Correct Answer
A. Name of the company & Financial yearExplanation
To create a company, the two essential pieces of information that must be provided are the name of the company and the financial year. The name of the company is necessary to establish its identity and distinguish it from other businesses. The financial year is crucial for accounting and reporting purposes, as it determines the period for which financial statements will be prepared and assessed. Together, these two pieces of information are fundamental for the formation and operation of a company.Rate this question:
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- 10.
Journal book is used to
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Records all the entries
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To records all the non-cash transactions only
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Entries regarding general transactions
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All sale and purchase records
Correct Answer
A. To records all the non-cash transactions onlyExplanation
The correct answer is "To records all the non-cash transactions only." This means that a journal book is specifically used to record transactions that do not involve cash. It is a record of non-cash transactions such as credit sales, credit purchases, and other transactions that do not involve the exchange of physical currency.Rate this question:
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- 11.
_____________is a Reserved group which goes to liabilities
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Capital A/C
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Fixed Asset
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Investment
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Sundry debtors
Correct Answer
A. Capital A/CExplanation
Capital A/C is a Reserved group which goes to liabilities. This means that the Capital Account is a category that falls under the liabilities section of the balance sheet. The Capital Account represents the owner's equity in the business and includes the initial investment made by the owner, as well as any additional capital contributions or withdrawals. It is important to categorize the Capital Account correctly in order to accurately represent the financial position of the business.Rate this question:
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- 12.
Alias is ____________
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To change group name
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Simple mechanism to call an account by another name
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Type of Group
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Type of Ledger
Correct Answer
A. Simple mechanism to call an account by another nameExplanation
Alias is a simple mechanism to call an account by another name. This means that an alias allows for an alternate name to be used in reference to a particular account. It provides a way to easily identify and refer to an account using a different name, without changing the actual account name or affecting its functionality. This can be helpful in situations where multiple names are commonly used for the same account, or when a more recognizable or memorable name is desired for an account.Rate this question:
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- 13.
Sales purchase A/C groups are reflected in _____________
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Profit & loss A/C
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Balance sheet
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Journal Register
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None of the above
Correct Answer
A. Profit & loss A/CExplanation
Sales purchase A/C groups are reflected in the Profit & loss A/C. This is because the Sales purchase A/C is used to record all sales and purchases made by a company. These transactions directly impact the company's profitability, which is reflected in the Profit & loss A/C. The Profit & loss A/C shows the company's revenue, expenses, and ultimately, its net profit or loss for a specific period. Therefore, the Sales purchase A/C groups are included in the Profit & loss A/C to accurately calculate the company's financial performance.Rate this question:
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- 14.
Trial Balance contains ___________ balance of all accounts
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Closing
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Only credit
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Opening
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None
Correct Answer
A. OpeningExplanation
The given answer "Opening" is correct because a Trial Balance contains the opening balance of all accounts. The opening balance is the initial balance of an account at the beginning of an accounting period, which is carried forward from the previous period's closing balance. The Trial Balance is prepared to ensure that the total debits and credits in the accounts are equal and to identify any errors or discrepancies in the recording of transactions. Therefore, it includes the opening balance of all accounts to provide a starting point for the accounting period.Rate this question:
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- 15.
Under Group _______________ can be created
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Vouchers
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Date
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Multiple Ledgers
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All above
Correct Answer
A. Multiple LedgersExplanation
Multiple ledgers can be created under a group. This allows for better organization and tracking of financial transactions. Each ledger can represent a different account or category, making it easier to manage and analyze financial data. By creating multiple ledgers, businesses can have a clear and detailed record of their financial activities, ensuring accuracy and facilitating decision-making processes.Rate this question:
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- 16.
Closing stock appears in _______________
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Balance Sheet
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Trial Balance
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Profit & loss A/C
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None of the above
Correct Answer
A. Balance SheetExplanation
Closing stock appears in the Balance Sheet because it represents the value of unsold goods at the end of the accounting period. It is considered an asset and is included in the current assets section of the Balance Sheet. The value of closing stock is important for determining the cost of goods sold and calculating the gross profit. It is not included in the Trial Balance as it is not a ledger account and does not affect the trial balance totals. It is also not included in the Profit & Loss A/C as it is not an expense or income item.Rate this question:
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- 17.
Cash in hand & bank A./C balance helps for______________
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Inventory control
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Payment Decision
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Sales performance
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All above
Correct Answer
A. Payment DecisionExplanation
Cash in hand and bank account balance help in making payment decisions. Having sufficient cash in hand and a healthy bank account balance ensures that a company can meet its financial obligations and make timely payments to suppliers, employees, and other stakeholders. It allows for better cash flow management and helps in avoiding late payment penalties or defaulting on payments. Therefore, cash in hand and bank account balance are crucial factors in making effective payment decisions.Rate this question:
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- 18.
Changes carried out in F12 are ______________
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Global & will be effective for all working companies
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Not Global will not be effective for all working companies
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Affected to that particular company only
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None of the above
Correct Answer
A. Affected to that particular company onlyExplanation
The changes carried out in F12 are affected to that particular company only. This means that any modifications or adjustments made in F12 will only impact the specific company in which they are made, and will not have any effect on other working companies.Rate this question:
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- 19.
Restoration of data is ____________
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Re-entering the data
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Process of getting back the earlier data in Hard disk
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Process of keeping a copy of the data in another place
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All above
Correct Answer
A. Process of keeping a copy of the data in another placeExplanation
Restoration of data refers to the process of keeping a copy of the data in another place. This is done in order to ensure that if the original data is lost or damaged, it can be retrieved from the backup copy. By creating a duplicate copy of the data in a separate location, the risk of data loss is minimized and the data can be easily recovered if needed. This practice is commonly used to protect against data loss due to hardware failure, software errors, or other unforeseen events.Rate this question:
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- 20.
_________Can not be printed in a Quick Format
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Trial Balance
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Balance Sheet
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Cheque
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Ledger
Correct Answer
A. ChequeExplanation
A cheque cannot be printed in a Quick Format because it requires specific information such as the payee's name, amount, and signature to be manually written on the cheque. Quick Format is a printing option that allows for quick and automated printing of documents without the need for manual input. However, since a cheque requires personalized information, it cannot be printed in this format.Rate this question:
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- 21.
_________Vouchers is a pure inventory voucher
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Cash Paid Creditor
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Delivery Note
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Material rejection entry
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Expenses
Correct Answer
A. Delivery NoteExplanation
A delivery note is considered a pure inventory voucher because it is used to record the movement of goods from one location to another. It serves as a proof of delivery and provides details about the goods being delivered, such as quantity, description, and condition. Unlike the other options listed, which involve cash payments, material rejection, or expenses, a delivery note specifically relates to inventory management and tracking.Rate this question:
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- 22.
Inventory Management comprises of _________
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Delivery In
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Delivery Out
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Inventory control
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All of above
Correct Answer
A. All of aboveExplanation
Inventory management comprises of delivery in, delivery out, and inventory control. Delivery in refers to the process of receiving and recording incoming inventory items. Delivery out involves the process of fulfilling customer orders and shipping out inventory items. Inventory control involves managing and monitoring the levels of inventory to ensure optimal stock levels, minimize stockouts, and avoid overstocking. Therefore, all of the given options are part of inventory management.Rate this question:
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- 23.
Contra entry is used for ___________
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Transaction involves Cash and Bank
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Transactions related to Purchase
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Salaries paid to the employees
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Contracting expenses only
Correct Answer
A. Transaction involves Cash and BankExplanation
Contra entry is used for transactions that involve both cash and bank. This means that when there is a transfer of funds between the cash account and the bank account, a contra entry is made to record this transaction. It is important to use contra entries to maintain accurate and balanced accounts, as it helps in reconciling the cash and bank balances.Rate this question:
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- 24.
Memorandum Voucher is used to
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Enter entry having multiple account effect
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For entries regarding bank overdraft
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Remind entry which may have effect in future
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None of these
Correct Answer
A. Remind entry which may have effect in futureExplanation
A Memorandum Voucher is used to record a reminder entry which may have an effect in the future. It is not a formal accounting entry but serves as a temporary record to remind the accountant of a transaction that needs to be properly recorded at a later time. This allows for better organization and ensures that important transactions are not forgotten or overlooked.Rate this question:
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- 25.
Which of the following is not a voucher type ____________
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Contra
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Payment
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Capital
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Receipt
Correct Answer
A. CapitalExplanation
The given options are Contra, Payment, Capital, and Receipt. Contra, Payment, and Receipt are all voucher types commonly used in accounting. However, Capital is not a voucher type. Voucher types typically refer to the different types of transactions or documents used to record financial activities. Capital, on the other hand, refers to the funds invested in a business by its owners or shareholders. Therefore, Capital is not a voucher type.Rate this question:
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- 26.
In case of personal Accounts Credit effect goes with
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Sometimes to giver & sometimes to taker
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Bank Account
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The Receiver
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The Giver
Correct Answer
A. The GiverExplanation
In personal accounts, the credit effect can go to either the giver or the taker depending on the transaction. In this case, the correct answer is "The Giver," indicating that the credit effect goes to the person who is giving or providing something in the transaction.Rate this question:
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- 27.
In each & every entry Debit & Credit balance must be equal
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Not necessary in Contra entry
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Above statement is true
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This is applicable in payment type entries only
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None of the above
Correct Answer
A. Above statement is trueExplanation
The statement "In each and every entry, Debit and Credit balance must be equal" is true. This is a fundamental principle of double-entry bookkeeping, where every transaction affects at least two accounts with equal and opposite amounts. This ensures that the accounting equation (Assets = Liabilities + Equity) remains balanced. However, this principle does not apply to contra entries, which are used to offset or cancel out previous entries. Therefore, contra entries may not have equal debit and credit balances.Rate this question:
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- 28.
Duties & Taxes is considered as ___________________ in accounting groups.
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Current liabilities
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Current assets
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Fixed assets
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Taxes
Correct Answer
A. TaxesExplanation
Duties & Taxes are considered as a separate category in accounting groups because they represent financial obligations that a company has to pay to the government. These obligations are typically short-term in nature and are expected to be settled within the current accounting period. Therefore, Duties & Taxes are classified as current liabilities in the accounting groups.Rate this question:
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- 29.
The supplier of the company belongs to ___________________ group in accounting
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Supplier
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Sundry debtor
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Sundry creditor
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Sundry Customer
Correct Answer
A. Sundry creditorExplanation
In accounting, a sundry creditor refers to a supplier or vendor from whom the company has purchased goods or services on credit. These creditors are not categorized as specific individuals or companies but rather represent a miscellaneous group of suppliers. They are recorded as liabilities on the company's balance sheet until the outstanding amount is paid off. Therefore, the correct answer for the given question is "Sundry creditor".Rate this question:
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- 30.
VAT stands for ___________________
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Value Added Tax
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Valuable At Tax
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Value Added Tally
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VAT Stands TAX
Correct Answer
A. Value Added TaxExplanation
VAT stands for Value Added Tax. This is a type of consumption tax that is levied on the value added to a product or service at each stage of its production or distribution. It is commonly used in many countries around the world as a way to generate revenue for the government. VAT is typically charged as a percentage of the selling price of goods or services and is collected by businesses on behalf of the government. It is an indirect tax that is ultimately borne by the end consumer.Rate this question:
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- 31.
______________________ is the short key to change period in tally
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Ctrl + F2
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Alt + F2
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Alt + F1
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F2
Correct Answer
A. Alt + F2Explanation
Alt + F2 is the shortcut key to change the period in Tally. This means that pressing the Alt key and F2 key simultaneously will allow the user to switch between different accounting periods in Tally software.Rate this question:
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- 32.
Fax machine is a ____________ asset.
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Fixed
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Direct
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Current
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None
Correct Answer
A. FixedExplanation
A fax machine is considered a fixed asset because it is a long-term tangible asset that is not easily converted to cash. Fixed assets are typically used by a business for an extended period of time and are not intended for resale. Fax machines are often used in offices for communication purposes and are not expected to be sold or converted into cash in the short term. Therefore, it falls under the category of fixed assets.Rate this question:
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- 33.
Use Alt + F7 for________________
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Journal
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Stock journal
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Goods out
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None
Correct Answer
A. Stock journalExplanation
Alt + F7 is used to open the Stock Journal in a software or application. The Stock Journal is a record of all the stock transactions, including the details of goods received and goods issued. It helps in keeping track of the stock levels, managing inventory, and ensuring accurate financial reporting. By using Alt + F7, users can quickly access and update the Stock Journal, making it a convenient shortcut for inventory management.Rate this question:
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- 34.
Tally is---------------Software
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Computerize Accounting
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Manual Accounting
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Operating System
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Language
Correct Answer
A. Computerize AccountingExplanation
The given answer is "Computerize Accounting" because Tally is a software that is specifically designed for computerized accounting. It is widely used by businesses for managing their financial transactions, generating reports, and maintaining inventory records. Tally simplifies the accounting process by automating tasks and providing accurate calculations. Therefore, "Computerize Accounting" is the most appropriate option that aligns with the purpose and functionality of Tally software.Rate this question:
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- 35.
TDS deduction ____________________ key used
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ALT + T
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ALT + S
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ALT + Q
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ALT + G
Correct Answer
A. ALT + SExplanation
The correct answer is ALT + S. This key combination is used for TDS deduction.Rate this question:
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- 36.
Tally package is developed by
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Peutronics
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Tally solutions
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Coral software
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Vedika software
Correct Answer
A. Tally solutionsExplanation
Tally package is developed by Tally Solutions.Rate this question:
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- 37.
What is the utility of Tally Vault Password?
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It will lock the period of company
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It will lock all voucher entries for that company
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It will no show the company name in the Company Select List.
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None of these
Correct Answer
A. It will no show the company name in the Company Select List.Explanation
The utility of Tally Vault Password is that it will not show the company name in the Company Select List. This feature provides added security and privacy by hiding the company name from the list of available companies, making it more difficult for unauthorized users to access sensitive financial data.Rate this question:
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- 38.
We can show bill wise details of debtors and creditor by activating
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Bill by bill tivating
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Maintain bill wise details
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Maintain reference
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None of these
Correct Answer
A. Maintain bill wise detailsExplanation
By activating the "Maintain bill wise details" option, we can display the detailed information of debtors and creditors in a systematic manner. This feature allows us to keep track of individual bills and their corresponding payments or dues, making it easier to manage and reconcile accounts. It provides a clear picture of the outstanding amounts, due dates, and payment history for each bill, ensuring accurate and organized record-keeping.Rate this question:
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- 39.
What is TAN?
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Tax Absorb Number
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Tax Assign Number
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Tax Account Number
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Tax Assessment Number
Correct Answer
A. Tax Assessment NumberExplanation
TAN stands for Tax Assessment Number. It is a unique 10-digit alphanumeric number issued by the Income Tax Department of India to individuals and businesses for tax purposes. The TAN is used when filing tax returns, making tax payments, and conducting other tax-related transactions. It helps the tax authorities to track and monitor tax payments and ensure compliance with tax laws.Rate this question:
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- 40.
The shortcut key to quit from Tally is
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Ctrl + P
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Ctrl + Q
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Ctrl + M
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Ctrl + L
Correct Answer
A. Ctrl + QExplanation
The shortcut key Ctrl + Q is used to quit from Tally. This means that when you press Ctrl + Q, the Tally software will close and exit.Rate this question:
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- 41.
Manufacturing Journal creates based on
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Journal
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Purchase Quotation
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Stock Journal
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Receipt Note
Correct Answer
A. Stock JournalExplanation
The Manufacturing Journal is created based on the Stock Journal. The Stock Journal is a document used to record the movement of stock items within a company, such as transfers between locations or departments, stock adjustments, or stock returns. The Manufacturing Journal is specifically used to record the production process in a manufacturing company, including the consumption of raw materials, the addition of labor and overhead costs, and the production of finished goods. Therefore, the Stock Journal serves as the basis for creating the Manufacturing Journal.Rate this question:
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- 42.
Sales Tax Ledger falls under which Group?
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Sales
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Purchases
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Duties and Taxes
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Indirect Expenses
Correct Answer
A. Duties and TaxesExplanation
The Sales Tax Ledger falls under the Duties and Taxes group because it is a record of the sales tax collected from customers. Duties and taxes are expenses incurred by a business in order to comply with government regulations, and sales tax is a type of tax imposed on the sale of goods and services. Therefore, it is appropriate to categorize the Sales Tax Ledger under Duties and Taxes.Rate this question:
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- 43.
Single Entry mode is applicable for
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Receipt Voucher
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Payment Voucher
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Contra Voucher
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All of these
Correct Answer
A. All of theseExplanation
Single Entry mode is applicable for all of these vouchers (Receipt Voucher, Payment Voucher, and Contra Voucher). In Single Entry mode, only one aspect of the transaction is recorded, either the debit or the credit. This mode is used when the complete double-entry accounting system is not followed. Each of these vouchers can be recorded using the Single Entry mode, where only the relevant information is entered without the need for a corresponding entry.Rate this question:
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- 44.
To change Current Date from Gateway of Tally press the key
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F1
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F2
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F5
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F9
Correct Answer
A. F2Explanation
To change the current date from the Gateway of Tally, the user needs to press the F2 key.Rate this question:
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- 45.
BOM represents
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Bill Of Maintenance
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Bill Of Materials
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Billing Of Machines
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Billing Of Machine
Correct Answer
A. Bill Of MaterialsExplanation
BOM stands for Bill Of Materials, which is a comprehensive list of all the components, parts, and materials required to manufacture a product. It includes details such as quantities, descriptions, and specifications of each item needed. BOM is an essential document in manufacturing and production processes as it helps in planning, tracking, and managing the inventory and costs associated with the production. Therefore, the correct answer is "Bill Of Materials."Rate this question:
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- 46.
F12 is known as
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Company Configuration
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Tax
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Accounting Features
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Company Features
Correct Answer
A. Company ConfigurationExplanation
F12 is known as "Company Configuration" because it refers to a key on the keyboard that is commonly used to access the configuration settings of various software applications. In this context, it specifically refers to the configuration settings of a company, such as setting up company information, preferences, and other customizable options.Rate this question:
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- 47.
What is MRP?
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Market Price
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Marginal Price
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Maximum Retail Price
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Minimum Retail Price
Correct Answer
A. Maximum Retail PriceExplanation
MRP stands for Maximum Retail Price. It is the highest price at which a product can be sold to the end consumer. This price includes all taxes and additional charges. The MRP is set by the manufacturer or the supplier and is displayed on the product packaging. It serves as a reference point for retailers to ensure that they do not charge more than the specified price to consumers. The MRP helps in protecting consumers from being overcharged and promotes fair pricing in the market.Rate this question:
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- 48.
While exporting Ledgers from Tally to Web Page, we use
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ASCII Format
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XML Format
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SDF Format
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HTML Format
Correct Answer
A. HTML FormatExplanation
When exporting Ledgers from Tally to a web page, the format used is HTML. HTML (Hypertext Markup Language) is the standard markup language for creating web pages. It is widely supported by web browsers and allows for the formatting and structuring of content on the web. By exporting Ledgers in HTML format, the data can be easily displayed and accessed on web pages, making it convenient for online viewing and sharing.Rate this question:
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- 49.
We can cancel a voucher using
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Alt + X
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Ctrl + X
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Shift + X
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Ctrl + Shift + X
Correct Answer
A. Alt + XExplanation
Pressing Alt + X is the correct way to cancel a voucher. This key combination is commonly used in software applications to perform a specific action, such as canceling or closing a window. In this case, pressing Alt + X would trigger the cancellation of the voucher, allowing the user to undo any changes or actions associated with it. The other key combinations mentioned (Ctrl + X, Shift + X, Ctrl + Shift + X) do not typically perform the same action of canceling a voucher in most software applications.Rate this question:
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Quiz Review Timeline (Updated): Mar 21, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 21, 2023Quiz Edited by
ProProfs Editorial Team -
Nov 22, 2016Quiz Created by
Ashutosh
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