Are You Ready To Take This Tally Quiz?

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.

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.

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.

To change the current date from the Gateway of Tally, the user needs to press the F2 key.

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.

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.

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.

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.

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.

Tally package is developed by Tally Solutions.

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.

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.

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.

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.

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.

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.

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.

The balance sheet displays the exact financial position of the business on a specific date. It provides a snapshot of the company's assets, liabilities, and shareholders' equity at a given point in time. By presenting the balances of all individual accounts, including bank and cash balances, the balance sheet offers a comprehensive summary of the company's financial standing. It is a crucial financial statement that helps stakeholders evaluate the company's solvency, liquidity, and overall financial health.

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.

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.

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.

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.

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.

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.

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.

The correct answer is Ctrl + N. This keyboard shortcut is commonly used to activate the calculator. Ctrl + N is a widely recognized shortcut for creating a new document or opening a new window in various applications, including the calculator. By pressing Ctrl + N, users can quickly open a new instance of the calculator program, allowing them to perform calculations without having to navigate through menus or use the mouse.

To transfer funds from the Main Cash to the Petty Cash or Bank, a Contra voucher is required. A Contra voucher is used to record transactions that involve both cash and bank accounts within the same organization. In this case, the transfer of funds from the Main Cash to the Petty Cash/Bank involves a movement of cash within the organization, making the Contra voucher the appropriate choice to document this transaction.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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".

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.

The correct answer is 2 because the question states that there are "predefined ledgers," indicating that there are multiple ledgers already set up. Since the options provided include numbers 1, 2, 3, and 4, the option 2 is the most logical choice as it falls within the given range and suggests the existence of multiple predefined ledgers.

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.

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.

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."

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.

To print a voucher from Tally, the correct key combination is Alt + P. This combination is used to access the print option in Tally and allows users to print the selected voucher.

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.

Pressing Alt + F1 allows the user to see any report in a detailed way.

The recording of actual stock as physically verified or counted is done through the process of Physical Stock. This involves physically counting and verifying the quantity of stock on hand, comparing it with the recorded stock levels, and making necessary adjustments to accurately reflect the actual stock position. The Physical Stock process helps in ensuring the accuracy of inventory records and identifying any discrepancies or losses in stock.