Tally Accounting Trivia Quiz

The period of an accounting year is from 1 April to 31 March. This is because in most countries, including India and the United Kingdom, the financial year for accounting purposes starts on 1 April and ends on 31 March of the following year. This allows for consistent and standardized reporting of financial information for businesses and organizations.

The correct answer is Payment Voucher because it is specifically designed for recording payments made by a company. It provides details such as the name of the payee, the amount paid, the mode of payment, and the account from which the payment is made. This voucher helps in maintaining accurate records of all the payments made, which is essential for financial reporting and auditing purposes.

A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity. This statement helps to assess the company's financial health, liquidity, and solvency. By listing the assets and liabilities, it allows investors, creditors, and other stakeholders to understand the company's financial standing and make informed decisions. Therefore, the correct answer is "Statement of assets and liabilities a company."

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This statement is true because it is common for a single account to have multiple transactions associated with it. Transactions can include deposits, withdrawals, transfers, and other financial activities that occur within an account. Therefore, it is possible for there to be several transactions relating to one particular account.

Assets are the property of the owner. This means that the owner has legal rights and control over the assets, which can include physical items such as property, equipment, or inventory, as well as intangible assets like patents or trademarks. The owner is responsible for managing and utilizing these assets to generate value and support the operations of the business.

Inventory refers to the complete list of goods, materials, or items that a company or business holds for the purpose of production, sale, or distribution. It includes both finished goods ready for sale and raw materials or components used in the production process. Therefore, the correct answer for this question is "Stock," as it accurately represents the information of the goods or materials held by a company.

The restore option is used to transfer or copy the data from another drive onto your hard disk. This allows you to retrieve or recover files that may have been lost or deleted from the other drive. By selecting the restore option, you can ensure that the data from the other drive is saved and accessible on your hard disk.

The correct answer is Alt+P. In Tally, Alt+P is the shortcut key used for printing the sale voucher. This shortcut allows users to quickly print the sale voucher without having to navigate through the menu options.

The statement suggests that when credit comes in, debit goes out. However, the correct answer is False. This means that the statement is incorrect, and it is not true that what goes out is debit when credit comes in.

The use of direct command is for performing calculations. This suggests that the direct command is a tool or function that allows for mathematical calculations to be carried out. It implies that the direct command is specifically designed to assist with numerical operations and computations.

The final account reveals whether the business is in profit or loss during the period covered by the trial balance. It includes the trading account, which calculates the gross profit or loss from buying and selling goods, and the profit and loss account, which calculates the net profit or loss after considering all expenses and revenues. By preparing the final account, the business can determine its financial performance and make informed decisions for the future.

A suspense account is used to keep track of money that we don't want to show in the balance sheet and whose transaction is not yet known. This allows for the temporary holding of funds until the transaction can be properly recorded and categorized. This helps maintain the accuracy and integrity of the balance sheet by ensuring that all transactions are accounted for correctly.

A Journal voucher is the correct answer because it provides options for both debit notes and credit notes. Debit notes are used to record an increase in expenses or a decrease in assets, while credit notes are used to record a decrease in expenses or an increase in assets. Journal vouchers are commonly used to make adjustments and corrections in accounting records, making them the appropriate choice for recording both debit and credit notes.

The correct order of the accounting cycle is as follows: Transactions are recorded, then they are summarized in the Journal, then the transactions are posted to the Ledgers, after which a Trial Balance is prepared to ensure that debits and credits are equal, and finally, the Balance Sheet is prepared to show the financial position of the company.

The trial balance is a summarized form of the ledger. It is a statement that lists all the balances of the accounts in the ledger, including both debit and credit balances. The purpose of the trial balance is to ensure that the total debits equal the total credits, which helps in identifying any errors or discrepancies in the accounting records. Therefore, the correct answer is Ledger.

Tally is accounting software, but it does not involve coding. It is designed to simplify and automate various accounting tasks such as recording transactions, managing inventory, and generating financial reports. Users do not need to have programming skills to use Tally as it provides a user-friendly interface and pre-built functions to perform accounting operations. Therefore, the statement "Tally is accounting software with coding" is incorrect.

The term "proprietor" in Tally refers to an individual who invests money in any company. This means that the person contributes funds to the company's capital, becoming one of the owners or shareholders. The term does not refer to someone who credits goods to the company for a period or to someone who lends money to the company in advance. Therefore, the correct answer is "Investor of money in any company."

In accounting, when a company purchases goods from a creditor, the company is debited and the creditor is credited. In this case, Mesh InfoTech purchased goods from Ramesh, so Mesh InfoTech is debited. On the other hand, Ramesh is the creditor who provided the goods, so Ramesh is credited. Therefore, the statement "Mesh InfoTech is credited by Ramesh for 5,000 Rs." is correct.

The concept of Money measurement states that only transactions that can be expressed in terms of money should be recorded in the books of accounts. This means that any non-monetary transactions or events should not be recorded, as they cannot be measured and expressed in monetary terms. This concept ensures that the financial statements accurately reflect the financial position and performance of the business in monetary terms, which is essential for decision-making and comparison purposes.

F1 is used to shut down a company. This function key is commonly used as a shortcut key to access the help menu in various software applications, including operating systems. However, in the given context, F1 is being used metaphorically to represent the action of closing or terminating a company's operations. It implies that pressing F1 would initiate the process of shutting down the company.

The correct answer is Sale Voucher. This is because the receptionist of Kamla travels charged Mr. Manish for the tickets, indicating a sale transaction. A Sale Voucher is used to record the sale of goods or services. In this case, the sale of the tickets from Delhi to Lucknow is being recorded, so a Sale Voucher would be filled to document the transaction.

The accounting process involves several steps. Firstly, financial transactions are recorded, which means that all relevant business activities are documented. Then, these transactions are classified, meaning they are categorized into different accounts such as assets, liabilities, and expenses. Next, the summarized information is prepared, which involves organizing and presenting the data in a clear and concise manner. Finally, analysis and interpretation are done to understand the financial performance and make informed decisions based on the information gathered.

The F4 button is used to restore the company data.

The F3 button is used to switch between the selected companies in the button area.