Tally Accounting Trivia Quiz

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| By Mohsin Khan
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Mohsin Khan
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Quizzes Created: 2 | Total Attempts: 3,634
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  • 1/25 Questions

    Why is F1 used?

    • To create company
    • To delete company
    • To select company
    • To shut company
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About This Quiz

A tally is application software used to ease the accounting function of a business by reducing paperwork and allowing an accountant to easily edit and input data within the system. Having being introduced to the system it is important to ensure that you are up to the task on what is expected of you. Below is a Tally accounting trivia See moreMax time: 30 Minutes No. Of Questions: 25. All the best.

Tally Accounting Trivia Quiz - Quiz

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  • 2. 

    Trail balance is summarized form of ___________.

    • Journal

    • Ledger

    • Stock Summary

    • None of Above

    Correct Answer
    A. Ledger
    Explanation
    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.

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  • 3. 

    Inventory is the information of ___________.

    • Ledgers

    • Groups

    • Stock

    • Proprietor

    Correct Answer
    A. Stock
    Explanation
    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.

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  • 4. 

    The period of an accounting year is ___________.

    • 1 January to 31 December

    • 1 March to 31 March

    • 1 April to 31 March

    • 31 March to 1 April

    Correct Answer
    A. 1 April to 31 March
    Explanation
    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.

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  • 5. 

    If we have to make the payment of our telephone bill then which voucher will be used.

    • Contra Voucher

    • Payment Voucher

    • Journal Voucher

    • Receipt Voucher

    Correct Answer
    A. Payment Voucher
    Explanation
    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.

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  • 6. 

    What is the use of direct command?

    • Analysis

    • Interpretation

    • Calculation

    • Classification

    Correct Answer
    A. Calculation
    Explanation
    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.

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  • 7. 

    If receptionist of Kamla travels charged Mr. Manish 1650 for 3 tickets from Delhi to Lucknow, so which transaction voucher will be filled?

    • Payment Voucher

    • Receipt Voucher

    • Sale Voucher

    • Memo Voucher

    Correct Answer
    A. Sale Voucher
    Explanation
    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.

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  • 8. 

    Mesh InfoTech purchased the goods of 5,000 Rs. from a sundry creditor Ramesh, which statement is correct?

    • Ramesh is debited by mesh info tech for 5,000 Rs.

    • Mesh InfoTech is not debited by Ramesh for 5,000 Rs.

    • Mesh InfoTech is credited by Ramesh for 5,000 Rs.

    • Ramesh is credited by mesh info tech for 5,000 Rs.

    Correct Answer
    A. Mesh InfoTech is credited by Ramesh for 5,000 Rs.
    Explanation
    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.

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  • 9. 

    F4 button is used to ___________.

    • Backup the company data

    • Restore the company data

    • Alter the company data

    • None of these

    Correct Answer
    A. Restore the company data
    Explanation
    The F4 button is used to restore the company data.

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  • 10. 

    Select the steps to create a new voucher:

    • Gateway of tally> Voucher entries> Press Function key.

    • Gateway of tally> Account info.>Voucher type>Create

    • Gateway of tally> Account info> Voucher type> Display

    • Gateway of tally> Account info> Voucher type> Alter

    Correct Answer
    A. Gateway of tally> Account info.>Voucher type>Create
  • 11. 

    Credit was comes in Debit what goes out is ____________.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 12. 

    Accounting Process contains following steps

    • Financial Transactions

    • Recording

    • Classifying

    • Summarizing

    • Analysis and interpretation

    Correct Answer(s)
    A. Financial Transactions
    A. Recording
    A. Classifying
    A. Summarizing
    A. Analysis and interpretation
    Explanation
    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.

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  • 13. 

    Which one is better defined as Money measurement concept?

    • Every business is a separate entity from the proprietor. Business & owners are distinct.

    • All transaction is to be recorded in the books of accounts at this cost price when purchased, not on market price.

    • Every transaction has dual effect. If there is a debit then there has to be a corresponding credit of equal amount.

    • Record only those transactions in the book of accounts, which can be expressed in terms of money.

    Correct Answer
    A. Record only those transactions in the book of accounts, which can be expressed in terms of money.
    Explanation
    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.

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  • 14. 

    The term in proprietor in tally is used as

    • A person who credits the goods to the company for a period

    • A person to whom company lends money in advance

    • Investor of money in any company

    • None of these

    Correct Answer
    A. Investor of money in any company
    Explanation
    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."

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  • 15. 

    Which voucher provides debit note and credit note options?

    • Payment voucher

    • Memo voucher

    • Debit voucher

    • Credit voucher

    • Journal voucher

    Correct Answer
    A. Journal voucher
    Explanation
    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.

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  • 16. 

    There may be several transactions relating to one particular account.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 17. 

    Whether the business is in profit or loss during the period covered by the trial balance. A trading and profit and loss account is prepared for this purpose. Which account reveals this fact?

    • Real A/c

    • Nominal A/c

    • Final A/c

    • Tangible A/c

    Correct Answer
    A. Final A/c
    Explanation
    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.

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  • 18. 

    What is the short key in tally for printing the sale voucher?

    • Ctrl+P

    • Ctrl+Alt+P

    • Alt+P

    • None of these

    Correct Answer
    A. Alt+P
    Explanation
    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.

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  • 19. 

    Balance sheet is a _______________.

    • Statement of assets and liabilities a company.

    • Statement of Voucher entries

    • Statement of codes of accounting

    • None of above

    Correct Answer
    A. Statement of assets and liabilities a company.
    Explanation
    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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  • 20. 

    Restore option is used to store the data of another drive to your hard disk.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 21. 

    Which is the correct order of accounting cycle?

    • Transactions > Ledgers > Journal > Trail Balance > Balance Sheet

    • Ledgers > Transactions > Journal > Trail Balance > Balance Sheet

    • Transactions > Journal > Ledgers >Trail Balance > Balance Sheet

    • Journal > Transactions > Ledgers > Trail Balance > Balance Sheet

    Correct Answer
    A. Transactions > Journal > Ledgers >Trail Balance > Balance Sheet
    Explanation
    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.

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  • 22. 

    Tally is accounting software with coding.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 23. 

    This button of button area is used to switch between the selected companies.

    • F3

    • Alt + F3

    • F1

    • Alt + F1

    Correct Answer
    A. F3
    Explanation
    The F3 button is used to switch between the selected companies in the button area.

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  • 24. 

    Suspense account is used ______________________.

    • To keep track of money which we don’t want to show in balances sheet, whose transaction is not yet known.

    • It is used to holds indirect income of the company for e.g. income by selling the goods.

    • Records of all investment bonds, shares etc.

    • None of above.

    Correct Answer
    A. To keep track of money which we don’t want to show in balances sheet, whose transaction is not yet known.
    Explanation
    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.

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  • 25. 

    Assets are the property of _____________.

    • Debtor

    • Owner

    • Creditor

    • None of these

    Correct Answer
    A. Owner
    Explanation
    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.

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Quiz Review Timeline (Updated): Mar 22, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 26, 2010
    Quiz Created by
    Mohsin Khan

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