Ultimate Tally Exam: Trivia Quiz!

Tally is a software package that is specifically designed for accounting purposes. It helps businesses manage their financial transactions, track inventory, generate financial statements, and perform other accounting tasks. Therefore, the correct answer is "Accounting."

A fax machine is considered a fixed asset because it is a long-term tangible asset that is used in the operations of a business. Fixed assets are not intended for sale, but rather for use in the production or provision of goods and services. The value of fixed assets is spread over their useful life through depreciation. In the case of a fax machine, it is expected to be used for several years before it becomes obsolete or needs replacement. Therefore, it falls under the category of a fixed asset.

Alt + F2 is the correct answer because in many operating systems, including Linux, Alt + F2 is the keyboard shortcut used to open a command prompt or run dialog box where users can change the date and time settings. This shortcut allows users to quickly access the date and time settings without having to navigate through menus or settings.

Contra entry is used for transactions that involve both cash and bank. In accounting, a contra entry is made to record transfers of funds between a company's cash account and its bank account. This is done to ensure accurate recording of cash inflows and outflows, and to maintain proper reconciliation between the cash balance in the company's books and the bank statement. By using a contra entry, the company can clearly distinguish between cash transactions and bank transactions, making it easier to track and reconcile financial activities.

The given question is asking which of the following is not a voucher type. The options provided are Capital, Contra, Payment, and Receipt. The correct answer is Capital because Capital is not a voucher type. Voucher types are typically used for recording different types of transactions such as contra transactions, payments, and receipts. However, capital is not a voucher type as it refers to the funds invested in a business by its owners or shareholders.

The statement is false because the correct shortcut to delete a voucher is Ctrl + D, not Ctrl + V. Ctrl + V is used for pasting content.

Debit and Credit are terms used in accounting to record the flow of money in and out of an account. Debit refers to an entry that increases an asset or expense account, while Credit refers to an entry that increases a liability, equity, or revenue account. Therefore, Debit and Credit are related to the receiver and giver of money in a personal account as they represent the two sides of a transaction, with Debit being the receiver and Credit being the giver.

The statement suggests that it is possible to open the BRS (Bank Reconciliation Statement) through the banking option. This implies that there is a feature or functionality within the banking option that allows users to access and view the BRS statement. Therefore, the answer "True" indicates that it is indeed possible to open the BRS statement through the banking option.

The statement is true because pressing Ctrl + P is a common keyboard shortcut used to open the print preview window in most applications. This allows users to see a preview of how the document will look when printed, including the layout, formatting, and any other elements that will be included in the printed version.

The statement is saying that a purchase order challan is given for the product to be purchased. This implies that when making a purchase, a document known as a purchase order challan is provided. Therefore, the statement is true.

The correct answer is Bank reconciliation statement. This is a financial statement that compares the bank's records of an individual or organization's account with the individual or organization's own records. It helps to identify any discrepancies or errors in the bank transactions and ensures that the account balance is accurate.

The opening balance refers to the initial balance of all accounts at the beginning of an accounting period. The trial balance is a statement that lists the balances of all accounts, including the opening balances. Therefore, the correct answer is "Opening" as the trial balance contains the opening balance of all accounts.

Tally ERP software is primarily used for financial accounting, inventory management, payroll, and other business-related functions. It is a comprehensive solution for businesses to manage their financial records, track inventory, and generate financial reports. The other options, such as web development, graphic design, and video editing, are not functions of Tally ERP software.

The correct answer is "tax collected at source". This refers to the tax that is collected by the government at the source of income itself. It is a method of collecting tax where the person making the payment is required to deduct a certain percentage of the payment as tax and remit it to the government. The term "tax collected source" is not a commonly used phrase and does not accurately describe the concept of tax collected at source.

The discount column is available in both sales invoices and purchase invoices. This means that when creating either a sales invoice or a purchase invoice, there is a column specifically designated for entering any discounts that may apply to the transaction. This allows for easy and accurate calculation of the total amount after applying the discount.

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The correct answer is "tax deducted at source" because TDS stands for "tax deducted at source." This term refers to the practice of deducting tax from the income or payment of an individual or organization at the time of making the payment. The purpose of TDS is to collect tax in advance and ensure a steady flow of revenue for the government.

Alt + F2 is the shortcut key to change period in Tally.

The correct answer is "bill of material." A bill of material is a comprehensive list of all the components, parts, and materials needed to manufacture or assemble a product. It provides detailed information about the quantity, description, and specifications of each item required. This document is crucial for production planning, inventory management, and cost estimation.

In case of personal accounts, the receiver is debited. This means that when a transaction involves a personal account, the amount is recorded on the debit side of the account. This indicates an increase in the receiver's balance.

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The statement "We can't alter the ledger" is false. The ledger refers to a record of transactions, and it can be altered or updated as needed. In fact, the purpose of a ledger is to keep track of changes and updates to financial or other types of records. Therefore, the correct answer is False.

MRP stands for Maximum Retail Price. It is the maximum price at which a product can be sold to the end consumer. It is the price that includes all taxes, packaging, and other costs associated with bringing the product to the retail market. The MRP ensures that consumers are not overcharged for a product and provides transparency in pricing. Therefore, the correct answer is "Maximum retail price."

When furniture is sold to Ram and later returned, a credit note is issued. A credit note is a document used to record the reduction in the amount payable by the buyer. It is issued by the seller to acknowledge the return of goods and to adjust the buyer's account by reducing the amount owed. Therefore, the statement "Sold Furniture to Ram were return, goes in credit note" is true.

The correct answer is "All of the above". This means that company info consists of all the options mentioned, including group company, select company, and shut company. This suggests that company info encompasses various aspects related to different types of companies, whether they are part of a group, selected for specific purposes, or closed down.

Nominal accounts are used to record expenses, revenues, and gains or losses. They are temporary accounts that are closed at the end of an accounting period. The two types of nominal accounts mentioned in the answer, expenses and profit, are commonly found in financial statements. Expenses represent the costs incurred by a business in order to generate revenue, while profit represents the excess of revenue over expenses. Therefore, the correct answer is Expenses & Profit.

Export files are done in "4" format.

The correct answer is "Query" because the question is asking about what the tally vault password shows in. The word "Query" is the only option that makes sense in this context as it refers to a type of question or inquiry.

The statement "Tally transaction can be only done quarterly" is incorrect. Tally transactions can be done at any time and are not restricted to quarterly intervals. Therefore, the correct answer is False.

The correct answer is Alt + S. This key combination is used for TDS deduction.

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This statement is true because a cheque is a specific type of payment voucher that is used to make payments. A cheque is a written order from an account holder to their bank, instructing the bank to pay a specific amount of money to a specific recipient. Therefore, a cheque can only be printed for a payment voucher, as it is a form of payment.

Using Alt + F8 is a keyboard shortcut that is commonly used to open the "Goods out" option in a software or application. It allows users to quickly access the Goods out feature without having to navigate through menus or use a mouse. This shortcut is often used in inventory management systems or software where users need to record or track outgoing goods.

The statement suggests that the logo can be enabled through F12 configuration. However, this is not true. The F12 configuration typically refers to the browser's developer tools, which are used for debugging and inspecting web pages, but they do not have the ability to enable or disable a logo on a website. Therefore, the correct answer is false.

Splitting data in a company is not done through the shortcut Ctrl + F3. This shortcut is typically used for opening the "Define Name" dialog box in Microsoft Excel. Therefore, the statement is false.

Sales & Purchase A/c groups are reflected in the Balance Sheet. The Balance Sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It consists of two main sections: assets and liabilities. Sales and purchases are considered as part of the company's assets and are reflected in the Balance Sheet. This allows stakeholders to see the total sales and purchases made by the company and understand its financial health.

The trial balance shows the balances of all accounts in the general ledger, including both income and expense accounts. It helps in ensuring that the total debits equal the total credits, which is a fundamental principle of double-entry bookkeeping. By listing the income and expense accounts in the trial balance, it allows for easy identification and analysis of the company's financial performance.

Term loans and other medium long-term loans are considered as secured loans. Secured loans are loans that require collateral, such as property or assets, to secure the loan amount. In the case of term loans and other medium long-term loans, the borrower pledges specific assets as collateral to obtain the loan. This collateral provides security to the lender in case the borrower defaults on the loan. Therefore, the correct answer is "Secured loan."

Manufacturing expenses come under the "Miss Expenses" group. This means that these expenses are not directly related to the production process and are not considered as direct expenses. Instead, they are categorized as indirect expenses that are incurred during the manufacturing process but do not directly contribute to the creation of the product. Examples of manufacturing expenses include factory rent, utilities, depreciation of machinery, and maintenance costs.

A stock journal can be used for both production and consumption as well as for godown transfer of stock. It is a record that helps in tracking the movement of stock within an organization. It allows for the recording of stock received, stock issued for production or consumption purposes, and any transfers of stock between different locations or godowns. Therefore, the correct answer is "Both (a) & (b)".