Ultimate Tally Exam: Trivia Quiz!

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  • 1/41 Questions

    Tally is a ________________ package.

    • Graphical
    • Accounting
    • Numerical
    • Alphabetical
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About This Quiz

The Ultimate Tally Exam: Trivia Quiz assesses knowledge in accounting using Tally software. It covers key topics like financial accounting, inventory management, and bank reconciliation, essential for professionals in finance and accounting.

Ultimate Tally Exam: Trivia Quiz! - Quiz

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  • 2. 

    Nominal A/c consists of _______________ and _____________ A/c.

    • Fixed & Unfix

    • Indirect & Direct

    • Expenses & Profit

    • Cash & Bank

    Correct Answer
    A. Expenses & Profit
    Explanation
    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.

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  • 3. 

    Which of the following is a primary function of Tally ERP software?

    • Web development

    • Financial accounting and inventory management

    • Graphic design

    • Video editing

    Correct Answer
    A. Financial accounting and inventory management
    Explanation
    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.

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  • 4. 

    Trial balance shows _______________ & _____________

    • Debit & Credit

    • Indirect & Direct exp

    • Cash & Fund Flow

    • Income & Expenses

    Correct Answer
    A. Income & Expenses
    Explanation
    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.

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  • 5. 

    Full form of B.R.S Stands for ___________________

    • Bank reconciliation statement

    • Bill recovery statement

    • Batch recovery statement

    • Balance recovery statement

    Correct Answer
    A. Bank reconciliation statement
    Explanation
    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.

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  • 6. 

    Company info consists of?

    • Group company

    • Select Company

    • Shut Company

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    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.

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  • 7. 

    Configuration keys stands for ______________

    • Alt + F10

    • F12

    • F10

    • F11

    Correct Answer
    A. F12
  • 8. 

    Tally vault password given shows in __________________

    • Symbols

    • Numbers

    • Query

    • Alphabet

    Correct Answer
    A. Query
    Explanation
    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.

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  • 9. 

    Personal a/c is ___________________ the receiver & _______________giver.

    • Local & Univocal

    • Debit & Credit

    • Fixed & Unfixed

    • Income & Expenses

    Correct Answer
    A. Debit & Credit
    Explanation
    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.

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  • 10. 

    Export files are done in _______________ format.

    • 3

    • 4

    • 6

    • 10

    Correct Answer
    A. 4
    Explanation
    Export files are done in "4" format.

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  • 11. 

    What is MRP?

    • Market price

    • Maximum return price

    • Minimum retail price

    • Maximum retail price

    Correct Answer
    A. Maximum retail price
    Explanation
    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."

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  • 12. 

    We can use stock journal for?

    • Production & Consumption

    • Godown transfer for stock

    • Both(a) & (b)

    • None of these

    Correct Answer
    A. Production & Consumption
    Explanation
    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)".

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  • 13. 

    Discount column is available in?

    • Sales invoice

    • Purchase invoice

    • Both(a) & (b)

    • None of these

    Correct Answer
    A. Both(a) & (b)
    Explanation
    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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  • 14. 

    _____________ is the function key for changing date.

    • F1

    • F4

    • F5

    • Alt + F2

    Correct Answer
    A. Alt + F2
    Explanation
    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.

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  • 15. 

    Manufacturing expenses comes under_______________ Group.

    • Expenses(indirect)

    • Miss Expenses

    • Direct Expenses

    • None

    Correct Answer
    A. Miss Expenses
    Explanation
    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.

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  • 16. 

    In case of personal accounts the receiver is ________________.

    • Debit

    • Credit

    • Both

    • Balance entered in voucher

    Correct Answer
    A. Debit
    Explanation
    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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  • 17. 

    Term loans & other medium long-term loans comes under ___________ Group.

    • Unsecured loan

    • Loans & Advance

    • Secured loan

    • Current liability

    Correct Answer
    A. Secured loan
    Explanation
    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."

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  • 18. 

    Sales & Purchase A/c groups are reflected in ________________

    • Profit & Loss A/c

    • Balance Sheet

    • Journal Register

    • None of the above

    Correct Answer
    A. Balance Sheet
    Explanation
    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.

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  • 19. 

    Trail balance contains _______________ balance of all accounts.

    • Closing

    • Only credit

    • Opening

    • None

    Correct Answer
    A. Opening
    Explanation
    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.

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  • 20. 

    Contra entry is used for ___________________

    • Transaction related to Purchase

    • Salaries paid to the employees

    • Contracting expenses only

    • Transaction involves cash & bank

    Correct Answer
    A. Transaction involves cash & bank
    Explanation
    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.

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  • 21. 

    Which of the following is not a voucher type __________________

    • Contra

    • Capital

    • Payment

    • Receipt

    Correct Answer
    A. Capital
    Explanation
    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.

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  • 22. 

    Fax machine is a ______________asset.

    • Direct

    • Current

    • Fixed asset

    • None

    Correct Answer
    A. Fixed asset
    Explanation
    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.

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  • 23. 

    _________________is the shortcut key to change period in tally.

    • Ctrl + F2

    • Alt + F2

    • Alt + F1

    • F2

    Correct Answer
    A. Alt + F2
    Explanation
    Alt + F2 is the shortcut key to change period in Tally.

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  • 24. 

    TDS deduction ________________key used.

    • Alt + T

    • Alt + D

    • Alt + S

    • Alt + Q

    Correct Answer
    A. Alt + S
    Explanation
    The correct answer is Alt + S. This key combination is used for TDS deduction.

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  • 25. 

     Use Alt + F8 for _________________

    • Stock journal

    • Goods out

    • Goods in

    • None

    Correct Answer
    A. Goods out
    Explanation
    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.

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  • 26. 

    Logo can be enabling through F12 configuration. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 27. 

    Split Data Company can be done through Ctrl + F3.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 28. 

    We can open the BRS statement through banking option also.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 29. 

    We can’t Alter the Ledger.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 30. 

    To delete voucher Ctrl + V is used.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 31. 

    For print preview Ctrl + P is used.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 32. 

    Cheque can be print for payment voucher only.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 33. 

    Tally transaction can be only done quarterly.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 34. 

    Sold Furniture to ram were return, goes in credit note. 

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 35. 

    Purchase order challan is given fo`r the product to be purchase.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 36. 

    TDS :- 

    Correct Answer
    tax deducted at source
    tax deducted source
    Explanation
    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.

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  • 37. 

    FBT :-

    Correct Answer
    Fringe benefits tax
  • 38. 

    TCS :-

    Correct Answer
    tax collected at source
    tax collected source
    Explanation
    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.

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  • 39. 

    POS :-

    Correct Answer
    Point of sale
  • 40. 

    BOM :-

    Correct Answer
    bill of material
    Explanation
    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.

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  • Current Version
  • Jul 29, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 29, 2015
    Quiz Created by
    Sandeep

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