Advanced Tally Prime with GST Questions Answer

KLIC Advanced Tally Prime with GST Questions Answer

Tally Prime with GST Questions Answer

 

Q.1Which financial statement presents a summary of a company’s revenues and expenses over a specific period of time?
Balance sheet
Income statement
Statement of cash flows
Statement of retained earnings

Q. 2 Which of the following is an example of a current liability?
Accounts receivable
Long-term debt
Prepaid expenses
Accounts payable

Q.3 Which of the following financial statements reports a company’s financial position at a specific point in time?
Income statement
Statement of cash flows
Balance sheet
Statement of retained earnings

Q. 4 A Sales or purchase invoice can be recorded under _________.
Item Invoice Mode
Single Entry Mode
Double Entry Mode
Single Double Entry Mode

Q. 5 Use _________ shortcut key to access change mode option under Sales & Purchase Invoice in Tally
ALT+H Change Mode
CLT + H change Mode
ALT + B – Change Mode
CLT+B – Change Mode

Q. 6 In Tally Prime, which voucher type is used to record purchase returns?
Credit Note Voucher
Rejection in Voucher
Rejection Out Voucher
Debit Note Voucher

Q. 7 When recording a purchase transaction in Tally Prime, which of the following accounts is debited?
Sales Account
Purchase Accounts
Cash Account
Bank Account

Q. 8 When recording a sales transaction in Tally Prime, which of the following details is typically NOT required?
Debtor Ledger Name
Mode of Payment
Service / Item details
Invoice Number

Q. 9 Which of the following contains all the sales vouchers recorded in tally for a period?
Day Book
Trial Balance
Sales Register
Journal Register

Q.10 Enable Tally Audit feature does not appear, reason could be ________
Not activated in F12 Configuration
Not Activated at F11 Company Feature
Control User Access to Company data is set as No
Tally Audit Feature Can be activated under Account Books

Q. 11 Which of the options will help to set up the company’s PAN?
F12 Configuration
CTL+I – More details
ALT+I More details
Mark Modified voucher

Q. 12 Accounting adjustment transactions can be recorded using __________ in Tally.
Journal Voucher
Payment Voucher
Receipt Voucher
Contra Voucher

Q. 13 Outstanding balance from debtor ledgers are settled using ________ voucher in Tally.
Journal Voucher
Payment Voucher
Receipt Voucher
Contra Voucher

Q. 14 Identify the transaction type?
Payment Voucher
Receipt Voucher
Contra Voucher
Journal Voucher

Q. 15 Amount deposited to ________.
Cash Account ok
Bank Account
Capital Account
Bank Overdraft Account

Q. 16 What is the shortcut key to zoom print preview of invoice?
ALT+Z – Zoom ok
ALT+X – Zoom
CTL+Z – Zoom
CTL+X – Zoom

Q. 17 Displayed trial balance is in detailed format, what is shortcut key to view detailed format?
ALT+F1- Detailed
ALT+F2- Detailed
ALT+F4- Detailed
ALT+F5- Detailed ok

Q. 18 In Tally, which voucher type is used to record transfers between different bank accounts or cash transactions?
Journal Voucher
Payment Voucher
Receipt Voucher
Contra Voucher ok

Q. 19 What is a Cost Centre in Tally Prime?
A financial report generated by Tally Prime
A ledger to record expenses
A unit within an organization responsible for cost control ok
A grouping of ledgers for reporting purposes

Q. 20 A cost centre is nothing but a separate _________ within business to which cost can be allocated.
Branch
Location
Department ok
Segment

Q. 21________ are useful for organizations that require allocation of revenue and non-revenue items to parallel sets of cost centre.
Cost Allocation
Cost Category ok
Cost Centre
Sub Cost Centre

Q. 22 How to activate the cost centre feature in Tally Prime?
F12 Configuration
F11 Company Feature ok
Alt+F3 Company Alteration
F10 Another Feature

Q. 23 Default Cost Category available in Tally data name as __________
General Cost Category
Default Cost Category
Prime Cost Category
Primary Cost Category ok

Q. 24 Which of the following is not an example of cost center within an organization?
Legal Department
Accounts Department
Marketing Department
Branches ok

Q. 25 Which of the options will help to activate cost center for the given ledger?
F10 Other Master
F12 Configuration Page
CTL+I More Details ok
Type of Ledger Option

Q. 26 Ledger master displayed will be listed under __________.
Profit & Loss Statement ok
Balance Sheet
Cash Flow Statement
Stock Summary

Q. 27 How to activate subgrouping of a cost centre?
Click on More details option
Press F10 Other Master
Press F12 Configuration Page ok
Cost centre grouping cannot be defined

Q. 28 Which of the options will allow us to create multiple cost categories in Tally?
Enabling Cost Centre Feature ok
Mark Modified Vouchers
Enable Interest Calculation
Enable Browser Access

Q. 29 User can update company’s PAN and CIN detail by ___________.
Enabling GST Feature
Enabling Excise Tax
Enabling Service Tax
Accessing CLT+I More details option ok

Q. 30 In Tally Prime, can you allocate revenue transactions to Cost Centres?
Yes, only for specific voucher types
No, Cost Centres are used for tracking expenses only
Yes, Tally Prime allows revenue allocation to Cost Centres ok
No, revenue transactions are not linked to Cost Centres

Q. 31 Purchase voucher should be recorded under __________ to allocate the cost amount using cost centre in Tally.
Item Invoice Mode
Account Invoice Mode
Voucher Mode ok
Any of above

Q. 32 What is the Cost Category in Tally Prime?
A classification of ledgers based on their cost
A grouping of cost centres for reporting purposes ok
A unit within an organization responsible for cost control
A type of voucher used to record expenses

Q. 33 How to change a purchase voucher mode in Tally?
Change Mode in F12 Configuration
Press ALT+H to change Mode
Press F10 to Change Mode
Press CTL+H to change Mode ok

Q. 34 Identify incorrect pair of voucher keys?
F9 – Purchase Voucher
F8 – Sales Voucher
F10- Another Voucher
F1- Journal ok

Q. 35 How to activate cost category from displayed page?
Click on Show More ok
Select Cost Centre then activate cost category
Select Group to activate cost category
Cost category cannot be activated from this page

Q. 36 An Inventory Sales transaction should be recorded under _________ in Tally
Item Invoice Mode ok
Account Invoice Mode
Voucher Mode
Voucher Item Format

Q. 37 Which of the key should be used to change voucher date under sale voucher?
F2 Change Date ok
Alt F 2 Change Date
CTL F2 Change Date
F3 Change Date

Q. 38 Which Tally Prime feature allows you to set up predefined Cost Centre allocations for recurring transactions?
Budgets
Memorandum Vouchers
Reversing Journals
Cost Centre Classes ok

Q. 39 Which Tally Prime report provides a detailed view of expenses allocated to different Cost Centres?
Day Book
Cost Centre Break-up ok
Stock Summary
Group Summary

Q. 40 Cost centre reports can be displayed under __________.
Accounts books
Statement of Accounts ok
Exception Report
Trial Balance

Q. 41 Which Tally Prime report provides a detailed view of expenses allocated to different Cost Categories?
Day Book
Cost Category Break-up ok
Stock Summary
Group Summary

Q. 42 Such configuration page can be access using _______ key from sales voucher
F10 Configuration
F11 Configuration
F12 Configuration ok
F9 Configuration

Q. 43 What is a reversing journal in Tally?
A journal entry used to reverse incorrect transactions ok
A type of voucher used to record sales transactions
A report showing inventory levels for different products
A ledger used to track expenses

Q. 44 Reversing Journal is a\an ______________
Accounting Voucher
Inventory Voucher
Non-Accounting Voucher ok
Optional Voucher

Q. 45 Which Tally feature allows you to schedule a reversing journal entry for automatic reversal on a specific date?
Memorandum Vouchers
Reversing Journals ok
Budgets
Cost Centre Classes

Q. 46 ___________ is a management tool that enables projecting accounts and inventory related information
Budget & Control
Scenario Management ok
Exception Report
Financial Report

Q. 47 What is scenario management in Tally?
A feature used to manage inventory levels
A tool for generating financial reports based on certain assumption
A function for creating different sets of transactions for analysis ok
A module for tracking sales transactions

Q. 48 What is the primary purpose of using scenarios in Tally?
To record financial transactions accurately
To automate inventory management
To create different business projections for analysis
To manage employee salaries

Q. 49 How many scenarios can you create in Tally?
Only one scenario at a time
Multiple scenarios, but limited by the software version
Unlimited scenarios
No scenarios, it’s a legacy feature

Q. 50 Which of the keys should be used to access scenario report from balance sheet in Tally?
Press ALT+C
Press ALT+A
Press ALT+N
Press F12 Configuration

Q. 51 To create a scenario three different vouchers can be included name as reversing journal, memorandum voucher, and ________
Cancelled Voucher
Deleted Voucher
Journal Voucher
Optional Voucher

Q. 52 By default, Tally Prime considers all Cost Centres under an internal category called as ______.
General Cost Category
Primary Cost Category ok
Main Cost Category
Default Cost Category

Q. 53 When you need to know the impact of your non-accounting transactions on your financials, you can use___________ in Tally Prime.
Cost Centre Feature
Budget & Control Feature
Interest Calculation
Scenarios Feature ok

Q. 54 Accounting Feature in Company’s F11 feature does not include _________.
Cost Centre Feature
Bill Wise Feature
Interest Calculation
Payroll Feature ok

Q. 55 ______ refers to the business activity of accepting and safeguarding money owned by individuals and entities.
Banking ok
Lending
Depositing
Investing

Q. 56 Cash denomination needs to be entered while submitting cheque deposit slip.
Deposit Slips ok
Cheque Book
Cheque Register
Demand Draft

Q. 57 Under banking mode of transaction, ATM stand for ________.
Automatic Teller Machine
Automated Teller Machine ok
Any Time Money
All Time Money

Q. 58 _______ is a written instruction to financial institution to pay specified sum of money from drawer accounts to payee’s account.
Cheque ok
Bill of Exchange
ECS
E-Fund Transfer

Q. 59 NEFT, RTGS, and IMPS mode of payment falls under __________ mode of transaction
Electronic Cheque DD
ECS
E-Fund Transfer ok
Cheque

Q. 60 Ideally cash deposit to bank account should be recorded under _________ voucher.
Contra ok
Journal
Purchase

Q. 61 To toggle between cash and cheque deposit slip you should press ______ under deposit slip report in Tally.
F8
F6
F9
F5 ok

Q. 62 What action should businesses take if discrepancies are found during bank reconciliation?
Ignore the discrepancies as they are likely errors in the bank statement
Adjust the Tally records to match the bank statement ok
Report the discrepancies to the bank and wait for resolution
Carry forward the discrepancies to the next reconciliation period

Q. 63 Cheque Printing Feature should be activated from _________.
F11 Company Feature
F12 Configuration Page
F10 Banking Feature
Bank Ledger Creation Alteration Page ok

Q. 64 Payment made to _________.
Food Castle Restaurant Pvt Ltd
General Technology Pvt Ltd ok
Food Castel Pvt Ltd
General Restaurant Pvt Ltd

Q. 65 Which of the options allows import bank statement to verify transaction with bank statement?
Set/Alter range for cheque books
Enable Cheque Printing
Enable Auto Reconciliation ok
Enable E-Payment

Q. 66 Steps involved in E-Payment process in Tally is/are__________.
Non-Transaction Entry
Non-Payment Generation
Reconciliation ok
Non-Receipt Transaction

Q. 67 If transactions recorded with bank details then it will be listed under ________
Transaction with Incomplete Bank Details ok
Ready for Sending to Bank
Transaction sent to Bank
Transaction with mismatch in Bank details

Q. 68 Interest Feature is a/an ____________ feature in Tally.
Accounting ok
Inventory
Statutory Feature
Another Feature

Q. 69 ___________ accounts for the accumulation of interest over time, leading to interest earning interest.
Simple Interest
Compound Interest ok
Simple Compound Interest
Composite Interest Method

Q. 70 To set interest applicability as after due date of invoice, interest applicability to be set as ________.
Always
Past Due Date ok
Effective date of transaction
Due date of applicability
Sales

Q. 71 In case of interest expenses, interest voucher class set to be under __________.
Debit Note
Credit Note ok
Journal
Memorandums

Q. 72 Under Simple Interest formula “P” stand for _________.
Interest Value
Period for Interest Calculation ok
Principal Value for Interest Calculation
Rate of Interest

Q. 73 Interest ledger on assets balance should be grouped under ________.
Indirect Expenses ok
Indirect Income
Current Assets
Current Liabilities

Q. 74 Interest accrued on fixed deposit should be reported under _________.
Dr Side of P&L Statement
Cr Side of P&L Statement
Assets Side of Balance Sheet
Liability Side of Balance Sheet ok

Q. 75 How does Tally determine the interest rate used for calculations?
It uses a fixed interest rate specified in the party ledger master
It retrieves interest rates from the internet
It calculates interest based on the current market rates
It allows users to input custom interest rates for each transaction ok

Q. 76 In Tally, what is the purpose of using the interest feature?
To track expenses and revenues
To generate tax reports
To calculate interest on outstanding amounts or overdue payments ok
To reconcile bank transactions

Q. 77 How to access interest calculation report in Tally Prime?
Display >> Account Books >> Interest Calculation
Display >> Statement of Accounts>>Interest Calculation ok
Display >> Exception Report >> Interest Calculation
Gateway of Tally >> Interest Calculation Report

Q. 78 What does the term “Interest Ledger” refer to in Tally?
A ledger used to track interest income and expenses
A ledger used to reconcile bank transactions
A ledger used to record inventory transactions
A ledger used to manage employee salaries

Q. 79 ODBC stand for ___________.
Open Database Connection
Open Database Connectivity
Open Databank Connection
Open Databank Connectivity

Q. 80 ODBC allows applications to access multiple database system using SQL which stand for________.
Standard Query Language
Structured Query Language
Sample Query Language
Standard Question Language

Q. 81 How can users troubleshoot synchronization issues in Tally Prime?
Press F1 – Help and Select Troubleshooting
Press F2 – Help & Select Troubleshooting
Press F1 – Help >> Setting >> Troubleshooting
Press F1 – Help – Event Log >> Repair

Q. 82 Which of the following is a prerequisite for Data Synchronization in Tally Prime?
Administrator permission
Active Tally Vault subscription
Connection to the Tally.NET server
Digital Signature Certificate (DSC)

Q. 83 How do initiate data synchronization from the client rule?
Gateway of Tally >> Click on Data >> Select Synchronize
Gateway of Tally >> Data Synch >> Client Rule >> Select Synchronization
Gateway of Tally >> Click on Exchange >> Select Synchronize

Q. 84 To start calculating interest on loans given or taken or on delayed payments you need to first enable the Interest Calculation feature in Tally Prime at _________.
Company Creation Page
Company Alteration Page
Company F11 Feature
Company F12 Configuration Page

Q. 85 The grace period will be allowed to party ledger if ___________ is configured.
Simple Interest Parameter
Advance Interest Parameter
Compound Interest Parameter
Complex Interest Parameter

Q. 86 What is the primary objective of payroll in an organization?
To calculate the financial performance of the organization
To manage the distribution of employee compensation
To track inventory and stock levels
To manage customer invoices

Q. 87 Payroll refers to the process of managing the financial record of employee’s ________.
Salaries 
Deductions 
Net Pay 
Income Tax Filing

Q. 88 PAN details of employee can be updated under __________ while creating employee master in Tally.
General Information
Statutory Details
Passport & Visa Details
Contract Details

Q. 89 In context to statutory detail information under employee master creation page, UAN stand for _______.
University Account Number
Universal Account Number
Union Account Number
Unique Account Number

Q. 90 In Tally Prime, how do you assign salary components to employees?
By creating a Pay Head
By setting up a Salary Structure
By creating a Cost Centre
By creating a Voucher

Q. 91 Which of the following is a common payroll deduction?
Basic Salary
House Rent Allowance
Professional Tax
Bonus
Q. 92 What is the term used to describe the total earnings of an employee before any deductions?
Net salary
Gross salary
Taxable income
Base pay

Q. 93 Under Payroll Statutory option NPS stand for _______.
National Pension Scheme
National Patent Scheme
Nation Prudent Scheme
National Private Scheme

Q. 94 Which of the attendance type should be select for attendance “Paid Leave”?
Attendance / Leave with Pay
Leave without Pay
Production
User defined Calendar Type

Q. 95 Which of the following payroll terms refers to the final amount an employee receives after all deductions are made?
Gross Salary
Net Salary
Basic Pay
Deductions

Q. 96 Payroll Statutory Feature can be setup at __________ in Tally Data.
Company’s Creation Page
Company’s F11 Feature Page
Company’s Alteration Page
Company’s F12 Configuration Page

Q. 97 Which of the detail should be entered under employee master to avoid higher Income Tax deduction?
AADHAR NO
PAN
Tax Regime
UAN detail

Q. 98 Which of the attendance type is considered as “Present”?
Sick Leave
Paid Leave
Optional Leave
Absent

Q. 99 Salary Payable, PF Payable, ESI Payable all such pay head ledger should be grouped under _________.
Indirect Expenses
Direct Expenses
Current Liabilities
Provisions

Q. 100 Given statutory payment is for _______.
Provident Fund
Professional Tax
National Pension Scheme
Employee State Insurance