16) Refer to the screenshot below and answer the following questions.

The screenshot
shown above is the _____________ screen.

Voucher Creation
Class Creation
Ledger Creation
None of the above

17) The SI class shown above is for interest calculation.

 TRUE
FALSE

The example shown above is an example of class for __________.

 Simple Mode Interest
Compound Interest Calculation
Simple Interest Calculation
Advanced Mode Calculation

19) For the example shown in the above screenshot, if you set ‘Accounts to be treated as
Compound Interest’ to Yes, then the Simple Interest class will calculate compound
interest.
 TRUE
FALSE
Question 20
In the above example, the Simple Interest class is created in the debit or credit note to
enable interest calculation.
 TRUE

FALSE

Question 21
To activate interest calculation in simple mode or with simple parameter from GWT, press
_________ and enable ‘Activate Interest Calculation ‘from Accounts feature.

Accounts info menu

 Inventory Info menu

F11: Features

F12: configurations

Question 22
To activate interest calculation in advanced mode or with advanced parameter from GWT, press
F11: Features > F1: accounts> disable ‘Activate Interest Calculation’ and enable use advanced
parameters.

TRUE

FALSE

Question 23
The main difference between simple mode interest calculations and advanced mode interest
calculations is __________

With simple mode we can calculate simple interest whereas with advanced mode we can
calculate compound interest

Simple mode requires minimum configurations for interest calculations whereas advanced
mode is used when interest rate changes periodically

There isn’t any difference in simple mode and advanced mode interest calculations

Simple mode option was available only in older Tally versions and advanced mode option is
available in Tally.ERP9

Question 24
In the books of Omega Silk, Bank reconciliations and voucher dates are different. We cannot calculate
interest on outstanding balance of bank account by considering Bank reconciliation date in Tally.

TRUE

FALSE

Question 25
To calculate interest on outstanding balances of bank account as per bank dates, set
____________ option to Bank/Reco Date in Interest Parameters screen.
 Calculate interest based on

Include transaction date for interest calculations

Rate

Calculate interest transaction-by-transaction

Question 26
Refer to the screenshot below and answer the following questions. The above screenshot
shows the budget created for ________.

Ledger

Group

Cost Center

Stock Item

Question 27
The above screenshot shows the On net transactions budget type.
 TRUE

FALSE

Question 28
The budget set for the Advertisement ledger is Rs. ___________.

5000

50000

5,00,000

50,00,000

Question 29
The _________ shortcut key is used to view budget variance report in the trial balance.

Ctrl+B

Alt+B

Ctrl+Shift+B
 Shift+B

Question 30
If the ‘Maintain budgets and controls’ feature is enabled in the Accounting Features
screen then the budget variance report is available even though no budget was created.

TRUE

FALSE