.

Accounting is the process of systematically recording, classifying, and summarizing the

financial information.
True
Xxxx

2. In the single entry system, all the credit transactions and accrued liabilities are
omitted.
True

3. _______ are the amount payable against the credit purchase.

Liabilities

4. General ledger serves the purpose of re-classifying and summarizing all the
information recorded in the cash book and journal, according to the account
heads.
True

5. Which of these record different types of incomes or expenses?

Nominal account

Xxxx

6. Which of these is the closing balance of all the ledger accounts (except closing
stock) for a specific date?
Trial balance

7. Manual accounting requires a lot of manpower as compared to the computerized

accounting.
TRUE

8. Tally Solutions was founded in the year ______.

1986

9. The Tally Help option appears on _______.

Horizontal Button Bar

10. If you see a single underline below a keyboard character in Tally, you should
press which special key along with it?
Alt

11. Directory is the path where the company data is stored in Tally.
True

12. If you delete a company, you can still recover its records.
False
13. In order to set various company features required for transaction entries, click
F11: Features on the ______.
Vertical button Bar

14. To go to Accounting Features, you need to use which function key?

F1

15. The Default Credit Period option is displayed on enabling which of these
options?
Maintain Bill-wise Details

16. A/An ______ is a unit of an organization to which transactions can be posted.

Cost Centre

17. Using the invoice format for a sales invoice entry is good for which of the
following reasons?
It enables calculations of Duties and Taxes accounts

18. The 'Maintain Multiple Mailing Details for Company & Ledgers' option allows you
to alter a company's mailing details.
False

19. The ______ option should be set to Yes for tracking stock movement across
multiple Godowns.
Maintain Multiple Godowns

20. The ______ option is active only if the Allow Invoicing option is set to Yes.
Separate Discount column on Invoices

21. If you set the _______ option to Yes, you do not need to separately debit ledger
accounts for expenses.
Track additional costs of Purchase

22. The 'Track Stock Item Cost' option is used to analyze an item's cost.
True

23. In Tally, ______ features are used to connect to a server remotely.

TSS

24. International accounting terminology cannot be applied in Tally.

False

25. If you want to give a code to stock items, you should set which of these options
to Yes?
Use PART NUMBERS for Stock Items
26. Where are inventory details displayed by default?
Voucher Entry screen

27. Which of these options should be set to Yes if you want to include a different
name for the employee in the payroll reports?
Show Employee Display Name

28. For which e-mail server should the option 'Use SSL on Standard Port' be set to
Yes?
Hotmail

29. You should enable which of these options if Error 16004 keeps appearing?
Connect to Tally.NET Server running on non HTTP port?

30. Inventory Info menu is mainly about _____.

Stocks

31. You need to create a new group for the Direct expenses ledger in Tally.
False

32. Which of these is used to view the list of primary and secondary groups in Tally?
List of Accounts

33. Which shortcut key is used to delete the group?

Alt+D

34. Ledgers that have financial transactions of the same nature are classified under
a single group.
True

35. The alias feature allows you to refer a ledger either by the name or alias.
True

36. Which shortcut key is used to view the ledger configurations?

F12

37. Inventory information contains the details of inventory masters.

True

38. To create a Stock Group, go to Gateway of Tally > Inventory Info. > Stock Group
> _____
Create

39. Which of these options from the Inventory Info menu is used to view a single
stock category or multiple stock categories?
Stock Categories
40. The Third party stock with us option is used when the godown is used to record
details of third party goods with the company.
True

41. Stock items are purchased or sold based on their _____ and ____.
Quantity, unit

42. Which shortcut key is used to configure a stock item?

F12

43. To record additional costs on a purchase, you need to enable ____.

Track additional cost of purchase

44. Which keyboard shortcut is used to create a Purchase voucher?

F9

45. Which keyboard shortcut is used to create a Sales voucher?

F8

46. When items in the purchase invoice have the same unit of measurement, you
should use Appropriate by quantity.
Quantity

47. To use the Tracking Number feature, set the 'Use rejection inward and outwards
notes' options to No.
False

48. Zero valued entries are used when you deliver goods as replacements or free
samples.
True

49. Which button is clicked to open the Inventory Features screen from Gateway of
Tally?
F11: Features

50. You can consider different items as part of the same batch if these items have
the same_____ date.
Purchase

51. To view different pre-defined voucher types, click ____ on the Vertical Button
Bar.
Ctrl+V

52. The Stock journal is used to transfer different materials from one godown to
another within the same company.
 True

53. A _____ is the record of an authenticated document for different materials taken
out from the stock for different purposes.
Bill

54. The Bill Settlement option is used to settle selected or all bills from the list of bills
displayed in the _____ report.
Outstanding

55. When you enable the Bill of Materials option, you can see changes in the Stock
Item Creation screen.
False

56. The current rate of exchange is the _____rate in Tally.

Standard

57. Which of these keyboard shortcuts is used to create masters through voucher?
Alt+C

58. What do the terms 'Cr' and 'Dr' stand for in Tally?
Credit and Debit

59. Pressing the F6 key in Accounting Vouchers will open the _____ voucher.
Sales

60. You should use this voucher when your company sells some goods.
Sales

61. Suppose you purchased 500 sports equipment on credit and are yet to make the
payment. This purchase should be recorded in which voucher?
Journal