Guide to Tally for Business MCQ Questions with Answers

Question. Which of the following equation is true for balance sheet?
(a) Assets = Liabilities +Capital
(b) Liabilities = Assets – Capital
(c) Capital = Assets – Liabilities
(d) All of these

Answer : D

Question. What is the TDS exemption limit for professional fees like Audit fees, Consultancy fees, Training fees?
(a) 15000
(b) 20000
(c) 25000
(d) 50000

Answer : B

Question. How many options related to Company Features are there in F11: Features in Tally?
(a) 3
(b) 2
(c) 4
(d) 5

Answer : A

Question. By default, which mode is on in Purchase and Sales voucher?
(a) Norma Mode
(b) Item Invoice Mode
(c) Particulars Mode
(d) None of these

Answer : B

Question. Which group [Under] is selected in Input Additional Tax or Output Additional Tax?
(a) Direct Expenses
(b) Indirect Expenses
(c) Duties & Taxes
(d) Sundry Creditors

Answer : C

Question. Which unit is created for stock items like grain, pulse, sugar, oil, ghee et(c)?
(a) Lts.
(b) Nos.
(c) Kgs.
(d) Box.

Answer : C

Question. Which option is used to view VAT or TDS computation?
(a) Accounts Books
(b) Statutory Books
(c) Display
(d) Inventory Books

Answer : B

Question. Which option is true for viewing Profit & Loss A/C in Gateway of Tally?
(a) Gateway of Tally→ Reports → Profit & Loss A/C
(b) Gateway of Tally→ Display → Profit & Loss A/C
(c) Gateway of Tally→ Account Books → Profit & Loss A/C
(d) None of these

Answer : A

Question. We can change the Company Information from
(a) Company Info > Back up
(b) Company Info > Alter
(c) Company Info > Split Company Data
(d) None of these

Answer : B

Question. What percent of Additional Tax is applied if VAT in 12.5%?
(a) 1%
(b) 2.5%
(c) 4%
(d) 1.5%

Answer : B

Question. Amount payable as TDS can be known by which report in Tally?
(a) Computation
(b) E-Return
(c) Print Form 16A
(d) Form-26

Answer : A

Question. Which shortcut key is used to take print of VAT or TDS reports?
(a) Ctrl + P
(b) Shift + P
(c) Alt + P
(d) Ctrl + Alt + P

Answer : C

Question. Which shortcut key is used to enable Value Added Tax?
(a) F1
(b) F5
(c) F11
(d) F12

Answer : C

Question. Which group [Under] is selected in Input VAT or Output VAT?
(a) Duties & Taxes
(b) Indirect Expenses
(c) Direct Expenses
(d) Sundry Creditors

Answer : A

Question. Which shortcut key is pressed for voucher entry or deleting a ledger?
(a) Alt + A
(b) Alt + C
(c) Alt + X
(d) Alt + D

Answer : D

Question. By which report we can come to know if VAT is payable or refundable.
(a) E-VAT forms
(b) VAT Computation
(c) VAT forms
(d) None of these

Answer : B

Question. Company Restore option is available in
(a) Company Features
(b) Company Information
(c) Configuration
(d) None of these

Answer : B

Question. What percent of additional Tax is applied in VAT is 4%?
(a) 1%
(b) 4%
(c) 2.5%
(d) 1.5%

Answer : B

Question. Which will be group of VAT Adjustment ledger?
(a) Indirect Expenses
(b) Indirect Incomes
(c) Duties & Taxes
(d) None of these

Answer : C

Question. In which voucher type, amount of VAT or TDS payable to the government will be noted?
(a) F5:Payment
(b) F4:Contra
(c) F6:Receipt
(d) F7:Journal

Answer : A

Question. Which reports are prepared monthly in Tally?
(a) Profit & Loss A/C
(b) Balance Sheet
(c) Trial Balance
(d) Cash Flow of Funds Flow

Answer : C

Question. TDS is applied on which of the following incomes?
(a) Commission of lottery ticket
(b) Professional Fee
(c) Salary Income (Contract)
(d) All of these

Answer : D

Question. Which shortcut key is used to enable Tax Deducted at Source [TDS]?
(a) F9
(b) F11
(c) F12
(d) Alt + F12

Answer : B

Question. Which shortcut key is used to view Report with all details in Tally?
(a) F1
(b) Alt + F1
(c) F3
(d) Alt + F2

Answer : B

Question. On which of the following incomes TDS in not applied?
(a) Advertisement Income
(b) Cable Operator
(c) Rent income from land or home
(d) Insurance Commission

Answer : B

Question. Which shortcut key is pressed to create a new Ledger during voucher entry?
(a) Alt + C
(b) Alt + X
(c) Alt + D
(d) Alt + A

Answer : A

Question. Which step is followed to view Purchase Register?
(a) Gateway of Tally→ Display → Sales Register
(b) Gateway of Tally→ Account Books → Sales Register
(c) Gateway of Tally→ Display → Account Books → Purchase Register
(d) None of these

Answer : C

Question. According to law who has to pay TDS to the Income Tax Department?
(a) Service Receiver
(b) Service Receiver
(c) Service Provider and Service Receiver both
(d) There is no such provision

Answer : B

Question. Which step is appropriate to view TDS Nature of Payment?
(a) Gateway of Tally→ Display → TDS Nature of Payment
(b) Gateway of Tally→ Statutory Info. → TDS Nature of Payment
(c) Gateway of Tally→ Display → Statutory Info. → TDS Nature of Payment

Answer : C

Question. Which option is used to enable VAT, TDS, and Service Tax et(c) in Tally?
(a) Accounting Features
(b) Statutory & Taxation
(c) Inventory Features
(d) None of these

Answer : B

Question. Which shortcut key is pressed to set ‘Yes’ in “Allow Selection of VAT/Tax class during entry?”
(a) F11
(b) F12
(c) F3
(d) F5

Answer : B

Question. Which key is used to post entry in Debit Note in tally?
(a) F7
(b) F8
(c) Ctrl+F9
(d) Ctrl+F8

Answer : C

Question. Which group [Under] should be selected for TDS on Professional or Technical Services A/C?
(a) Indirect Expenses
(b) Indirect Incomes
(c) Duties & Taxes
(d) None of these

Answer : C

Question. Which is the shortcut key to zoom TDS Challan?
(a) Alt + P
(b) Alt + Z
(c) Ctrl + Z
(d) Ctrl + Alt + Z

Answer : B

Question. Which website should be visited to get any information related to TDS?
(a) www.income tax.gov.in
(b) www.incometax indi(a)gov.in
(c) www.tdsindi(a)gov.in
(d) www.incometax indi(a)org.in

Answer : B

Question. Which option is used to print From 16A of TDS?
(a) Gateway of Tally→ StatutoryReport → Return → Print Form 16A
(b) Gateway of Tally→ Return → Print Form 16 A
(c) Gateway of Tally→ TDS Reports→ Return→ Print Form 16 A
(d) Gateway of Tally→ Display → Statutory Report → TDS Reports → Return → Print Form 16A

Answer : D

Question. Which shortcut key is used to set No in ‘Use Common Ledger A/c for Item Allocation?’
(a) Alt + F11
(b) F11
(c) Alt + F12
(d) F12

Answer : D

Question. Which option is used to view Trial Balance from Gateway of Tally?
(a) Gateway of Tally→ Reports → Trial Balance
(b) Gateway of Tally→ Trial Balance
(c) Gateway of Tally→ Reports → Display → Trial Balance
(d) None of these

Answer : C

Question. Which of the following is not compulsory to create while entry in Accounts with Inventory?
(a) Stock Groups
(b) Stock Items
(c) Stock Categories
(d) Units of Measure

Answer : C

Question. In which voucher type entry is done for TDS calculations?
(a) F5:Payment
(b) F6:Receipt
(c) F7:Journal
(d) F4:Contra

Answer : C

Question. VAT Structure is beneficial for whom?
(a) Trader
(b) Balance Sheet
(c) Trial Balance
(d) Cash Flow or Funds Flow

Answer : D

Question. By which option Purchase or Sales register can be viewed?
(a) Statutory Books
(b) Inventory Books
(c) Accounts Books
(d) Display

Answer : C

Question. Which option is used to view Stock Items or Group Summary?
(a) Accounts Books
(b) Inventory Books
(c) Statutory Books
(d) Display

Answer : B

Question. What is the TDS exemption limit for contractor and sub-contractor?
(a) 5000
(b) 10000
(c) 20000
(d) 50000

Answer : C

Question. Financial year normally ends no?
(a) 30 April
(b) 31 March
(c) 1 April
(d) 31 December

Answer : B

Question. Which option is selected for different types of VAT entries in Purchase Invoice or Sales Invoice?
(a) Applicable VAT
(b) Not Applicable
(c) Not Applicable VAT
(d) No Applicable

Answer : B

Question. Which shortcut key is pressed to display Part No. for automobile industries?
(a) F1
(b) F2
(c) F11
(d) F12

Answer : D

Question. Default invoice mode is on for Sales or Purchase entry. Which key should be pressed for entry of sales or Purchase as a voucher?
(a) Alt + V
(b) Ctrl + V
(c) Alt + F8
(d) Alt + F9

Answer : B

Question. Which key is used to post entry in Debit Note in Tally?
(a) F8
(b) F9
(c) Ctrl+F8
(d) Ctrl+F9

Answer : C

Question. Which group [Under] should be selected for TDS on Advertisement A/C?
(a) Indirect Expenses
(b) Duties & Taxes
(c) Indirect Incomes
(d) Sundry Creditors

Answer : B