Tally topic wise MCQ Questions with Answers

Accounting Fundamental

Question. Identify the Real account
A) Discount account
B) Rent Expenses account
C) Land account
D) Salary account

Answer. C) Land account

Question. How many types of account
A) 5
B) 4
C) 3
D) 2

Answer. C) 3

Question. The following is a statement showing the financial status of the company at any given time
A) Trading account
B) Profit & Loss statement
C) Balance Sheet
D) Cash Book

Answer. C) Balance Sheet

Question. Identify the Nominal account
A) Machinery account
B) Building account
C) Cash account
D) Rent account

Answer. D) Rent account

Question. Balance sheet is a statement of
A) Assets
B) Liabilities
C) Capital
D) All of the above

Answer. D) All of the above

Question. Identify the Personal account
A) Wipro Pvt. Ltd account
B) Building account
C) Commission account
D) Salary account

Answer. A) Wipro Pvt. Ltd account

Question. Accounting provides information on
A) Cost and income for managers
B) Company’s tax liability for a particular year
C) Financial conditions of an institution
D) All of the above

Answer. D) All of the above

Question. Balance sheet are prepared
A) Daily
B) Weekly
C) Monthly
D) Annually

Answer. D) Annually

Question. Any written evidence in support of a business transaction is called
A) Journal
B) Ledger
C) Ledger Posting
D) Voucher

Answer. D) Voucher

Question. Revenue and expense accounts are referred to as
A) Nominal account
B) Real account
C) Cash account
D) Personal account

Answer. A) Nominal account

Tally Fundamental

Question. Which option is used in Tally to make changes in created company
A) Select Company
B) Shut Company
C) Alter
D) Connect

Answer. C) Alter

Question. Which option is selected from Company Info menu to divide company data into two financial years
A) Change Tally Vault
B) Alter
C) Split Company Data
D) New Company

Answer. C) Split Company Data

Question. A company can be deleted only in
A) Display
B) Alter
C) Delete
D) Create

Answer. B) Alter

Question. Which option is used to copy company data into pen drive or CD
A) Backup
B) Restore
C) Copy Data
D) Split Company Data

Answer. A) Backup

Question. Which option is used to place data taken in pen drive or CD to appropriate place in Tally
A) Backup
B) Restore
C) Display
D) None of these

Answer. B) Restore

Question. To change Current Date from Gateway of Tally press the key
A) F1
B) F5
C) F2
D) F9

Answer. C) F2

Question. Company features in tally includes
A) Accounting features
B) Inventory features
C) Statutory features
D) All of the above

Answer. D) All of the above

Question. Which option is used to open company created in Tally
A) Create Company
B) Open Company
C) Select Company
D) Shut Company

Answer. C) Select Company

Question. Which option from Company Info menu is selected to create a new Company in Tally
A) Company Create
B) Create Company
C) Create New Company
D) Make Company

Answer. B) Create Company

Question. How many option related to company Features are there in “F11: Features” in Tally
A) 3
B) 2
C) 4
D) 5

Answer. D) 5

Question. We can change the Company Information from
A) A Company Info > Back up
B) Company Info > Alter
C) Company Info > Split Company Data
D) None of these

Answer. B) Company Info > Alter

Question. Company Restore option is available in
A) Company Features
B) Company Information
C) Configuration
D) None of these

Answer. B) Company Information

Question. What is the full form of ERP
A) Enterprise resource planning
B) Economic resource planning
C) Efficient resource planning
D) Economic resource processing

Answer. A) Enterprise resource planning

Question. The home screen of tally is also known as
A) Menu bar
B) Gateway of tally
C) Accounts info
D) Button tool bar

Answer. B) Gateway of tally

Question. To active cost centre and cost category feature we have to select
A) Configuration
B) F11 features
C) Group creation
D) Voucher creation

Answer. B) F11 features

Question. Which option is used in Tally to close opened Company
A) Connect Company
B) Shut Company
C) Create Company
D) Select Company

Answer. B) Shut Company

Question. Which shortcut key is pressed to go to company info menu from Gateway of Tally
A) Alt + F4
B) Alt + F2
C) Alt + F1
D) Alt + F3

Answer. D) Alt + F3

Question. F12 is known as
A) Company Features
B) Company Configuration
C) Accounting Features
D) None of these

Answer. B) Company Configuration

Question. Tally package is developed by
A) Peutronics
B) Tally Solutions
C) Coral Softwares
D) Vedika Softwares

Answer. B) Tally Solutions

Question. Which key is pressed to go to Gateway of Tally from company Info menu
A) Ctrl
B) Alt
C) Esc
D) Enter

Answer. C) Esc

Question. Which menu appears after starting Tally for the first time
A) Gateway of Tally
B) Company Info
C) Display
D) None of these

Answer. B) Company Info

Accounts Info

Question. How many groups are pre-defined in Tally
A) 28
B) 30
C) 15
D) 19

Answer. A) 28

Question. How many secondary groups are there in Tally
A) 15
B) 13
C) 28
D) 16

Answer. B) 13

Question. Which submenu is used to create new ledgers, groups and voucher types in Tally
A) Account Info
B) Inventory Info
C) Accounting Vouchers
D) Inventory Vouchers

Answer. A) Account Info

Question. Which option is used to make change in created Groups of Ledgers in Tally
A) Create
B) Display
C) Alter
D) Change

Answer. C) Alter

Question. Accrued income comes under
A) Current liability
B) Capital
C) Current asset
D) Fixed asset

Answer. C) Current asset

Question. Party account can be created through
A) Group creation window
B) Ledger creation window
C) Inventory creation window
D) Any one of them

Answer. B) Ledger creation window

Question. Capital of the company is included under
A) Capital account
B) Fixed liabilities
C) Loans and liability
D) Current liabilities

Answer. A) Capital account

Question. Loans form individual comes under _____ group
A) Fixed liabilities
B) Loans and advances
C) Current liabilities
D) Capital

B) Loans and advances

Question. Salary comes under __________ head
A) Direct expense
B) Current liability
C) Indirect expense
D) Current asset

Answer. C) Indirect expense

Question. How many primary groups are there in Tally
A) 19
B) 28
C) 15
D) 20

Answer. C) 15

Question. ________is an example for tangible assets
A) Furniture
B) Debtors
C) Patent
D) Discount on issue of shares and debentures

Answer. A) Furniture

Question. Which menu is used to create new ledgers, group and voucher types in Tally
A) Reports
B) Import
C) Transactions
D) Masters

Answer. D) Masters

Question. Taxes paid come under which group
A) Capital
B) Direct expenses
C) Loans and liability
D) Duties and taxes

Answer. D) Duties and taxes

Question. Changes in accounts are possible only in
A) Display mode
B) Alteration mode
C) Single mode
D) Multiple mode

Answer. B) Alteration mode

Question. There are predefined ledgers
A) 3
B) 2
C) 6
D) 8

Answer. B) 2

Question. Which ledger is created Tally automatically as soon as we create a new company
A) Cash
B) Profit & Loss A/c
C) Capital A/c
D) 1 and 2 both

Answer. D) 1 and 2 both

Question. Closing stock come under ___________
A) Current assets
B) Fixed assets
C) Stock in hand
D) Direct income

Answer. C) Stock in hand

Inventory Info

Question. Which unit is created for stock items like grain, pulse, sugar, rice ghee etc.
A) Lts
B) Nos
C) Kgs
D) Box

Answer. C) Kgs

Question. How many types of Measurement Units we can create in Tally
A) 2
B) 3
C) 5
D) 4

Answer. A) 2

Question. Which option is used to view stock items or group summary
A) Accounts Book
B) Inventory Book
C) Statutory Books
D) Display

Answer. B) Inventory Book

Question. Default „godown‟ name in tally is _________
A) Primary
B) Main location
C) Group
D) Stock

Answer. B) Main location

Question. Inventory books‟s is used to view
A) Stock Items
B) Ledger
C) Accounting Group
D) Trial Balance

Answer. A) Stock Items

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

C) Stock Categories

Question. Which of the following file is usually used as a master file
A) Inventory subsidiary
B) Cash disbursements
C) Cash receipts
D) Payroll transactions

Answer. A) Inventory subsidiary

Vouchers

Question. Which voucher type is used to transfer amount from one bank to another
A) Contra
B) Payment
C) Receipt
D) Post-Dated

Answer. A) Contra

Question. Where do we record interest received, commission received or rent received in Tally
A) Contra
B) Payment
C) Receipt
D) Journal

Answer. C) Receipt

Question. Where do we record credit purchase of furniture in Tally
A) Purchase
B) Payment
C) Receipt
D) Journal

Answer. A) Purchase

Question. Rs.20,000 withdrawn from State Bank. In which voucher types this transaction will be recorded
A) Payment
B) Receipt
C) Contra
D) Bank Ledger

Answer. C) Contra

Question. Where do we record transactions of salary, rent or interest paid
A) Contra
B) Journal
C) Receipt
D) Payment

Answer. D) Payment

Question. Discount Column is available in
A) Sales Invoice
B) Purchase Invoice
C) Both (A) and (B)
D) None of these

Answer. C) Both (A) and (B)

Question. The options „use common narration‟ and „narration each entry‟ appear
A) Account creation screen
B) Voucher entry screen
C) F11 Accounting features
D) Voucher type creation screen

Answer. D) Voucher type creation screen

Question. A credit note is sent by __________ to __________
A) Seller, Buyer
B) Buyer, Seller
C) Customer, Seller
D) Creditors, Seller

Answer. A) Seller, Buyer

Question. Sales return are recorded in ________ voucher
A) Sales voucher
B) Debit Note
C) Receipt
D) Credit Note

Answer. D) Credit Note

Question. The voucher type for recording goods received
A) Rejection in
B) Receipt note
C) Purchase order
D) Stock voucher

Answer. B) Receipt note

Question. Credit note is used for entering
A) Purchase
B) Sales
C) Purchase return
D) Sales return

Answer. D) Sales return

Question. Function key to select journal voucher is
A) F5
B) F6
C) F7
D) F2

Answer. C) F7

Question. Function key to select contra voucher is
A) F4
B) F8
C) F9
D) F7

Answer. A) F4

Question. Debit note is used for entering
A) Purchases
B) Sales
C) Purchase return
D) Sales return

Answer. C) Purchase return

Question. Which of the following is used for voucher entry
A) Ledger Account
B) Groups
C) Sub-Groups
D) None of these

Answer. A) Ledger Account

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) Alt + C

Question. Transfer of materials from one godown to another godown, use
A) Manufacturing Journal
B) Stock Journal
C) Purchase Journal
D) Sales Journal

Answer. B) Stock Journal

Question. Function key for receipt voucher is
A) F3
B) F4
C) F5
D) F6

Answer. D) F6

Question. For selecting debit note voucher we have to use ________ key
A) Ctrl + F9
B) Ctrl + F8
C) Alt + F7
D) Alt + F8

Answer. A) Ctrl + F9

Question. Function key for payment voucher is
A) F3
B) F4
C) F5
D) F6

Answer. C) F5

Question. For selecting credit note voucher we have to use ________ key
A) Ctrl + F9
B) Ctrl + F8
C) Alt + F7
D) Alt + F8

Answer. B) Ctrl + F8

Question. _________ gives the balance for each day for the voucher type has been selected
A) Trial Balance
B) Day Book
C) Balance Sheet
D) None of the above

Answer. B) Day Book

Question. Function key to select purchase voucher is
A) F8
B) F9
C) F4
D) F5

Answer. B) F9

Question. The rate of trade discount varies with the _____________ purchased
A) Total asset
B) Current asset
C) Quantity
D) None of these

Answer. C) Quantity

Question. Default invoice mode is on for Sales or Purchase entry. Which key should be pressed for entry of Sales or Purchase as voucher
A) Alt + V
B) Ctrl + V
C) Alt + F8
D) Alt + F9

Answer. B) Ctrl + V

Question. Vouchers can be displayed in
A) Account info
B) Day book
C) Inventory info
D) Ledger

Answer. B) Day book

Question. Function key to select sales voucher is
A) F8
B) F9
C) F4
D) F7

Answer. A) F8

Taxes, Tally Audit, Payroll

Question. Which shortcut key is used to take print of Balance sheet
A) Shit + Alt + P
B) Ctrl + Shift + P
C) Alt + P
D) Ctrl + P

Answer. C) Alt + P

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) Trial Balance

Question. What is the utility of Tally Vault Password
A) It will lock the period of Company
B) It will lock all voucher entries for that Company
C) It will not show the Company Name in the Company Select List
D) None of these

Answer. C) It will not show the Company Name in the Company Select List

Question. We can show Bill wise details of Debtors and Creditors by activating
A) Maintain Bill by bill
B) Maintain Bill wise Details
C) Maintain References
D) None of these

Answer. B) Maintain Bill wise Details

Question. To get Payroll Reports choose
A) Gateway of Tally > Display
B) Gateway of Tally > Display > Statement of Accounts
C) Gateway of Tally > Display > Statement of Payroll
D) Gateway of Tally > Display > Payroll Reports

Answer. D) Gateway of Tally > Display > Payroll Reports

Question. Which step is followed to view Purchase Register
A) Gateway of Tally > Display > Sales Register
B) Gateway of Tally > Account Books > Purchase Register
C) Gateway of Tally > Display > Account Books > Purchase Register
D) Gateway of Tally > Account Books > Register > Purchase

Answer. C) Gateway of Tally > Display > Account Books > Purchase Register

Question. “Alias” represents
A) Short name
B) Nick name
C) Code name
D) All of these

Answer. D) All of these

Question. In Tally you get currency symbol option from ________ menu
A) Company creation
B) Stock items units
C) Regional settings
D) None of the above

Answer. A) Company creation

Question. Which option is used to view list of Primary and Secondary groups in Tally
A) List of Accounts
B) Accounts
C) List
D) None of these

Answer. A) List of Accounts

Question. Which option is used to view Trial Balance form Gateway of Tally
A) Gateway of Tally > Reports > Trial Balance
B) Gateway of Tally > Trial Balance
C) Gateway of Tally > Display > Trial Balance
D) None of these

Answer. C) Gateway of Tally > Display > Trial Balance

Question. Which of the following user type can view audit list
A) Tally Vault
B) Owner
C) Data entry
D) Administrator

Answer. D) Administrator

Question. Employee salary details are shown in
A) Attendance sheet
B) Gratuity papers
C) Exact reports
D) Payroll

Answer. D) Payroll

Question. In India GST became effective from
A) 1 April 2017
B) 1 January 2017
C) 1 July 2017
D) 1 March 2017

Answer. C) 1 July 2017

Question. How many types of taxes will be Indian GST
A) 2
B) 3
C) 4
D) 5

Answer. B) 3

Question. What are the taxes levied on an Intra-State Supply
A) CGST
B) SGST
C) CGST and SGST
D) IGST

Answer. C) CGST and SGST

Question. How to activate the tally audit feature in a company
A) Press F11 key
B) Press F12 key
C) In company info > security control-option
D) During the creation of a company

Answer. D) During the creation of a company

Question. How can data be imported in tally
A) Depends on number of companies
B) One company to another company created with in Tally package
C) Other programs – A spreadsheet or database file
D) Both 2 and 3

Answer. D) Both 2 and 3

Question. What is the full form of GST
A) Goods and Supply Tax
B) Government Sales Tax
C) Goods and Service Tax
D) General Sales Tax

Answer. C) Goods and Service Tax