Klic Tally Erp. with GST Questions And Answers
Klic Tally Erp. with GST Questions And Answers
Take a Challenge
1. Accounting is the process of systematically recording, classifying, and summarizing the financial information.
Ans. True
2. In the single entry system, all the credit transactions and accrued liabilities are omitted.
Ans. True
3. _______ are the amount payable against the credit purchase.
Ans. 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.
Ans. True
5. Which of these record different types of incomes or expenses?
Ans. Nominal account
6. Which of these is the closing balance of all the ledger accounts (except closing stock) for a specific date?
Ans. Trial balance
7. Manual accounting requires a lot of manpower as compared to the computerized accounting.
Ans. TRUE
8. Tally Solutions was founded in the year ______.
Ans. 1986
9. The Tally Help option appears on _______.
Ans. 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?
Ans. Alt
11. Directory is the path where the company data is stored in Tally.
Ans. True
12. If you delete a company, you can still recover its records.
Ans. False
13. In order to set various company features required for transaction entries, click F11: Features on the ______.
Ans. Vertical button Bar
14.To go to Accounting Features, you need to use which function key?
Ans. 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.
Ans. Cost Centre
17. Using the invoice format for a sales invoice entry is good for which of the following reasons?
Ans. 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.
Ans. 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.
Ans. Separate Discount column on Invoices
21.If you set the _______ option to Yes, you do not need to separately debit ledger accounts for expenses.
Ans. Track additional costs of Purchase
22.The 'Track Stock Item Cost' option is used to analyze an item's cost.
Ans. True
23. In Tally, ______ features are used to connect to a server remotely.
Ans. TSS
24. International accounting terminology cannot be applied in Tally.
Ans. False
25.If you want to give a code to stock items, you should set which of these options to Yes?
Ans. use PART NUMBERS for Stock Items
26.Where are inventory details displayed by default?
Ans. 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?
Ans. Show Employee Display Name
28.For which e-mail server should the option 'Use SSL on Standard Port' be set to Yes?
Ans. Hotmail
29.You should enable which of these options if Error 16004 keeps appearing?
Ans. Connect to Tally.NET Server running on non HTTP port?
30. Inventory Info menu is mainly about _____.
Ans. Stocks
31.You need to create a new group for the Direct expenses ledger in Tally.
Ans. False
32.Which of these is used to view the list of primary and secondary groups in Tally?
Ans. List of Accounts
33.Which shortcut key is used to delete the group?
Ans. ALT+D
34.Ledgers that have financial transactions of the same nature are classified under a single group.
Ans. True
35.The alias feature allows you to refer a ledger either by the name or alias.
Ans. True
36.Which shortcut key is used to view the ledger configurations?
Ans. F12
37. Inventory information contains the details of inventory masters.
Ans. True
38.To create a Stock Group, go to Gateway of Tally > Inventory Info. > Stock Group > _____
Ans. Create
39.Which of these options from the Inventory Info menu is used to view a single stock category or multiple stock categories?
Ans. 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.
Ans. True
41.Stock items are purchased or sold based on their _____ and ____.
Ans. Quantity, unit
42.Which shortcut key is used to configure a stock item?
Ans. F12
43.To record additional costs on a purchase, you need to enable ____.
Ans. Track additional cost of purchase
44.Which keyboard shortcut is used to create a Purchase voucher?
Ans. F9
45.Which keyboard shortcut is used to create a Sales voucher?
Ans. F8
46.When items in the purchase invoice have the same unit of measurement, you should use Appropriate by quantity.
Ans. Quantity
47.To use the Tracking Number feature, set the 'Use rejection inward and outwards notes' options to No.
Ans. False
48. Zero valued entries are used when you deliver goods as replacements or free samples.
Ans. True
49.Which button is clicked to open the Inventory Features screen from Gateway of Tally?
Ans. F11: Features
50.You can consider different items as part of the same batch if these items have the same_____ date.
Ans. Purchase
51. To view different pre-defined voucher types, click ____ on the Vertical Button Bar.
Ans. CTRL+V
52. The Stock journal is used to transfer different materials from one godown to another within the same company.
Ans. True
53.A _____ is the record of an authenticated document for different materials taken out from the stock for different purposes.
Ans. Batch
54. The Bill Settlement option is used to settle selected or all bills from the list of bills displayed in the _____ report.
Ans. Outstanding
55.When you enable the Bill of Materials option, you can see changes in the Stock Item Creation screen.
Ans. False
56.The current rate of exchange is the _____rate in Tally.
Ans. Standard
57.Which of these keyboard shortcuts is used to create masters through voucher?
Ans. ALT+C
58.What do the terms 'Cr' and ' Dr' stand for in Tally?
Ans. Credit and Debit
59.Pressing the F6 key in Accounting Vouchers will open the _____ voucher.
Ans. Receipt
60.You should use this voucher when your company sales some goods.
Ans. 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?
Ans. Journal
62. For viewing advanced configurations related to Credit Note vouchers, the F12 key should be pressed twice.
Ans. True
63.The _____ voucher is used when items are not yet approved.
Ans. Memo
64.A _______ is a summary of all ledger balances.
Ans. Trial Balance
65.You should use which adjustment method when you do not know which bills need to be adjusted with money?
Ans. On account
66.On 14th September, you sent an invoice of Rs.73,000 to Goa Computers towards the sale of 500 CPUs. This is a _______.
Ans. Sales Invoice
67. In multi-currency transactions in Tally, the ongoing or current exchange rate is known as the _______ rate.
Ans. Standard
68. If you wish to create an item group on the Stock Item Creation screen, use the keyboard shortcut ______.
Ans. ALT+C
69.A ______voucher is used to record the details of transactions involving customer orders for stock items.
Ans. Sales Order
70.On 4th July, your company delivered 800 school bags to RK Enterprises. Which voucher should be used to record this transaction?
Ans. Delivery Note Voucher
71.Using the keyboard shortcut ______ inside Inventory Vouchers opens a Rejections In voucher.
Ans. Ctrl+F6
72.To open a Stock Journal, you should use which keyboard shortcut?
Ans. Alt+F7
73.On 13th May, KM Sports ordered 400 sports shoes from your company. For this transaction, you should select Purchase Order.
Ans. False
74.You can connect only one company through Tally.NET.
Ans. False
75.By default, the Tally.NET user is authorized in the capacity of a/an_____ who has restricted access to the company data
Ans. Data Entry operator
76. ______ is where the data backup files for multiple companies are stored.
Ans Source
77.While restoring files, choose _____ to restore data, and choose_____ to save backup files.
Ans. Destination, source
78.The ____ balance for the previous financial year becomes the ____ balance for the current financial year.
Ans. Closing, opening
79.The _____ option allows you to export the reports or data from Tally.
Ans. Export
80.You need to import vouchers from one company to another for which of these reasons?
Ans. All of the above
81. ____is commonly used to transfer different types of data or files.
Ans. FTP
82.The SQL query language in Tally. ERP 9 is used to _____ information.
Ans. Retrieve
83. Which of these file formats is/are available in Tally for exporting the list of ledgers?
Ans. All of the above
84.The first two digits of GSTIN represent the ____ code
Ans. State
85.The state and central tax is always ____ of the integrated tax.
Ans. One half
86.You can record a journal voucher to transfer the closing balance of ____ as the opening balance under GST.
Ans. All of the above
87. If you make a purchase of goods within the ___, then it is an intrastate inward supply of goods.
Ans. State
88. The shortcut key ____ is used to create a voucher ledger for purchase of goods.
Ans. F9
89.The highest level at which the tax rate can be defined is the _____ level.
Ans. Company
90.Which shortcut key is used to change the range of pages to be printed?
Ans. Ctrl+ G
91. Under which group is the ledger for IGST created?
Ans. Duties & Taxes
92. If the supplier purchases goods or services from another state then this purchase will attract IGST.
Ans. True
93.You need to use the _____ format to upload different GST reports on the GST portal.
Ans. JSON
94.The term 'intrastate outward services' refers to _______.
Ans. Sales within the same state
95. To make a payment entry, you should select Accounting Vouchers and press the ____key from the keyboard.
Ans. F5
96. In the GSTR-2 report, the exempted tax amount can be seen under _____.
Ans. Exempted/tax amount
97. If you purchased 100 LED lights from an unregistered dealer, you do not need to enter the GST number while recording this transaction.
Ans. True
98. In case of taxable exports, which of these taxes is applicable?
Ans. IGST
99.In GST, all imports and unregistered supplies are earmarked as reverse charge mechanism.
Ans. True
100. If you set Exempted as the Taxability option, Tally takes the default tax percentage as ______.
Ans. False
101. In economics, the term SEZ stands for ______.
Ans. Special Economic Zone
102. If you received an advance amount of Rs.10,000 then you should make this entry as a/an ____ receipt.
Ans. Advance
103. In Tally, to enable payroll for a company, which keyboard shortcut is used?
Ans. F11
104. For recording the attendance and production details, you need ______.
Ans. Payroll Masters
105. The option ‘Maintain more than one payroll or cost category?’ can be seen on which screen?
Ans. Accounting Features
106. An employee group can be deleted by pressing which of these keys?
Ans. ALT+D
107. You can enter detailed information about all your employees through the Multiple Employee Creation screen.
Ans. False
108. Payroll Units can be either Simple or Compound.
Ans True
109. Tally relies on which basic unit to compute employee payment?
Ans. Attendance/Production Type
110. The salary components constituting an employee’s pay structure are called ______.
Pay Heads
111. ______ are used to define a Pay Structure of an Employee or an Employee Group.
Ans. Salary Details
112. There are _____ types of Payroll Vouchers in Tally.
Ans. 3
113. The keyboard shortcut for opening an Attendance voucher is ______.
Ans. Ctrl+F5
114. Tax Deducted at Source (TDS) is an indirect tax collected at the prescribed rate from the income source.
Ans. True
115. _______ is one of the modes for collecting the income tax at the source.
Ans. TDS
116. To create the TDS Nature of Payment, you need to go to Gateway of Tally > Accounts Info. > Statutory Info. > TDS Nature of Pymts > Create.
Ans. False
117. In Tally, you can book expenses by recording the ____ voucher.
Ans. Journal
118. As per the Income Tax Act, every corporate and government entity is liable for ______ of TDS.
Ans. Deduction
119. The keyboard shortcut Ctrl+F12 helps you to perform which action?
Ans. View the balance sheet
120. A ______ is a financial statement which shows the financial position of a firm.
Ans. Balance Sheet
121. Which of these is neither a register nor a ledger type recognized by Tally?
Ans. Contra Entry
122. If you need to pay money on a bill, the bill becomes ______.
Ans. Bills Payable
123. If you set Exempted as the Taxability option, Tally takes the default tax
percentage as.
Ans. 0
