TALLY Notes

FINANCIAL MANAGEMENT

1. The most scientific system of accounting is
  (A)Single entry, (B) Double entry, (C) Triple entry)
 Ans: A
2. Credit purchases are entered in
  (A)Journal proper, (B) Purchase book, (C) General ledger)
 Ans: B
3. A statement prepared to check the arithmetical accuracy of books of accounts kept is
(A)Profit and loss account, (B) Balance sheet, (C) Trail Balance)
Ans: C
4. Sundry Debtors comes under the group
(A)Current assets, (B) Current liability,(C) Miscellaneous expenses)
Ans: A
5. The principle books of account is
(A)Ledger, (B) journal, (C) Trial Balance)
Ans: A
6. When a customer returns goods which were defective, the voucher prepared by us is
(A)Debit note voucher, (B) Credit note voucher, (C) journal voucher)
Ans: B
7. Invoice is prepared by
(A) Purchaser (B) seller, (C) Broker)
Ans: B
8 .To ascertain the financial position of a business the statement prepared is
(A)P&l, Trading (B) account, Balance Sheet)
Ans: C
9.………….. forms the source document for purchase return
(A)Debit note, (B) Credit note, (C) purchase book)
Ans: A
10. The transactions involving cash account and bank account are passed through……
(A)Receipt voucher, (B) Contra voucher, (C) Purchase voucher)
Ans: B
11. ……….. is the primary document which is the source of almost all data in the Accounting system
(A)Voucher, (B) Delivery note, (C) Purchase order)
Ans: A
12. Cash/Bank transactions are recorded either through Cash Book method or ……………………….. Method.
(A)Day Book, (B) Trial Balance, (C) Balance Sheet)
Ans: A
13. When you create a company in Tally by default, two legender accounts, cash and ……………………….. are created.                                                                                                                                                                                                                                                      
(A)Profit and Loss account,(B) Trial Balance,(C) Balance Sheet
Ans: A
14. Reconciling company’s bank account with the bank statement is referred to as …………………
(A)Bank date (B) Bank reconciliation(C) Effective entry).
Ans: B
15.…………………may be defined as the planned method of investment in inventories held in stock.
(A)Investment decision (B) Inventory control(C) Financial control).
Ans: B
16. The smallest segment of activity or area of responsibility for which costs are collected separately is called
(A)Cost unit (B) Cost centre(C) Unit of measure
Ans: B
17. A smaller but convenient unit of quantity expressed in relation to stock item is
  (A)Stock group (B) Stock item,(C)Cost unit
Ans: C
18. Deprciation is computed in an accounting package according to the principle laid down in
(A)Accounting standards (b) Accounting concepts(c) Accounting principles
Ans: A
    19.     ………. Calculates the monthly installment of loan amount
(A)Loan repayment schedule (B) Loan analysis sheet(c) Loan card
Ans: A
20. Depreciation is provided on
(A)Current assets (B) Fixed assets(c) Current liability
Ans: B
21. In the………method, depreciation charged in each installment will be diminishing
(A)  Fixed installment(B)reducing balance (C)Revaluation
Ans: B