Tally Accounting Trivia Quiz
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A tally is application software used to ease the accounting function of a business by reducing paperwork and allowing an accountant to easily edit and input data within the system. Having being introduced to the system it is important to ensure that you are up to the task on what is expected of you. Below is a Tally accounting trivia Max time: 30 Minutes No. Of Questions: 25. All the best.
- 1.
Why is F1 used?
- A.
To create company
- B.
To delete company
- C.
To select company
- D.
To shut company
Correct Answer
D. To shut companyExplanation
F1 is used to shut down a company. This function key is commonly used as a shortcut key to access the help menu in various software applications, including operating systems. However, in the given context, F1 is being used metaphorically to represent the action of closing or terminating a company's operations. It implies that pressing F1 would initiate the process of shutting down the company.Rate this question:
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- 2.
Trail balance is summarized form of ___________.
- A.
Journal
- B.
Ledger
- C.
Stock Summary
- D.
None of Above
Correct Answer
B. LedgerExplanation
The trial balance is a summarized form of the ledger. It is a statement that lists all the balances of the accounts in the ledger, including both debit and credit balances. The purpose of the trial balance is to ensure that the total debits equal the total credits, which helps in identifying any errors or discrepancies in the accounting records. Therefore, the correct answer is Ledger.Rate this question:
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- 3.
Inventory is the information of ___________.
- A.
Ledgers
- B.
Groups
- C.
Stock
- D.
Proprietor
Correct Answer
C. StockExplanation
Inventory refers to the complete list of goods, materials, or items that a company or business holds for the purpose of production, sale, or distribution. It includes both finished goods ready for sale and raw materials or components used in the production process. Therefore, the correct answer for this question is "Stock," as it accurately represents the information of the goods or materials held by a company.Rate this question:
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- 4.
The period of an accounting year is ___________.
- A.
1 January to 31 December
- B.
1 March to 31 March
- C.
1 April to 31 March
- D.
31 March to 1 April
Correct Answer
C. 1 April to 31 MarchExplanation
The period of an accounting year is from 1 April to 31 March. This is because in most countries, including India and the United Kingdom, the financial year for accounting purposes starts on 1 April and ends on 31 March of the following year. This allows for consistent and standardized reporting of financial information for businesses and organizations.Rate this question:
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- 5.
If we have to make the payment of our telephone bill then which voucher will be used.
- A.
Contra Voucher
- B.
Payment Voucher
- C.
Journal Voucher
- D.
Receipt Voucher
Correct Answer
B. Payment VoucherExplanation
The correct answer is Payment Voucher because it is specifically designed for recording payments made by a company. It provides details such as the name of the payee, the amount paid, the mode of payment, and the account from which the payment is made. This voucher helps in maintaining accurate records of all the payments made, which is essential for financial reporting and auditing purposes.Rate this question:
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- 6.
What is the use of direct command?
- A.
Analysis
- B.
Interpretation
- C.
Calculation
- D.
Classification
Correct Answer
C. CalculationExplanation
The use of direct command is for performing calculations. This suggests that the direct command is a tool or function that allows for mathematical calculations to be carried out. It implies that the direct command is specifically designed to assist with numerical operations and computations.Rate this question:
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- 7.
If receptionist of Kamla travels charged Mr. Manish 1650 for 3 tickets from Delhi to Lucknow, so which transaction voucher will be filled?
- A.
Payment Voucher
- B.
Receipt Voucher
- C.
Sale Voucher
- D.
Memo Voucher
Correct Answer
C. Sale VoucherExplanation
The correct answer is Sale Voucher. This is because the receptionist of Kamla travels charged Mr. Manish for the tickets, indicating a sale transaction. A Sale Voucher is used to record the sale of goods or services. In this case, the sale of the tickets from Delhi to Lucknow is being recorded, so a Sale Voucher would be filled to document the transaction.Rate this question:
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- 8.
Mesh InfoTech purchased the goods of 5,000 Rs. from a sundry creditor Ramesh, which statement is correct?
- A.
Ramesh is debited by mesh info tech for 5,000 Rs.
- B.
Mesh InfoTech is not debited by Ramesh for 5,000 Rs.
- C.
Mesh InfoTech is credited by Ramesh for 5,000 Rs.
- D.
Ramesh is credited by mesh info tech for 5,000 Rs.
Correct Answer
C. Mesh InfoTech is credited by Ramesh for 5,000 Rs.Explanation
In accounting, when a company purchases goods from a creditor, the company is debited and the creditor is credited. In this case, Mesh InfoTech purchased goods from Ramesh, so Mesh InfoTech is debited. On the other hand, Ramesh is the creditor who provided the goods, so Ramesh is credited. Therefore, the statement "Mesh InfoTech is credited by Ramesh for 5,000 Rs." is correct.Rate this question:
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- 9.
F4 button is used to ___________.
- A.
Backup the company data
- B.
Restore the company data
- C.
Alter the company data
- D.
None of these
Correct Answer
B. Restore the company dataExplanation
The F4 button is used to restore the company data.Rate this question:
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- 10.
Select the steps to create a new voucher:
- A.
Gateway of tally> Voucher entries> Press Function key.
- B.
Gateway of tally> Account info.>Voucher type>Create
- C.
Gateway of tally> Account info> Voucher type> Display
- D.
Gateway of tally> Account info> Voucher type> Alter
Correct Answer
B. Gateway of tally> Account info.>Voucher type>Create -
- 11.
Credit was comes in Debit what goes out is ____________.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
The statement suggests that when credit comes in, debit goes out. However, the correct answer is False. This means that the statement is incorrect, and it is not true that what goes out is debit when credit comes in.Rate this question:
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- 12.
Accounting Process contains following steps
- A.
Financial Transactions
- B.
Recording
- C.
Classifying
- D.
Summarizing
- E.
Analysis and interpretation
Correct Answer(s)
A. Financial Transactions
B. Recording
C. Classifying
D. Summarizing
E. Analysis and interpretationExplanation
The accounting process involves several steps. Firstly, financial transactions are recorded, which means that all relevant business activities are documented. Then, these transactions are classified, meaning they are categorized into different accounts such as assets, liabilities, and expenses. Next, the summarized information is prepared, which involves organizing and presenting the data in a clear and concise manner. Finally, analysis and interpretation are done to understand the financial performance and make informed decisions based on the information gathered.Rate this question:
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- 13.
Which one is better defined as Money measurement concept?
- A.
Every business is a separate entity from the proprietor. Business & owners are distinct.
- B.
All transaction is to be recorded in the books of accounts at this cost price when purchased, not on market price.
- C.
Every transaction has dual effect. If there is a debit then there has to be a corresponding credit of equal amount.
- D.
Record only those transactions in the book of accounts, which can be expressed in terms of money.
Correct Answer
D. Record only those transactions in the book of accounts, which can be expressed in terms of money.Explanation
The concept of Money measurement states that only transactions that can be expressed in terms of money should be recorded in the books of accounts. This means that any non-monetary transactions or events should not be recorded, as they cannot be measured and expressed in monetary terms. This concept ensures that the financial statements accurately reflect the financial position and performance of the business in monetary terms, which is essential for decision-making and comparison purposes.Rate this question:
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- 14.
The term in proprietor in tally is used as
- A.
A person who credits the goods to the company for a period
- B.
A person to whom company lends money in advance
- C.
Investor of money in any company
- D.
None of these
Correct Answer
C. Investor of money in any companyExplanation
The term "proprietor" in Tally refers to an individual who invests money in any company. This means that the person contributes funds to the company's capital, becoming one of the owners or shareholders. The term does not refer to someone who credits goods to the company for a period or to someone who lends money to the company in advance. Therefore, the correct answer is "Investor of money in any company."Rate this question:
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- 15.
Which voucher provides debit note and credit note options?
- A.
Payment voucher
- B.
Memo voucher
- C.
Debit voucher
- D.
Credit voucher
- E.
Journal voucher
Correct Answer
E. Journal voucherExplanation
A Journal voucher is the correct answer because it provides options for both debit notes and credit notes. Debit notes are used to record an increase in expenses or a decrease in assets, while credit notes are used to record a decrease in expenses or an increase in assets. Journal vouchers are commonly used to make adjustments and corrections in accounting records, making them the appropriate choice for recording both debit and credit notes.Rate this question:
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- 16.
There may be several transactions relating to one particular account.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
This statement is true because it is common for a single account to have multiple transactions associated with it. Transactions can include deposits, withdrawals, transfers, and other financial activities that occur within an account. Therefore, it is possible for there to be several transactions relating to one particular account.Rate this question:
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- 17.
Whether the business is in profit or loss during the period covered by the trial balance. A trading and profit and loss account is prepared for this purpose. Which account reveals this fact?
- A.
Real A/c
- B.
Nominal A/c
- C.
Final A/c
- D.
Tangible A/c
Correct Answer
C. Final A/cExplanation
The final account reveals whether the business is in profit or loss during the period covered by the trial balance. It includes the trading account, which calculates the gross profit or loss from buying and selling goods, and the profit and loss account, which calculates the net profit or loss after considering all expenses and revenues. By preparing the final account, the business can determine its financial performance and make informed decisions for the future.Rate this question:
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- 18.
What is the short key in tally for printing the sale voucher?
- A.
Ctrl+P
- B.
Ctrl+Alt+P
- C.
Alt+P
- D.
None of these
Correct Answer
C. Alt+PExplanation
The correct answer is Alt+P. In Tally, Alt+P is the shortcut key used for printing the sale voucher. This shortcut allows users to quickly print the sale voucher without having to navigate through the menu options.Rate this question:
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- 19.
Balance sheet is a _______________.
- A.
Statement of assets and liabilities a company.
- B.
Statement of Voucher entries
- C.
Statement of codes of accounting
- D.
None of above
Correct Answer
A. Statement of assets and liabilities a company.Explanation
A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It presents the company's assets, liabilities, and shareholders' equity. This statement helps to assess the company's financial health, liquidity, and solvency. By listing the assets and liabilities, it allows investors, creditors, and other stakeholders to understand the company's financial standing and make informed decisions. Therefore, the correct answer is "Statement of assets and liabilities a company."Rate this question:
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- 20.
Restore option is used to store the data of another drive to your hard disk.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The restore option is used to transfer or copy the data from another drive onto your hard disk. This allows you to retrieve or recover files that may have been lost or deleted from the other drive. By selecting the restore option, you can ensure that the data from the other drive is saved and accessible on your hard disk.Rate this question:
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- 21.
Which is the correct order of accounting cycle?
- A.
Transactions > Ledgers > Journal > Trail Balance > Balance Sheet
- B.
Ledgers > Transactions > Journal > Trail Balance > Balance Sheet
- C.
Transactions > Journal > Ledgers >Trail Balance > Balance Sheet
- D.
Journal > Transactions > Ledgers > Trail Balance > Balance Sheet
Correct Answer
C. Transactions > Journal > Ledgers >Trail Balance > Balance SheetExplanation
The correct order of the accounting cycle is as follows: Transactions are recorded, then they are summarized in the Journal, then the transactions are posted to the Ledgers, after which a Trial Balance is prepared to ensure that debits and credits are equal, and finally, the Balance Sheet is prepared to show the financial position of the company.Rate this question:
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- 22.
Tally is accounting software with coding.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Tally is accounting software, but it does not involve coding. It is designed to simplify and automate various accounting tasks such as recording transactions, managing inventory, and generating financial reports. Users do not need to have programming skills to use Tally as it provides a user-friendly interface and pre-built functions to perform accounting operations. Therefore, the statement "Tally is accounting software with coding" is incorrect.Rate this question:
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- 23.
This button of button area is used to switch between the selected companies.
- A.
F3
- B.
Alt + F3
- C.
F1
- D.
Alt + F1
Correct Answer
A. F3Explanation
The F3 button is used to switch between the selected companies in the button area.Rate this question:
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- 24.
Suspense account is used ______________________.
- A.
To keep track of money which we don’t want to show in balances sheet, whose transaction is not yet known.
- B.
It is used to holds indirect income of the company for e.g. income by selling the goods.
- C.
Records of all investment bonds, shares etc.
- D.
None of above.
Correct Answer
A. To keep track of money which we don’t want to show in balances sheet, whose transaction is not yet known.Explanation
A suspense account is used to keep track of money that we don't want to show in the balance sheet and whose transaction is not yet known. This allows for the temporary holding of funds until the transaction can be properly recorded and categorized. This helps maintain the accuracy and integrity of the balance sheet by ensuring that all transactions are accounted for correctly.Rate this question:
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- 25.
Assets are the property of _____________.
- A.
Debtor
- B.
Owner
- C.
Creditor
- D.
None of these
Correct Answer
B. OwnerExplanation
Assets are the property of the owner. This means that the owner has legal rights and control over the assets, which can include physical items such as property, equipment, or inventory, as well as intangible assets like patents or trademarks. The owner is responsible for managing and utilizing these assets to generate value and support the operations of the business.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
May 26, 2010Quiz Created by
Mohsin Khan
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