Practice Questions for Tally

1. What is the primary purpose of Tally software?

(a) Graphic designing (b) Accounting and financial management (c) Video editing (d) Website development

2. Which version of Tally introduced GST compliance?

(a) Tally 7.2 (b) Tally 9 (c) Tally.ERP 9 (d) Tally Prime

3. Which shortcut key is used to create a new company in Tally?

(a) Alt + C (b) Alt + F3 (c) F11 (d) Ctrl + N

4. What is the default ledger created by Tally when a new company is created?

(a) Capital Account (b) Sales Account (c) Cash and Profit & Loss Account (d) Sundry Creditors

5. Which of the following is NOT a feature of Tally?

(a) Inventory management (b) Payroll processing (c) Video editing (d) GST compliance

6. Which function key is used to open the company features menu?

(a) F2 (b) F11 (c) F12 (d) Ctrl + F

7. What is the shortcut key to view a daybook in Tally?

(a) Ctrl + D (b) Alt + D (c) F2 (d) F4

8. In Tally, which shortcut is used to delete a voucher entry?

(a) Alt + D (b) Ctrl + R (c) Alt + X (d) Shift + Del

9. How many types of vouchers are available in Tally by default?

(a) 10 (b) 12 (c) 15 (d) 20

10. Which shortcut is used to open the stock summary in Tally?

(a) F5 (b) F8 (c) Alt + F5 (d) Ctrl + F9

11. What is the use of the Contra voucher in Tally?

(a) Recording credit sales (b) Recording bank deposits and withdrawals (c) Recording purchase transactions (d) Managing payroll

12. Which function key is used to view the balance sheet in Tally?

(a) F1 (b) F9 (c) F12 (d) Alt + F1

13. What is the purpose of the F12 key in Tally?

(a) Configure settings (b) Open company list (c) Print reports (d) Create a ledger

14. In which menu can you find the "Statutory & Taxation" option?

(a) Gateway of Tally (b) F11 Features (c) Display Menu (d) F12 Configuration

15. What is the primary purpose of a Trial Balance in Tally?

(a) To display profit and loss (b) To check the mathematical accuracy of accounts (c) To list all ledgers (d) To generate invoices

16. Which ledger is mandatory while recording a sales voucher?

(a) Purchase Ledger (b) Sales Ledger (c) Capital Account (d) Interest Received

17. How can you enable GST in Tally?

(a) Through F11 Features (b) By pressing F12 (c) By enabling it in Gateway of Tally (d) By selecting it in the Company Creation window

18. Which option is used to generate financial reports in Tally?

(a) Gateway of Tally > Reports (b) Display > Statements of Accounts (c) Display > Trial Balance (d) All of the above

19. How can a user protect a Tally company file with a password?

(a) By enabling Tally Vault (b) By using F12 Configuration (c) By renaming the file (d) By exporting it to a secure folder

20. What is the function of the Group Summary report in Tally?

(a) Summarizes transactions by category (b) Deletes duplicate entries (c) Changes ledger types (d) Displays only cash transactions

21. How can you create a new company in Tally?

(a) By selecting "Create Company" from the Gateway of Tally (b) By importing data from another software (c) By copying an existing company file (d) By creating a new folder and adding files manually

22. What is the use of the 'F11' key in Tally?

(a) To view the company reports (b) To configure company settings (c) To delete a voucher (d) To open the Tally help menu

23. Which of the following reports is used to view outstanding payables and receivables in Tally?

(a) Balance Sheet (b) Profit and Loss Account (c) Accounts Receivable/Payable Report (d) Day Book

24. How can you record a credit note in Tally?

(a) By selecting 'Credit Note' under the 'Voucher Entry' menu (b) By entering a journal entry (c) By using the 'Sales Return' option in the 'Inventory Vouchers' (d) By using the 'Debit Note' option

25. How can you print a ledger statement for a particular period in Tally?

(a) By using the 'Display' menu and selecting 'Ledger' under 'Accounts Books' (b) By printing the Balance Sheet (c) By using the 'Print' option in the 'Voucher Entry' screen (d) By using the 'Export' option in the 'Account Books' menu

26. What is the purpose of using "Voucher Type" in Tally?

(a) To categorize transactions for easy classification and reporting (b) To restrict user access to specific transactions (c) To assign inventory items to the voucher (d) To enable multi-currency transactions

27. How do you record a purchase return entry in Tally?

(a) By selecting 'Purchase Return' under the 'Voucher Entry' menu (b) By entering a journal entry (c) By using the 'Sales Return' option (d) By using the 'Debit Note' option

28. What is the purpose of "Multi-currency" feature in Tally?

(a) To record transactions in different currencies (b) To maintain separate accounts for different countries (c) To manage international suppliers (d) All of the above

29. How do you calculate GST in Tally?

(a) By enabling GST in the 'GST Settings' under the 'F11' menu (b) By manually adding GST rates to each transaction (c) By importing GST data from government portals (d) By using the 'GST Reports' option in the 'Display' menu

30. What is the function of 'Day Book' in Tally?

(a) To record all types of transactions on a daily basis (b) To calculate the monthly closing balance (c) To maintain inventory records (d) To prepare the Profit and Loss statement

31. How do you create a new voucher type in Tally?

(a) By selecting 'Create Voucher Type' under the 'Voucher Entry' menu (b) By customizing an existing voucher type (c) By importing voucher types from other software (d) By entering voucher details manually

32. What is the purpose of the 'F12' key in Tally?

(a) To configure company settings (b) To view financial reports (c) To create a new company (d) To access the Tally help menu

33. How do you define a new ledger in Tally?

(a) By using the 'Create Ledger' option under the 'Accounts Info' menu (b) By adding it manually to the Balance Sheet (c) By importing ledger data from other software (d) By using the 'Voucher Entry' screen

34. What is the difference between 'Day Book' and 'Ledger' in Tally?

(a) Day Book records all transactions; Ledger organizes transactions by account (b) Day Book displays balances; Ledger records daily transactions (c) Both Day Book and Ledger serve the same purpose (d) Day Book is used for invoices; Ledger is used for cash transactions

35. What is the purpose of "Stock Items" in Tally?

(a) To manage inventory and stock-related transactions (b) To categorize transactions by nature (c) To record cash transactions (d) To configure tax rates

36. How do you reconcile bank transactions in Tally?

(a) By using the 'Bank Reconciliation' feature in the 'Display' menu (b) By manually matching entries in the Day Book (c) By creating a separate bank account for each transaction (d) By exporting the bank statement to Excel

37. What are 'Cost Centers' in Tally?

(a) Entities within a company used to track expenses and revenues (b) Accounts used to manage taxes (c) Reports related to profit and loss (d) Tools to configure multi-currency transactions

38. How can you generate a 'Sales Register' in Tally?

(a) By selecting 'Sales Register' under the 'Display' menu (b) By exporting sales data to Excel (c) By generating the 'Sales Report' under the 'Inventory Vouchers' (d) By printing the Profit and Loss statement

39. What is the function of "Tally Vault"?

(a) To encrypt company data with a password for enhanced security (b) To track user activity within Tally (c) To back up company data to the cloud (d) To calculate payroll for employees

40. How can you record a 'Payment' entry in Tally?

(a) By selecting the 'Payment Voucher' under the 'Voucher Entry' menu (b) By using the 'Payment Entry' option in the 'Reports' menu (c) By using the 'Cash Transaction' option (d) By entering payment details manually in the Day Book

41. What is the purpose of the 'Profit and Loss' statement in Tally?

(a) To show the financial position of a company (b) To display the cash flow of a company (c) To show the revenue and expenses of a company (d) To calculate the depreciation on assets

42. How can you create a new financial year in Tally?

(a) By selecting 'Create New Financial Year' under the 'Company Info' menu (b) By adjusting the date in the system settings (c) By importing the financial data of the previous year (d) By using the 'Change Financial Year' option under the 'Reports' menu

43. What is the function of the 'Reconcile' option in Tally?

(a) To compare transactions in the system with bank statements (b) To delete erroneous transactions (c) To calculate depreciation on assets (d) To create journal entries for unpaid invoices

44. How do you record a 'Purchase' entry in Tally?

(a) By selecting the 'Purchase Voucher' under the 'Voucher Entry' menu (b) By importing purchase data from external sources (c) By using the 'Purchase Order' feature in Tally (d) By manually adding the purchase details in the sales ledger

45. What are the benefits of using multi-currency features in Tally?

(a) To handle transactions in different currencies and track exchange rate fluctuations (b) To calculate taxes for international trade (c) To generate automatic reports in different languages (d) To synchronize data with international accounting software

46. How do you enter a 'Receipt' in Tally?

(a) By selecting the 'Receipt Voucher' under the 'Voucher Entry' menu (b) By creating a 'Receipt Entry' under the 'Accounting Vouchers' (c) By adding the receipt manually to the Bank Book (d) By using the 'Receipt Payment' tool in the 'Inventory Vouchers'

47. What is the function of 'Banking' in Tally?

(a) To manage bank accounts, payments, receipts, and reconciliations (b) To generate customer invoices (c) To track inventory items (d) To manage company payroll

48. How do you print a ledger report in Tally?

(a) By selecting 'Ledger' under the 'Display' menu (b) By exporting the ledger to Excel (c) By generating a journal entry (d) By printing the report from the 'Reports' menu

49. What is the significance of 'Stock Group' in Tally?

(a) To categorize inventory items for better tracking and reporting (b) To manage customer data (c) To handle the sale of assets (d) To calculate depreciation on stock

50. How do you handle outstanding payments in Tally?

(a) By recording the outstanding payments under the 'Receivables' section (b) By generating a payment receipt entry (c) By creating a journal entry for the payment (d) By using the 'Outstanding Reports' feature in the 'Reports' menu

Practice Questions For

Tally MCQs

1. What is the primary purpose of Tally software?

2. Which version of Tally introduced GST compliance?

3. Which shortcut key is used to create a new company in Tally?

4. What is the default ledger created by Tally when a new company is created?

5. Which of the following is NOT a feature of Tally?

6. Which function key is used to open the company features menu?

7. What is the shortcut key to view a daybook in Tally?

8. In Tally, which shortcut is used to delete a voucher entry?

9. How many types of vouchers are available in Tally by default?

10. Which shortcut is used to open the stock summary in Tally?

11. What is the use of the Contra voucher in Tally?

12. Which function key is used to view the balance sheet in Tally?

13. What is the purpose of the F12 key in Tally?

14. In which menu can you find the "Statutory & Taxation" option?

15. What is the primary purpose of a Trial Balance in Tally?

16. Which ledger is mandatory while recording a sales voucher?

17. How can you enable GST in Tally?

18. Which option is used to generate financial reports in Tally?

19. How can a user protect a Tally company file with a password?

20. What is the function of the Group Summary report in Tally?

21. How can you create a new company in Tally?

22. What is the use of the 'F11' key in Tally?

23. Which of the following reports is used to view outstanding payables and receivables in Tally?

24. How can you record a credit note in Tally?

25. How can you print a ledger statement for a particular period in Tally?

26. What is the purpose of using "Voucher Type" in Tally?

27. How do you record a purchase return entry in Tally?

28. What is the purpose of "Multi-currency" feature in Tally?

29. How do you calculate GST in Tally?

30. What is the function of 'Day Book' in Tally?

31. How do you create a new voucher type in Tally?

32. What is the purpose of the 'F12' key in Tally?

33. How do you define a new ledger in Tally?

34. What is the difference between 'Day Book' and 'Ledger' in Tally?

35. What is the purpose of "Stock Items" in Tally?

36. How do you reconcile bank transactions in Tally?

37. What are 'Cost Centers' in Tally?

38. How can you generate a 'Sales Register' in Tally?

39. What is the function of "Tally Vault"?

40. How can you record a 'Payment' entry in Tally?

41. What is the purpose of the 'Profit and Loss' statement in Tally?

42. How can you create a new financial year in Tally?

43. What is the function of the 'Reconcile' option in Tally?

44. How do you record a 'Purchase' entry in Tally?

45. What are the benefits of using multi-currency features in Tally?

46. How do you enter a 'Receipt' in Tally?

47. What is the function of 'Banking' in Tally?

48. How do you print a ledger report in Tally?

49. What is the significance of 'Stock Group' in Tally?

50. How do you handle outstanding payments in Tally?

Tally Short Questions

1. What is Tally?

2. What are the main features of Tally?

3. What is the purpose of the Tally Gateway?

4. How do you create a new company in Tally?

5. What is a ledger in Tally?

6. What is the difference between a voucher and a ledger in Tally?

7. How do you generate a profit and loss statement in Tally?

8. What is GST in Tally?

9. How do you back up data in Tally?

10. What is Tally Prime?

11. How do you create a new company in Tally?

12. What is the function of 'Voucher Entry' in Tally?

13. How do you create a ledger in Tally?

14. What is the purpose of 'Stock Items' in Tally?

15. How do you generate a balance sheet in Tally?

16. How do you enable GST in Tally?

17. How do you manage payroll in Tally?

18. What is the purpose of the 'Inventory Management' feature in Tally?

19. How can a user protect a Tally company file with a password?

20. What is the function of the Group Summary report in Tally?

21. How do you enable multi-currency support in Tally?

22. What are the different types of vouchers in Tally?

23. How do you manage bank reconciliation in Tally?

24. What is the purpose of the 'Sales' report in Tally?

25. How do you customize the invoice format in Tally?

26. What is the use of the 'Contra Voucher' in Tally?

27. How do you create a stock group in Tally?

FULL STACK JAVA
PROGRAMING