MCQOPTIONS
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MCQOPTIONS
This section includes 657 Mcqs, each offering curated multiple-choice questions to sharpen your Testing Subject knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
What is the advantage of a computer-based transaction processing system? |
| A. | Does not require as stringent a set of internal controls. |
| B. | Will produce a more accurate set of financial statements. |
| C. | Eliminates the need to reconcile control accounts and subsidiary ledgers. |
| D. | Will be more efficient at producing financial statements. |
| Answer» E. | |
| 2. |
Which of the following is compulsory to create while entry in Accounts with Inventory? |
| A. | Stock Groups |
| B. | Stock Items |
| C. | Units of Measure |
| D. | All of these |
| Answer» D. All of these | |
| 3. |
Double Entry System was introduced in– |
| A. | America |
| B. | Japan |
| C. | India |
| D. | Italy |
| Answer» B. Japan | |
| 4. |
The rate of trade discount varies with the ----------- purchased |
| A. | Total asset |
| B. | Current asset |
| C. | Quantity |
| D. | None of these |
| Answer» D. None of these | |
| 5. |
How many primary groups are there in Tally? |
| A. | 19 |
| B. | 28 |
| C. | 15 |
| D. | 20 |
| Answer» D. 20 | |
| 6. |
Fixed assets are held by business for _____ |
| A. | Converting into cash |
| B. | Generating revenue |
| C. | Resale |
| D. | None of the above |
| Answer» C. Resale | |
| 7. |
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» B. Accounts | |
| 8. |
Where do we record credit purchase of furniture in Tally? |
| A. | Purchase |
| B. | Payment |
| C. | Receipt |
| D. | Journal |
| Answer» B. Payment | |
| 9. |
Which option is used to copy company’s data into pen drive or CD? |
| A. | Backup |
| B. | Restore |
| C. | Split Company Data |
| D. | Copy Data |
| Answer» B. Restore | |
| 10. |
Where do we record interest received, commission received or rent received in Tally? |
| A. | Contra |
| B. | Payment |
| C. | Receipt |
| D. | Journal |
| Answer» D. Journal | |
| 11. |
Which menu appears after starting Tally for the first time? |
| A. | Gateway of Tally |
| B. | Company Info |
| C. | Display |
| D. | None of these |
| Answer» C. Display | |
| 12. |
Any written evidence in support of a business transaction is called: |
| A. | Journal |
| B. | Ledger |
| C. | Ledger posting |
| D. | Voucher |
| Answer» C. Ledger posting | |
| 13. |
How many secondary groups are there in Tally? |
| A. | 15 |
| B. | 13 |
| C. | 28 |
| D. | 3 |
| Answer» C. 28 | |
| 14. |
Which of the following user type can view audit list? |
| A. | Tally Vault |
| B. | Owner |
| C. | Data Entry |
| D. | Administrator |
| Answer» E. | |
| 15. |
Which of the following shows daily balance for a selected voucher type? |
| A. | Daybook |
| B. | Trial Balance |
| C. | Balance Sheet |
| D. | None of the above |
| Answer» B. Trial Balance | |
| 16. |
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» D. New Company | |
| 17. |
Where do we record all type of adjustment entry in Tally? |
| A. | F5: Payment |
| B. | F6: Receipt |
| C. | F7: Journal |
| D. | F4: Contra |
| Answer» B. F6: Receipt | |
| 18. |
Trial balance is prepared on............ basis |
| A. | Monthly |
| B. | Annually |
| C. | Half yearly |
| D. | Any of the above. |
| Answer» E. | |
| 19. |
Where do we record transactions of salary, rent or interest paid? |
| A. | Contra |
| B. | Journal |
| C. | Receipt |
| D. | Payment |
| Answer» C. Receipt | |
| 20. |
Provision for discount on debtors is calculated on the amount of debtors. |
| A. | Before deducting provision for doubtful debts. |
| B. | After deducting provision for doubtful debts. |
| C. | Before deducting actual debts and provision for doubtful debts. |
| D. | After adding actual bad and doubtful debts. |
| Answer» C. Before deducting actual debts and provision for doubtful debts. | |
| 21. |
Business enterprise is separate from its owner according to _________ concept. |
| A. | Money measurement concept |
| B. | Matching concept |
| C. | Entity concept |
| D. | Dual aspect |
| Answer» D. Dual aspect | |
| 22. |
The proprietor of the business is treated as creditor for the capital introduced by him dueto_____ concept. |
| A. | Money measurement |
| B. | Cost |
| C. | Entity |
| D. | Dual aspect |
| Answer» D. Dual aspect | |
| 23. |
Which of the following is used for voucher entry? |
| A. | Ledger Account |
| B. | Groups |
| C. | Sub-Groups |
| D. | Depends on number of companies |
| Answer» B. Groups | |
| 24. |
How many groups are pre-defined in Tally? |
| A. | 28 |
| B. | 30 |
| C. | 15 |
| D. | 19 |
| Answer» B. 30 | |
| 25. |
Which shortcut key(s) are used to display list of inventory reports within balance sheet? |
| A. | F8 |
| B. | F9 |
| C. | F10 |
| D. | F11 |
| Answer» C. F10 | |
| 26. |
A ‘credit note’ is sent by------------- to ---------------- |
| A. | Seller, buyer |
| B. | Buyer, seller |
| C. | Customer, seller |
| D. | Creditor, seller |
| Answer» D. Creditor, seller | |
| 27. |
Interpretation means |
| A. | Explanation of meaning and significance of the data in Financial Statements. |
| B. | Concerned with preparation and presentation of classified data |
| C. | Systematic analysis of recorded data |
| D. | Methodical classification of data given in Financial Statements. |
| Answer» B. Concerned with preparation and presentation of classified data | |
| 28. |
Which of the following is not a Real Account? |
| A. | Cash A/c |
| B. | Investments A/c |
| C. | Outstanding rent A/c |
| D. | Purchases A/c |
| Answer» D. Purchases A/c | |
| 29. |
If one of the cars purchased by a car dealer is used for business purpose, instead of resale,then it should be recorded by_____ |
| A. | Dr Drawing A/c & Cr Purchases A/c |
| B. | Dr Office Expenses A/c & Cr Motor Car A/c |
| C. | Dr Motor Car A/c & Cr Purchases A/c |
| D. | Dr Motor Car & Cr Sales A/c |
| Answer» D. Dr Motor Car & Cr Sales A/c | |
| 30. |
How many types of users are present in tally? |
| A. | 1 |
| B. | 2 |
| C. | 3 |
| D. | 4 |
| Answer» D. 4 | |
| 31. |
What is root cause for financial accounting |
| A. | Stewardship accounting |
| B. | Social accounting |
| C. | Management accounting |
| D. | Human resource accounting |
| Answer» B. Social accounting | |
| 32. |
By default, which mode is on in Purchase and Sales voucher? |
| A. | Norma Mode |
| B. | Item Invoice Mode |
| C. | Particulars Mode |
| D. | None of these |
| Answer» C. Particulars Mode | |
| 33. |
‘Inventory books’ is used to view |
| A. | Stock Items |
| B. | Group Summary |
| C. | Both A and B above |
| D. | None of these |
| Answer» D. None of these | |
| 34. |
Which accounting concept satisfy the valuation criteria |
| A. | Going concern, Realization, Cost |
| B. | Going concern, Cost, Dual aspect |
| C. | Cost, Dual aspect, Conservatism |
| D. | Realization, Conservatism, Going concern. |
| Answer» B. Going concern, Cost, Dual aspect | |
| 35. |
How can we see Vat Reports? |
| A. | Gateway of Tally > Display |
| B. | Gateway of Tally > Vat Reports |
| C. | Gateway of Tally > Display > Statutory Info |
| D. | Gateway of Tally > Display> Statutory Reports |
| Answer» E. | |
| 36. |
A trial balance is a--------- |
| A. | Ledger |
| B. | Journal |
| C. | Account |
| D. | List |
| Answer» E. | |
| 37. |
In which of the following cases, accounting estimates are needed? |
| A. | Employs benefit schemes |
| B. | Impairment of losses |
| C. | Inventory obsolescence |
| D. | All of the above |
| Answer» E. | |
| 38. |
According to the money measurement concept, the following will be recorded in the booksof account of the business: |
| A. | Health of Managing Director of the company |
| B. | Quality of company’s goods |
| C. | Value of Plant & Machinery |
| D. | Strike by employees |
| Answer» D. Strike by employees | |
| 39. |
Which option is used to place data taken in pen drive or CD to Appropriate place in Tally? |
| A. | Backup |
| B. | Restore |
| C. | Split Company Data |
| D. | None of these |
| Answer» C. Split Company Data | |
| 40. |
A............. serves the purpose of both journal and ledger accounts |
| A. | Journal proper |
| B. | Purchase day book |
| C. | Cash book |
| D. | Any of the above |
| Answer» D. Any of the above | |
| 41. |
Which option is used in Tally to close opened Company? |
| A. | Alter |
| B. | Shut Company |
| C. | Create Company |
| D. | Select Company |
| Answer» C. Create Company | |
| 42. |
Which shortcut key is used in ‘Company Features’ Screen to use Statutory & Taxation inTally? |
| A. | F3 |
| B. | F4 |
| C. | F2 |
| D. | F1 |
| Answer» B. F4 | |
| 43. |
How can data be imported in tally ? |
| A. | One company to another company created within Tally Package |
| B. | Other programs - a spreadsheet or a database file. |
| C. | Depends on number of companies |
| D. | Both A and B |
| Answer» E. | |
| 44. |
A ‘Debit note’ is a statement sent to the ------------- by the ---------------- |
| A. | Seller, buyer |
| B. | Buyer, seller |
| C. | Customer, seller |
| D. | Creditor, seller |
| Answer» D. Creditor, seller | |
| 45. |
Change in the capital A/c of proprietor may occur due to ______ |
| A. | Profit earned |
| B. | Loss incurred |
| C. | Capital Introduced |
| D. | All of the above |
| Answer» E. | |
| 46. |
Which submenu is used for voucher entry in Tally? |
| A. | Vouchers |
| B. | Account Vouchers |
| C. | Accounts Info. |
| D. | None of these |
| Answer» C. Accounts Info. | |
| 47. |
Which of the following can be budgeted in tally? |
| A. | Net Transactions |
| B. | Closing Balance |
| C. | Closing Balance |
| D. | A and B |
| Answer» E. | |
| 48. |
Which Shortcut key is pressed to view features in Tally? |
| A. | F10 |
| B. | F11 |
| C. | Alt+11 |
| D. | F12 |
| Answer» C. Alt+11 | |
| 49. |
What is the predefined number of groups in tally? |
| A. | 16 |
| B. | 28 |
| C. | 128 |
| D. | 228 |
| Answer» C. 128 | |
| 50. |
The process of recording financial data upto trial balance is |
| A. | Book keeping |
| B. | Classifying |
| C. | Summarizing |
| D. | Analyzing |
| Answer» B. Classifying | |