BASIC JOURNAL ACCOUNTING BY SUBODH KUMAR: All Take-a-Challenge

Lession- 01

Transportation and Telecomm services are which type of business entities?

Trader

Manufacturer

Infrastructure

Insurance

Hindustan Unilever is an example of a wholesaler.

TRUE
FALSE

What is contributed by the owners or shareholders and financial institutions in the form of the cash?

Capital

Products and services

Returns on investments

Two or more people set up a business together in the partnership business structure.

TRUE
FALSE

Sales are also known as payables.

TRUE
FALSE

Lession-02

Which document do you need to prepare for cash sales?

Cheque

CashMemo

DebitNote Receipt

In the case of credit sales, you need to prepare an invoice.

TRUE
FALSE

When the buyer pays money to a seller then the seller has to prepare which document?

Cash Memo

Pay-in-Slip

Receipt

Credit Note

In case goods are overvalued or defective, the purchaser prepares a debit note against the seller of goods and adds the amount in the note.

TRUE
FALSE

If a customer returns goods or given a discount then which document is issued to the customer by the seller?

CreditNote

Cheque

Invoice

Receipt

Lession-03

In the accounting equation, assets are not equal to liabilities plus capital.

TRUE FALSE

Which of these provides the financial position of a business on a particular date? Question

Balancesheet

TrialBalance

ProfitandLossStatement Cash is an example of what?

Assets

Liabilities

Profit Loss

Outstanding wage is an example of liabilities.

TRUE FALSE

Capital is which part of the liability in an accounting equation.

Owner'sclaim

Outsider'sclaim

Insider'sclaim Borrower'sclaim Lession-04

A journal is also known as the original book of entry.

TRUE FALSE

The process of writing in ____ is known as Journalizing.

Journals

Ledgers Vouchers

A bank account is an example of a ____ account

Personal

Real Nominal

A building is an example of an intangible real account.

TRUE

FALSE

Accounts which are related to expenses, losses, incomes or gains are called ____ accounts.

Personal
Real
Nominal

Lession-05

A ___ discount is a discount given to the buyer on the product price when they buy the product in large quantity.

Trade

Cash

Seasonal Contractual

What is the type of discount provided by the seller of goods to encourage prompt payment from the buyer?

Trade

Cash

Seasonal Contractual

Accounts which are related to expenses, losses, incomes or gains are called ____ accounts.

Personal

Real Nominal

A building is an example of an intangible real account.

TRUE FALSE

A credit is an accounting entry that is made when an asset ____.

increases

decreases
remainssame
Lession-06

A ledger is also known as the principal book of entry.

TRUE
FALSE

The left column in a ledger shows the different ____ balances.
credit
debit
pending
The process of transferring entries from journal to ledger is called ____.

posting

balancing

journalizing

A building is an example of an intangible real account.

TRUE
FALSE

The book that contains every single transaction that has occurred in a business is called a _____.

Question

listing
journal
ledger
voucher

Lession-07

Accounting is the process of systematically recording, classifying, and summarizing financial information.

TRUE

FALSE

In the single-entry system, all the credit transactions and accrued liabilities are omitted.

TRUE
FALSE

_______ are the amount payable against the credit purchase.

Stocks

Assets

Liabilities
Discounts

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. Question

TRUE
FALSE

Which of these accounts are different types of incomes or expenses?

Bankaccount

Cashaccount

Realaccount
Nominalaccount
Lession-08

The Tally Help option appears on _______.

Horizontal ButtonBar

Menu Bar

Task Bar
Vertical button Bar

If you see a single underline below a keyboard character in Tally, you should press which special key along with it?

Alt

Ctr

Del
Shift

A directory is the path where the company data is stored in Tally.

TRUE
FALSE

If you delete a company, you can still recover its records.

TRUE
FALSE

In order to set various company features required for transaction entries, click F11: Features on the ______.

Horizontal Button Bar

Menu Bar

Task Bar

Vertical button Bar

Lession-09

If you want to give a code to stock items, you should set which of these options to Yes?

Use Description for Stock Items

Allow ADVANCED entries in Masters

Use PART NUMBERS for Stock Items
Use ALTERNATE UNIT for Stock Items

Where are inventory details displayed by default?
Gateway of Tally
Horizontal Button Bar
Vertical Button Bar
Voucher Entry screen

Which of these options should be set to Yes if you want to include a different name for the employee in the payroll reports?

Provide Contract Details

Show Employee Display Name

Show Resigned/Retired Employees

Show Statutory Details

For which e-mail server should the option 'Use SSL on Standard Port' be set to Yes?

Company
Domain

Hotmail

Any Domain
None of the these

You should enable which of these options if Error 16004 keeps appearing?

Enable HTTP Log(tally http.log )?
Enable ODBC server?
Connection time out(in seconds) .
Connect to Tally NET Server running on non HTTP port?

Lession-10

Inventory Info menu is mainly about _____.

Ledgers
Groups
Stocks
Vouchers

Which of these is used to view the list of primary and secondary groups in Tally?

Accounts
List of Accounts
List
None of the above

Which shortcut key is used to delete the group?

Alt+A
Alt+X
Alt+C
Alt+D

Ledgers that have financial transactions of the same nature are classified under a single group.

TRUE
FALSE

The alias feature allows you to refer a ledger either by the name or alias.

TRUE
FALSE

Lession-11

What is contributed by the owners or shareholders and financial institutions in the form of the cash?

Question

Capital
Products and services
Returns on investments

Cash is an example of what?
Asset
Liabilities
Profit Loss

Accounts which are related to expenses, losses, incomes or gains are called ____ accounts.

Personal
Real
Nominal

_______ are the amount payable against the credit purchase.

Question

Stocks
Assets
Liabilities
Discounts

Which of these options should be set to Yes if you want to include a different name for the employee in the payroll reports?

Provide Contract Details

Show Employee Display Name

Show Resigned/Retired Employees

Show Statutory Details

Lession-12

Inventory information contains the details of inventory masters.

TRUE
FALSE

To create a Stock Group, go to Gateway of Tally > Inventory Info. > Stock Group > _____

Create

Display

Alter All of the above

Which of these options from the Inventory Info menu is used to view a single stock category or multiple stock categories?

Stock Groups

Stock Categories
Stock Items Godowns

The 'Third party stock with us' option is used when the godown is used to record details of third party goods with the company.

TRUE
FALSE

Stock items are purchased or sold based on their _____ and ____.

Question

price,quality
quality,unit

quantity,unit
quality,quantity

Lession-13

Which of these keyboard shortcuts is used to create masters through voucher?

Alt+C

Ctrl+C

Alt+M Ctrl+M

What do the terms 'Cr' and 'Dr' stand for in Tally?

CashandDebt

CreditandDebt

Credit and Debit
CurrencyandDebt

Pressing the F6 key in Accounting Vouchers will open the _____ voucher.

Contra

Journal

Receipt
Sales

You should use this voucher to record the sale of goods to a company.

DebitNote

Receipt

Purchase
Sales

Suppose you purchased 500 sports equipment on credit and are yet to make the payment. This purchase should be recorded in which voucher?

Contra

DebitNot
Journal
Purchase

Lession-14

Which of these menus is used to create the new ledgers, groups, and voucher types in Tally?

Reports

Utilities

Transactions
Masters

You cannot edit or delete a ledger in the display mode.

TRUE
FALSE

To create multiple ledgers at a time, select the _______ option under Multiple Ledgers from the Ledger menu.

Delete

Alter

Create
Configure

Office cost is a direct expense for a company.

TRUE
FALSE

When payment is made through cheque, the bank account should be credited.

TRUE
FALSE

Lession-15

If you wish to create an item group on the Stock Item Creation screen, use the keyboard shortcut ______.

Alt+A

Alt+C

Alt+I

Alt+G

A ______voucher is used to record the details of transactions involving customer orders for stock items.

Contra Entry

Payment
Sales Order
Purchase

The keyboard shortcut Alt+F9 is used to open which voucher from Inventory Vouchers?

Inventory Voucher
Sales Order Voucher
Purchase Voucher
Receipt Note Voucher

On 13th May, KM Sports ordered 400 sports shoes from your company. For this transaction, you should select the purchase order.

TRUE
FALSE

On 4th July, your company delivered 800 school bags to RK Enterprises. Which voucher should be used to record this transaction?

Delivery Note Voucher
Receipt Note Voucher
Payment Voucher
Purchase Voucher
Lession-16

In Tally, deleting a company is same as closing a company.

TRUE

FALSE

Through the Company Features menu, you can change which of these?

Accounting features
Excise duty
Income tax returns
VAT settings

To go to Accounting Features, you need to use which function key?

F12

F11

Which of these is the main working area in Tally?

Gate way of Tally
Menu Bar
Info Panel Calculator Area

To enable cheque printing, set the 'Enable cheque printing' option to Yes.

TRUE
FALSE

Lession- 17

Bill Wise Details in Tally.ERP 9 is a function that helps you track the details of a ___ entry.

voucher
journal
ledger

Which keyboard shortcut is used to create a Purchase voucher?

F5
F7
F8
F9

You should use which adjustment method when you do not know which bills need to be adjusted with money?

Advance
Against ref

New ref
On account

To record advance payment for sales, which type of adjustment method should be used?

Against Ref
New Ref
Advanced Ref
Onaccount

_______ are used to maintain details of all sales and purchase transactions at the invoice level.

Bill-wise Details
Credit Note Vouchers
Multiple Currencies
Trial Balances

Lession-18

For the currency symbols that cannot be accessed directly from the keyboard, you should use which of these with the Alt key?

Question

Numeral

Unicode

EBCDIC
ASCII code

The current rate of exchange is the _____rate in Tally.

buying
standard
selling
None of the above

In multi-currency transactions in Tally, the ongoing or current exchange rate is known as the _______ rate.
buying
standard
selling \
existing

On 14th September, you sent an invoice of Rs. 73,000 to Goa Computers towards the sale of 500 CPUs. This is a _______.

ledger
purchase in voice
receipt note
sales Invoice

The Bill Settlement option is used to settle selected or all bills from the list of bills displayed in the _____ report.

receivable
payable
stock summary
outstanding

Lession-19

_______ are used to maintain details of all sales and purchase transactions at the invoice level.

Question

Bill-wise Details
Credit Note Vouchers
Multiple Currencies
Trial Balances

You should use which adjustment method when you do not know which bills need to be adjusted with money?

Advance
Against ref
New ref
On account

As of 20th September, you owe JK Solutions an amount of Rs. 20,000. To check this pending amount, you should use which kind of report?

Purchase Report
Ledger Outstanding Report
Sales Report Receipt Report

To check the trial balance, go to Gateway of Tally > Display > ____.

Day Book
Inventory Books
Trial Balance
Accounts Book

To record advance payment for sales, which type of adjustment method should be used?

Against Ref
New Ref
Advanced Ref
On account

Lession-20

To record additional costs on a purchase, you need to enable ____.

Use multiple price levels
Track additional cost of purchase
Use cost tracking for stock item
Maintain batch-wise details

When items in the purchase invoice have the same unit of measurement, you should use Appropriate by ___________.

Quantity
Value
Quality Price

To use the Tracking Number feature, set the 'Use rejection inward and outwards notes' options to No.

TRUE
FALSE

Zero valued entries are used when you deliver goods as replacements or free samples.

TRUE
FALSE

Zero valued entries only reflect in the ______ book.

inventory

accounting

day

All of the above

Lession-21

Which button is clicked to open the Inventory Features screen from Gateway of Tally?

Question

F1:Shut Comp

F2:Date

F11:Features
F12:Configure

In Manufacturing company, you can consider different items as part of the same batch if these items have the same_____ date.

manufacturing
receipt

expiry

purchase

When items in the purchase invoice have the same unit of measurement, you should use Appropriate by ___________.

Quantity

Value

Quality Price

Zero valued entries only reflect in the ______ book.

inventory
accounting
day
Alloftheabove

The keyboard shortcut Alt+F9 is used to open which voucher from Inventory Vouchers?

Inventory Voucher
Sales Order Voucher
Purchase Voucher
Receipt Note Voucher

Lession-22

To create a Stock Group, go to Gateway of Tally > Inventory Info. > Stock Group > _____

Create
Display
Alter
All of the above

You cannot edit or delete a ledger in the display mode.

TRUE

FALSE

Through the Company Features menu, you can change which of these?

Accounting features
Excise duty
Income tax returns VAT settings

The current rate of exchange is the _____rate in Tally.

buying
standard
selling
None of the above

When items in the purchase invoice have the same unit of measurement, you should use Appropriate by ___________.

Quantity

Value

Quality

Price

Lession-23

The Batch-wise details feature is used to identify the movement of inventories in batches.

TRUE
FALSE

To make a purchase entry, from Accounting Vouchers, press the ___ key.

F12

F11
F8

To make a sales entry, from Accounting Vouchers, press the ___ key.

F12

F11
F8

To enable the Batch-wise details, from Gateway of Tally, press F11>F12 for Company Inventory Features and set the 'Maintain batch-wise details' option to ___.
Yes
No
None of these

Ideally, the _______ voucher should be used when the company buys goods.

DebitNote
Receipt
Purchase
Sales

Lession-24

Press_______ shortcut key to see predefined vouchers from the 'List of accounts' screen.

Alt+D

Ctrl+A
Ctrl+V

Alt+F

The Stock journal is used to transfer different materials from one godown to another within the same company.

TRUE
FALSE

A _____ is the record of an authenticated document for different materials taken out from the stock for various purposes.

payment
batch
bill of Material
voucher

When you enable the Bill of Materials option, you can see changes in the Stock Item Creation screen.

TRUE
FALSE

Bill of Material feature is mostly useful for manufacturing organizations.

TRUE FALSE

Lession-25

The process of listing items that make up another item is termed as ___.

Bill Settlement

Batch-wise Details

Actual and Billed Quantity

Bill of Materials

A Bill of Materials may contain vendor name and quantity of each raw material.

TRUE
FALSE

Multiple 'Bill of Materials' is used when bills for different stock items are required for a single finished good.

TRUE
FALSE

To setup Bill of Materials, go to Gateway of Tally > ___: Configure > Accts/Inventory Info.

F10

F11

F12

To check the ___ report, go to Gateway of Tally > Display > Inventory Books > Stock Item

Movement Analysis
Stock Item
Daily breakup
Ratio Analysis

Lession-26

You can connect only one company through Tally.NET.

TRUE
FALSE

By default, the Tally.NET user is authorized in the capacity of a/an_____ who has restricted access to the company data

Auditor

Data Entry operator

System administrator
All of the above

Tally.NET allows you to connect companies from Tally.ERP 9 and helps you to create and maintain remote users.

TRUE
FALSE

Who can modify access controls of a Tally.NET auditor?

Financial Advisor

Chartered Accountant

Product Manager
System Administrator

Tally.NET is a/an ________ feature that provides a host of capabilities.
optional
additional
default
All of above

Lession-27

While taking the backup,______ is the location where the data backup files for multiple companies are stored.
Directory
Server
Destination
Source

While restoring files, first select_____ and then_____.
destination,server
source,destination
destination,source
server,destination

The ____ balance for the previous financial year becomes the ____ balance for the current financial year.
closing,opening
opening,closing
closing,closing
opening,opening

The _____ option allows you to export the reports or data from Tally.

Export
Display
Alter
Split from

For which of these reasons do you need to import vouchers from one company to another?

Question

Data corruption or data loss

Data migration within different version

Data import from third party

All of the above

Lession-28

____is commonly used to transfer different types of data or files.

URL
Web-page
FTP
HTTP

The SQL query language in Tally.ERP 9 is used to _____ information.
delete
retrieve
upload
None of the above

________ feature from Tally allows you to send an e-mail, and publish and upload files to the Internet.

GST
E-capabilities
ODBC VAT

You have to install _____ before installing Tally.ERP 9 to enable Open Database Connectivity (ODBC).

MS-Query

SQLQuery

MQL TQL

Which syntax is used to a list of ledger collections that are exposed to

ODBC?

SELECT$ Name FROM ODBC Tables

SELECT$Name FROM Ledger

SELECT*FROM Ledger
SELECT$Name FROM Ledger

Lession-29

Which indirect tax was applicable prior to GST on goods?

Service tax
VAT
Excise duty

Which indirect tax was applicable on intrastate sale of goods prior to GST?

VAT
Service tax
Customduty
Exciseduty

Taxable event in the GST is supply ____.

Goods
Services
Goodsand/orServices

What do you mean by securities?

Goods

Financial Instruments (Shares and Debentures)
Cash

Intrastate supply attracts which type of GST?

CGST

SGST

CGSTandSGST
IGST

Lession-30

The aggregate turnover required for GST registration under general category is ____ lacs.

Question

The validity of registration for casual taxpayer is maximum ___ days. Question

100

150

The aggregate turnover requires for GST registration under special category is ____ lacs Question

The casual taxpayer has to deposit tax in advance.

TRUE
FALSE

Under GST, a dealer whose turnover is less than the recommended threshold amount for GST registration will be termed as a/an _____ dealer.

composite
registered
local
unregistered

Lession-31

For availing input tax credit, the taxpayer has received ________.

Goods

Services

Goodsand/orServices

The taxpayer is eligible to avail _______ against the input tax.

debit
credit
payment

Under the reverse charge mechanism, the liability to pay tax is on the ___.

supplier
recipient
both

Both goods and services are covered under the reverse charge mechanism.

TRUE
FALSE

As per GST, the reverse charge mechanism also apply to supply of ___ goods.

tangible

intangible
perishable

Lession-32

The most important thing while doing a transaction in Tally is to create ____.

vouchers
masters
ledgers journals

The Accounts masters include ____ and groups.

ledgers
vouchers
journals

The inventory master includes Stock Group, Stock Items, and Unit of Measure.

TRUE
FALSE

To activate GST for your company, open the company and press __

Accounting Features > F3: Statutory & Taxation

F11
F12
F10
F9

In upward rounding, if the decimal value is 50 or 99 paisa then Tally will automatically convert it into 0 rupees.

TRUE
FALSE

Lession-33

The Batch-wise details feature is used to identify the movement of inventories in batches.

TRUE
FALSE

The process of listing items that make up another item is termed as ___.

Bill Settlement

Batch-wise Details

Actual and Billed Quantity
BillofMaterials

While taking the backup,______ is the location where the data backup files for multiple companies are stored.
Directory
Server
Destination
Source

Which indirect tax was applicable prior to GST on goods?

Service tax
VAT
Exciseduty

For availing input tax credit, the taxpayer has received ________.

Goods
Services
Goods and/or Services

Lession-34

By using F12: Configure, you can enable the required settings of Inventory Masters.

TRUE
FALSE

To create a single stock group, go to Gateway of Tally > Inventory Info. >

Stock Groups > Single Stock Group > ____

Create
Alter
Display

You can set up the GST rates for your company using which option?

GST Rate Setup
Tax Type
Taxability

A compound unit is a combination of ___ simple units.
Two
Three
Four

By default Tally. ERP 9 will show the Compound unit for creating the unit of measure.

TRUE

FALSE

Lession-35

The first two digits of GSTIN represent the ____ code

city
district
state
country

The state and central tax is always ____ of the integrated tax.

one-half
one-third
one-fourth
one-fifth

You can record a journal voucher to transfer the closing balance of ____ as the opening balance under GST.
Cess
Surcharge
CENVAT
All of the above

If you make a purchase of goods within the ___, then it is an intrastate inward supply of goods.

city
district
state
country

The shortcut key ____ is used to create a voucher for the purchase of goods.

F10

F11

F12

Lession-36

Which shortcut key is used to change the range of pages to be printed?

Ctrl+D

Ctrl+V

Ctrl+A
Ctrl+G

Under which group is the ledger for IGST created?

Indirect Expenses
Duties&TaxesIndirectIncomes
Primary

The highest level at which the tax rate can be defined is the _____ level.

transaction
stockitem
stockgroup
company

You need to use the _____ format to upload different GST reports on the GST portal.

JSON

Excel

PDF
XML

GSTR-2 shows statutory reports for purchase in Tally.

TRUE
FALSE

Lession-37

In the case of taxable exports, which of these taxes is applicable?

CGST

IGST
SGST
VAT

In GST, all imports and unregistered supplies are earmarked as reverse charge mechanism.
TRUE
FALSE

If an individual supplies goods through an e-commerce operator, he or she is also eligible for the composite dealer surcharge.

TRUE
FALSE

Under GST, a dealer whose turnover is less than the recommended threshold amount for GST registration will be termed as a/an _____ dealer.

composite
egistered
local
unregistered

You are exporting 40,000 LED lights to a Thailand-based company. To record this transaction, you should create which type of ledger?
Purchase Ledger

General Ledger

Distributed Ledger
SalesLedger

Lession-38

If you set Exempted as the Taxability option, Tally takes the default tax percentage as ______.

In economics, the term SEZ stands for ______.

Special Environmental Zone

Special Ecological Zone

Special Economic Zone
Special Entertainment Zone

If you received an advance amount of Rs. 10,000 then you should make this entry as a/an ____ receipt.

advance
sales
special
tax-free

The term 'intrastate outward services' refers to _______.
purchase from another state
sales made out side the state
purchase from within the same state
sales within the same state

To separately record interstate and intrastate purchase ledgers, there is no need to create a separate interstate purchase taxable ledger.

TRUE
FALSE

Lession-39

To make a payment entry, you should select Accounting Vouchers and press the ____key from the keyboard.

To activate credit/debit note, go to F11: Company Features > Accounting Features or Inventory features.
TRUE
FALSE

A sales return is recorded in the ____.

credit note
debit note
payslip

To view the GSTR-1 report, go to Gateway of Tally > Display > ___ > GST> GSTR-1
Statutory Reports

Statutory Info.

Exception Reports

To modify GST details, set 'Set/alter GST details' to Yes.

TRUE
FALSE

Lession-40

To activate GST for your company, open the company and press __

Accounting Features > F3: Statutory & Taxation

F11

F12

F10
F9

Go to the Gateway of Tally > Display > Statutory Reports > GST > ____ to view the GSTR-2 report.
GSTR-2

GSTR-1
GSTR-3A

CGST is a state tax.

TRUE
FALSE

To print an invoice that you made, go to Gateway of Tally > Display > ___ and select the required voucher.
Inventory Books
Account Books
Trial Balance
Day Book

GSTR-1 includes the details of all outward supplies made in a given period. Question

TRUE
FALSE

Lession-41

The company received the payment. So, to make this entry, use the ___ voucher.

Payroll

Receipt
Payment

To record a payment made to a company, use the ___ voucher

Payroll
Receipt
Payment

The company purchased an item. To make this entry, use the purchase voucher.

TRUE FALSE

The company made a sale. To record this, use ___ voucher.

Sales
Purchase
Receipt

To modify GST details, set 'Set/alter GST details' to Yes.

TRUE
FALSE

Lession-42

The company purchased an item. So, to make this entry, use the purchase voucher.
TRUE
FALSE

The company made a sale. To record this, use ___ voucher.

Sales
Purchase
Receipt

To view the amount payable to a company, go to Gateway of Tally > Display > Statements of Accounts > Outstandings > Receivables.
TRUE
FALSE

To modify GST details, set 'Set/alter GST details' to Yes.

TRUE
FALSE

What is used to record a purchase return?

Credit Note

Debit Note
Receipt
Sales

Lession-43

Amendement of Registraion is not allowed once the GSTIN has been received.
TRUE
FALSE

In the GST portal, you need to go to Service>>Registration>>Amendment of Nomn Core Filed to Amend any detail under GSTIN.

TRUE
FALSE

GSTIN can be canceled only by GSTIN officer.

TRUE
FALSE

Application for the Cancellation of GSTIN can be done in the GST portal by logging in and then going to Service>>Registration>>Application of Cancellation of GSTIN.
TRUE
FALSE

GSTR2A is an auto-populated report of the Purchase Invoice that is uploaded by a supplier in GSTR1.
TRUE
FALSE

Lession-44

A compound unit is a combination of ___ simple units.
Two
Three
Four

You need to use the _____ format to upload different GST reports on the GST portal.

JSON

Excel

PDF

XML

The term 'intrastate outward services' refers to _______.

purchase from another state
sales made outside the state
purchase from within the same state
sales within the same state

To print an invoice that you made, go to Gateway of Tally > Display > ___ and select the required voucher.

Inventory Books
Account Books
Trial Balance
Day Book

To modify GST details, set 'Set/alter GST details' to Yes.

TRUE
FALSE

Lession-45

GSTR2A is like filing a tax return.

TRUE
FALSE

GSTR2A does not have to really match with the books of accounts.

TRUE
FALSE

Invoice matching of Purchase with supplier GSTR1 can be done in ___

GSTR1A
GSTR2A
GSTR3
GSTR3B

Show Cause Notice means an Order or Scrutiny issued by the department for a query. Question

TRUE
FALSE

Payment of Tax can be done at the time of ____ filling.

GSTR1
GSTR2A
GSTR3B
None of the above

Lession-46

In case of any GST liability under GSTR3B, _______is must. Question

Set off of ITC
Challan Generation
Filing GSTR1
All of above

3.1 Table in GSTR3B shows___________.

Summary of Sales
Summary of ITC
Net Tax
None of then above

Eligible ITC can be seen in GSTR3B in table number __ in the GST portal.

3.1

GSTR1 form is __________report

Sales
Purchase
Net Liability
None of the above

GSTR1 in case of Regular return needs to be uploaded on _______ basis.

Monthly
Quarterly
Half-Yearly
Yearly

Lession-47

The ledger for transport is created under which accounting group? Question

Sundry Debtor
Sundry Creditor
Indirect Expenses
Direct Expenses

Which of the following is mandatory if a transporter is not GST registered?

PAN
Mobile Number
Transporter ID
Bank Account Number

Assume a company used its own vehicle to transport goods. Which of the following is mandatory while recording the transport details for a sales invoice?

Transporter ID
Your PAN
Your GSTIN
Vehicle Number

Enable e-way bill set up in Tally from --------. Question

F11: features> F1: Accounts

F11: features>F2: Inventory

F11: features>F3: Statutory

F12: Configuration

You have to mention e way bill threshold limit during every voucher entry.

TRUE
FALSE

Lession-48

What does TDS stand for? Question

Tax Deducted at Sales
Tax Deducted at Source
None of the above

An e-commerce operator can deduct TCS on the goods and services received.
TRUE
FALSE

What does ISD stand for? Question

Input Service Seller
Input Service Buyers
Input Service Distributor
None of the above

Transitional Credit facility under GST is available only for ___ months from the date of implementation of GST. Question

You can a record a ____ voucher to raise the liability towards interest, penalty, late fee, or other dues.
journal
payroll
receipt
payment
Lession-49

In Tally, to enable payroll for a company, which keyboard shortcut is used?

F11

F10
F9
F12

For recording the attendance and production details, you need ______.

Employee Masters
Payroll Configurations
Payroll Masters
Pay Heads

The option ‘Maintain more than one payroll or cost category?’ can be seen on which screen?

Accounting Features
Payroll Configuration
Employee Group Creation
Employee Alteration form

You can enter detailed information about all your employees through the Multiple Employee Creation screen.
TRUE
FALSE

Payroll Units can be either Simple or Compound. Question

TRUE

FALSE

Lession-50

______ are used to define a Pay Structure of an Employee or an Employee Group. Question

Employee Masters

Pay Heads

Payroll Units

Salary Details

There are _____ types of Payroll Vouchers in Tally. Question

The keyboard shortcut for opening an Attendance voucher is ______. Question

Ctrl+F3

Ctrl+F2

Ctrl+F4

Ctrl+F5

Attendance values cannot be auto-filled in the Attendance Voucher Creation screen. Question

TRUE

FALSE

Which of these is not a payroll voucher?

Question

Attendance

Payroll

Payment

Deductions

Lession-51

If you want to open the Accounting Features screen from Company Features, you should press the _____ key. Question

F11

F12

Creating ______can help you classify employees based on parameters such as their job functions, departments, etc. Question

Employee Accounts

Employee Groups

Employee Masters

Pay Heads

You should use the 'Attendance/Leave with Pay' option to record negative attendance. Question

TRUE
FALSE

Which of the following is/are pay head types?

Bonus
Loans and Advances
Gratuity
All of the above

It is possible to alter the values of individual Pay Head elements in the same Pay Group. Question

TRUE

FALSE

Lession-52

Tax Deducted at Source (TDS) is an indirect tax collected at the prescribed rate from the income source. Question

TRUE

FALSE

_______ is one of the modes for collecting the income tax at the source.

Question

GST

TAN

TDS

VAT

To create the TDS Nature of Payment, you need to go to Gateway of Tally > Accounts Info. > Statutory Info. > TDS Nature of Pymts > Create.

TRUE
FALSE

In Tally, you can book expenses by recording the ____ voucher.

payment journal receipt
All of the above

As per the Income Tax Act, every corporate and government entity is liable for ______ of TDS.

Question extension increase addition
deduction

Lession-53

What action can be done using the keyboard shortcut Alt+F12 on the Profit and Loss account?

view company features
configure a report
set range of information
view the balance-sheet

A ______ is a financial statement which shows the financial position of a firm. Question

Balance-Sheet

Profit & Loss Account

Receipts & Payment Account

Trial Balance

Which of these is neither a register nor a ledger type recognized by Tally?

Question

Day Book

Contra Entry

Bank Book

Sales Register

The keyboard shortcut Ctrl+F12 helps you to perform which action? Question

View company features

Configure a report

Set range of information

View the balance-sheet

If you select a row from a column and accidentally press Alt+D, the column will be ____.

added
renamed
deleted
duplicated

Lession-54

If you need to pay money on a bill, the bill becomes ______. Question

Bills Exchangeable

Bills Payable

Bills Reachable

Bills Receivable

Using the key combination Alt+T will allow you to enter the subtitle of the Balance Sheet report? Question

TRUE

FALSE

Which of these vouchers lists all transactions made on a particular day?

Question

Credit Note voucher

Day book

Detailed Trial Balance report

Post Dated voucher

The ratio analysis report is divided into two parts: ______ and ______.

Question

Principal analysis,Principal groups

Principal analysis,Principal ratios

Principalgroups,Principalratios

Principalratios,Principalreports

Which of these is not a print format offered by Tally? Question

DotMatrix

InkjetMode

NeatMode

Quick/Draft

Lession-55

A compound unit is a combination of ___ simple units.

Question

Two

Three

Four

To activate GST for your company, open the company and press __

Accounting Features > F3: Statutory & Taxation

Question F11

F12

F10

The SQL query language in Tally.ERP 9 is used to _____ information.

delete
retrieve
upload

None of the above

The process of listing items that make up another item is termed as ___. Question

Bill Settlement

Batch-wise Details

ActualandBilledQuantity

BillofMaterials

The Batch-wise details feature is used to identify the movement of inventories in batches. Question

TRUE

FALSE

Lession-56

What is contributed by the owners or shareholders and financial institutions in the form of the cash? Question

Capital

Productsandservices

Returnsoninvestments

Cash is an example of what? Question

Assets

Liabilities

Profit

Loss

Accounts which are related to expenses, losses, incomes or gains are called ____ accounts. Question

Personal

Real

Nominal

_______ are the amount payable against the credit purchase.

Question

Stocks

Assets

Liabilities

Discounts

Which of these options should be set to Yes if you want to include a different name for the employee in the payroll reports? Question

ProvideContractDetails

ShowEmployeeDisplayName

ShowResigned/RetiredEmployees

ShowStatutoryDetails

Lession-57

The Batch-wise details feature is used to identify the movement of inventories in batches. Question

TRUE

FALSE

The process of listing items that make up another item is termed as ___.

Question

BillSettlement

Batch-wiseDetails

ActualandBilledQuantity

BillofMaterials

While taking the backup,______ is the location where the data backup files for multiple companies are stored.

Question

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