TALLY - L1 INTERVIEW TEST

What is the shortcut key to view the balance sheet in Tally?

• Alt + B

• Alt + F1

• Alt + F4

What is the function of a contra voucher in Tally?

• To record transactions related to bank deposits and withdrawals

• To record purchase transactions

• To create invoices

What is the difference between a stock item and a stock group in Tally?

• Stock item is a collection of similar stock groups, while stock group is a single unit of a product

• There is no difference between stock item and stock group

• Stock item is a single unit of a product, while stock group is a collection of similar stock items

What is the double entry for the sale of goods worth $1,000 on credit?

• Debit Sales $1,000; Credit Accounts Payable $1,000

• Debit Cash $1,000; Credit Accounts Receivable $1,000

• Debit Accounts Receivable $1,000; Credit Sales $1,000

Which of the following statements is true about the cash discount?

• It is a discount offered by the buyer to the seller for early delivery

• It is a discount offered by the seller to the buyer for early payment

• It is a discount offered by the seller to the buyer for late payment

Which of the following is an example of a contra voucher in Tally?

• Payment voucher

• Purchase voucher

• Journal voucher

Which of the following statements is true about the memorandum voucher in Tally?

• It is used to record transactions related to payroll

• It is a non-accounting voucher

• It is used to record transactions related to sales

What is the purpose of creating a cost center in Tally?

• To track and allocate expenses to different departments or projects

• To track and allocate revenue to different departments or projects

• To record purchase transactions

Which of the following statements is true about the trial balance in Tally?

• It is a statement of all the transactions recorded in the accounting period

• It is a statement of all the accounts in the ledger with their debit and credit balances

• It is a statement of all the cash transactions recorded in the accounting period

The use of Tally accounting software has become increasingly popular among small and medium-sized businesses. One of the benefits of using Tally is that it provides a range of financial reports that can help businesses make informed decisions. These reports include the profit and loss statement, balance sheet, cash flow statement, and trial balance.

Another advantage of Tally is its flexibility in handling different types of transactions. It can be used to record and manage accounts payable, accounts receivable, inventory, payroll, and taxation. Tally also allows for easy customization and integration with other software systems.

Which of the following financial reports can be generated using Tally accounting software?

• Income statement

• Customer list

• Employee payroll report