Mock Test Level One

What is navigation path for creating multiple stock items in Tally Prime?

• Gateway of Tally> Charts of Accounting> Create>Stock Item> Multi Master

• Gateway of Tally> Charts of Accounting>Stock Item> Multi Master

• Gateway of Tally> Charts of Accounting> Multi Master > Stock item

• Gateway of Tally> Charts of Accounting> Multi Master

The act of recording a transaction in a payment vouchers is called 'Journalising'

• True

• False

A charts of accounts is a listing of the name of the accounts, which is used to record the day to day business transaction.

• Ture

• False

What are the major advantages of accounting software over manual accounting?

• Business

  Profitability

• Man Power

  availability

• Partnership

  Conflicts

• Timesaving

In the double-entry system of accounting, every transaction is recorded in atleast four accounts.

• Ture

• False

Which of the following information helps by assessing the balance sheet for the business?

• A company's inefficiency in day-to-day working Balanced management

• A company's long-term financial strength and performance

• A company's asset portfolio

• A company's efficiency in day-to-day Human resource management

What is the 'Double Entry System' of Accounting?

• Financial Statement preparation system

• Recording System

• Reporting system

• Debit and Credit determining system

'K: Company' option from Gateway of Tally is used to Alter the company in TallyPrime.

• True

• False

In Tally Prime, which of the following Accounting Groups are Sub-Groups?

• Direct Income

• Indirect Income

• Reserve & Surplus

• Provision

Which of the following Accounting Group will fall under Balance Sheet?

• Bank A/C

• Purchase A/C

• Sales A/C

• Direct Expense A/C