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WorksheetsWhite Belt Quiz
Total questions: 30
Worksheet time: 30mins
Name
Class
Date
1.
Accounting furnishes data on
a)
All the above
b)
Company’s tax liability for a particular year
c)
Income and cost for the managers
d)
Financial conditions of the institutions
2.
Long term assets having no physical existence but, possessing a value are called
a)
Intangible assets
b)
Fixed assets
c)
Current assets
d)
Investments
3.
The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as
a)
Current assets
b)
Fixed assets
c)
Intangible assets
d)
Investments
4.
The debts which are to be repaid within a short period (a year or less) are referred to as,
a)
Current Liabilities
b)
Fixed liabilities
c)
Contingent liabilities
d)
v
5.
Gross profit is
a)
Excess of sales over cost of goods sold
b)
Cost of goods sold + Opening stock
c)
Sales fewer Purchases
d)
Net profit fewer expenses of the period
6.
Net profit is computed in the
a)
Profit and loss account
b)
Balance sheet
c)
Trial balance
d)
Trading account
7.
Which of these best explains fixed assets?
a)
Are of long life and are not purchased specifically for resale
b)
Are bought to be used in the business
c)
Are expensive items bought for the business
d)
Are items which will not wear out quickly
8.
The charges of placing commodities into a saleable condition should be charged to
a)
Profit and loss account
b)
Trading account
c)
Balance Sheet
d)
None of the above
9.
Suppliers personal a/c are seen in the
a)
Purchases Ledger
b)
Sales Ledger
c)
Nominal ledger
d)
General Ledger
10.
If you want to ensure that your money will be secured if cheques sent are wasted in the post, you should
a)
Cross your Cheques ‘Account Payee only, Not Negotiable.’
b)
Always pay by cash
c)
Always get the money in person
d)
Not use the postal service in future
11.
Discounts received are
a)
Deducted by us when we pay our accounts
b)
Deducted when we receive cash
c)
Given by us when we sell goods on credit
d)
None of these
12.
At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is
a)
Simply deducted from the asset in the Balance Sheet
b)
Transferred to Profit and Loss Account
c)
Transferred to the Asset Account
d)
Transferred to Depreciation Account
13.
If we take goods for own use we should
a)
Debit Drawings Account, Credit Purchases Account
b)
Debit Drawings Account: Credit Stock Account
c)
Debit Sales Account: Credit Stock Account
d)
Debit Purchases Account: Credit Drawings Account
14.
If a trial balance totals do not agree, the difference must be entered in
a)
A Suspense Account
b)
The Capital Account
c)
A Nominal Account
d)
The Profit and Loss Account
15.
If it is required to maintain fixed capitals then the partners’ shares of profits must be
a)
Credited to partners’ current accounts
b)
Debited to partners’ current accounts
c)
Debited to capital accounts
d)
Credited to capital accounts
16.
Which of these is not included as a separate item in the basic accounting equation?
a)
Revenues
b)
Assets
c)
Liabilities
d)
Stockholder Capital
17.
The _____ uses the expanded accounting equation to list assets, liabilities, and equity in a report format.
a)
Balance Sheet
b)
Profit& Loss A/C
c)
Trial Balance
d)
Capital
18.
Asset accounts have what type of balance?
a)
Debit
b)
Credit
c)
Contra
d)
All the above
19.
Single Entry mode is applicable for
a)
All of these
b)
Receipt Voucher
c)
Contra Voucher
d)
Payment Voucher
20.
We can create multiple users in Tally activating
a)
Use Security Control
b)
Tally Audit
c)
Both a and b
d)
All of these
21.
The shortcut used to activate calculator is
a)
Ctrl + N
b)
Ctrl + M
c)
Ctrl + B
d)
Ctrl + A
22.
We can cancel a voucher using
a)
Alt + X
b)
Ctrl + Shift + X
c)
Ctrl + C
d)
Alt + C
23.
Input Tax Ledger falls under which Group?
a)
Current Assets
b)
Purchases
c)
Sales
d)
Duties and Taxes
24.
What is the utility of Tally Vault Password?
a)
It will not shows the company name in the company select list
b)
It will lock all voucher entries for that company
c)
It will lock the period of company
d)
Both a and b
25.
Discount Column is available in
a)
Both Sales and Purchase
b)
Purchase Invoice
c)
Sales Invoice
d)
Accounting Voucher
26.
Trial Balance contains _____ balance of all account
a)
Closing Balance
b)
Credit Balance
c)
Opening Balance
d)
Debit Balance
27.
How many pre-defined accounting groups in Tally.
a)
28
b)
29
c)
27
d)
15
28.
How many pre-defined accounting Ledger in Tally.
a)
2
b)
1
c)
3
d)
4
29.
In multiple ledger creation we add the address and other details of a ledger account used more details which shortcut key used
a)
Ctrl + I
b)
Alt+C
c)
Ctrl+A
d)
Ctrl + C
30.
In Detailed View which shortcut Key used in TallyPrime
a)
Alt + F5
b)
Ctrl+F5
c)
Ctrl + F1
d)
Alt+F1
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