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TEST-1 Fundamental of Accounting & Introduction to Tally Prime.

Total questions: 30

Worksheet time: 30mins

Name
Class
Date
1.

 The Accounting Process begins with identifying and recording the transaction in the books of accounts. 

a)

True

b)

False

2.

'Accounts relating to individuals, a group of individuals, firms and institution. This statement is used for which on of the following type Accounts?

a)

General Accounts

b)

Nominal Accounts

c)

Real Accounts

d)

Personal Accounts

3.

Debit all expenses and losses; credit all income and gains is the Golden Rules for which of the following type of Accounts?

a)

Personal Accounts

b)

Real Accounts

c)

Nominal Accounts

d)

General Accounts

4.

Which on of the Following financial statement helps verify the arithmetical accuracy of posting to the ledger accounts? 

a)

Balance Sheet

b)

Profit and Loss Account

c)

Ratio Analysis

d)

Trial Balance

5.

choose a Example for Personal Account

a)

Cash

b)

Salary

c)

SBI Bank

d)

Vehicle Showroom

6.

The example "Commission" is which type of Account?

a)

Nominal Account

b)

Real Account

c)

Personal Account

d)

Capital Account

7.

Chose the below Golden rule for Real Account?

a)

Debit (Dr) The Receiver

Credit (Cr) The Giver

b)

Debit (Dr) What comes in

Credit (Cr) What goes out

c)

Debit (Dr) What comes in

Credit (Cr) The Giver

d)

Debit (Dr) All Expenses and Losses

Credit (Cr) Income and Gains

8.

Chose a example for Service Organization?

a)

Hotels

b)

Retail Business

c)

Machine

d)

Robots

9.

An organization which deals in Purchase & Sale termed as Trading organization. Where an organization Purchase goods to sale further after adding there profit. This is belong to which organization?

a)

Service Organization

b)

Manufacturing

Organization

c)

Trading Organization

d)

Doctor Organization

10.

Debit (Dr) All Expenses and Losses

Credit (Cr) Income and Gains.

This golden rule belong to?

a)

Personal Accounts

b)

Nominal

Accounts

c)

Real

Accounts

11.

Silver Edition (Single User) it is a Tally Prime License?

a)

YES

b)

NO

12.

The highlighted features comes under?

a)

Top Menu

b)

Right Menu

c)

Interface of Tally

d)

Gateway of Tally

13.

What two Buttons Are Presents in Tally Gateway Right Menu?

a)

Company

Time

b)

Date

Time

c)

Date

Company

d)

Payment

Sales

14.

Which of the following option can navigate to reports and vouchers from anywhere to anywhere within Tally?

a)

More Details

b)

Go To

c)

Company

d)

Change Mode

15.

___ allows ease of navigation to a different task Like creating your masters, Vouchers, or Viewing the reports. especially when you have completed your current task.

a)

Switch to

b)

Company

c)

Change Mode

d)

More Details

16.

From Gateway of Tally, which among the following "F2" options is available in the Right button?

a)

Data

b)

Date

c)

Exchange

d)

Company

17.

A------ is a business activity that involves the transfer of money or money's worth between accounts.

a)

Transaction

b)

Subsidiary Book

c)

Ledger

d)

Group

18.

The earning of a business through its activities and operations are called-----.

a)

Share Capital

b)

Retained Earnings

c)

Expenditure

d)

Revenue

19.

'Liability' means the amount due from a business to others.

a)

TRUE

b)

FALSE

20.

Which of the following is not a feature of Tally Prime?

a)

Blazing Speed

b)

Multi-tasking

c)

Easy Navigation

d)

Accounting Software using codes

21.

In Tally Prime, which of the following option will not appear in the top Menu?

a)

F2: Date

b)

K: Company

c)

Y: Data

d)

Z: Exchange

22.

In Tally Prime, we can perform various tasks using the Top Menu options, without having to follow a rigid set of steps for each task.

a)

TRUE

b)

FALSE

23.

Which of the following option will not appear in the License/start-up screen of Tally Prime?

a)

Continue in Education Mode

b)

Use License from Network

c)

Reactivate Existing License

d)

Re-configure Existing License

24.

In the Company Feature Alteration screen, by activating Show all features, additional features can be activated in Tally Prime

a)

TRUE

b)

FALSE

25.

Tally Prime is available as Single and Multi-user types of License.

a)

TURE

b)

FALSE

26.

Which of the following accounts will credited if a company purchases a building for cash?

a)

Fixed Assets A/C

b)

Cash A/C

c)

Building A/C

d)

Capital A/C

27.

Avinash India Pvt. Ltd. has a sales revenue of Rs. 1,50,000 sales discount of Rs. 12,000 sales returns and allowances of Rs. 24,000 and cost of good sold of Rs. 60,000.

What would be the net sales revenue of Avinash Pvt. Ltd. ?

a)

Rs. 1,02,000

b)

Rs. 1,14,000

c)

Rs. 90,000

d)

Rs. 54000

28.

Cost of a Fixed assets - accumulated depreciation expenses of

the fixed asset =

a)

Book value of a fixed asset

b)

The market value of a fixed asset

c)

The historical cost of a fixed asset

d)

The recoverable amount a fixed asset

29.

The act of recording a transaction in the journal is called .

a)

Summarising

b)

Vouchering

c)

Journalising

d)

Description

30.

As per accounting concept, the assets should have the debit balance and the liabilities should have the credit balance.

a)

TURE

b)

FALSE