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WorksheetsTally Professional 4.0 Mock test -1
Total questions: 100
Worksheet time: 52mins
Ms. Tanuja, accountant of Shri Manjunath corporation had a created a mapping template for masters in Tally prime before importing the excel data to tally prime. what is the importance of mapping the template?
To speed up the import process
To ensure that the import process fails
To ensure the backup of mapping template
To identify and rectify an potential issues with the mapping then import does not fail
Which of the following behavior helps the user choose the import feature in Tally prime for data validation?
Record exceptions and resolve errors from a single report
Complicate the data validation process
Depends on manual validation
Create unnecessary errors in data
What happens when the option " Stop Import at First Exception" is selected, during the import process in Tally prime
All Exceptions are ignored
The import proceeds without any interruption
The import process stops at the first identified exception
Exceptions are recorded for further review
In which format does Tally prime allow to import data from external software ?
Both Excel & XML format
PDF format
Only XML format
Only Excel format
SLV enterprises PVT LTD received a bill for 3,60,000 against Rent on building from Ganapati Trade Links. Since Liability amount exceeds the exemption limit of 2,40,000 for the TDS nature of payment- Rent on Land, Building, or Furniture, the company decided to deduct the TDS at the rate of 10% in same bill.
From the given business scenario, find out the TDS duty amount
2400
24000
3600
36000
In Tally prime , the option " Copy from Parent value" in the salary details alteration screen will copy the pay structure from the category to an Employee master
True
False
Which of the following system is used to validate the authenticity of the GST e-invoices?
Invoice Registration Portal (IRP)
Invoice Registration Number (IRN)
Application Programming Interface (API)
Invoice Reference Number( IRN)
In Tally Prime, You can enable "Use for job costing" option only during the alteration of cost centres
False
True
An employee can encash a portion of his PF amount from PF account number 1 using Form 10C and Form 19 from the EPFO portal
True
False
Under the GST regime, if the purchases are made on 1st April 2023, the purchase returns of goods can be done before filing the return of subsequent financial year ie 1st April 2024
True
False
Which of the following shortkey is used to alter the cheque book from cheque range Register screen in Tally prime
ctrl+ B Basis of values
ALT+Q Quick search
ALT+ B Alter Cheque Book
ALT+ R Reconcile
Which of the following option is considered as an asset that is intended to be sold to produce finished products in the ordinary course of buisness
Inventory
Accounting
Godown
Jobwork
What is the interest rate charged for TCS Delayed tax payment to Income Tax Department?
0.5%
2%
1.5%
1%
Under GST regime, what does QRMP scheme stands for
QRMP-Quarterly Return Quarterly Payment
QRMP-Quarterly Return Monthly Payment
QRMP-Quarterly Return Annual Payment
QRMP- Quarterly Return Half Yearly Payment
Which of the following columns does not appear in the Material Consumption Summary report generated for job costing in Tally prime
Consumption
Other Transfers
Gross Profit
% of cost allocation
If the payment is not made within the credit limit specified, then the interest can be calculated in a purchase voucher based on simple interest method
True
False
When buyer makes an advance payment for future sales. the Tax Collected at Source(TCS) must be charged on which of the following amount ?
Advance amount
Real value
Discount amount
Flat rate
Which of the following statutory sections will appear in the payroll statutory computation report in Tally prime?
Employee State insurance
Expat Reports
National Pension scheme
Payroll Statement
Which of the following features prevents duplication of the cheque number during Payment entry in Tally prime
Favoring name
Transaction type
Ledger name
Cheque range
Which of the following Tally prime reports is used to view the ' Type of vouchers' and 'Type of accounts' that are available in the company after following snapshot exchange?
Statistics
Transaction Sync Summary
Trial balance
Event log
If the Deductor does not submit TDS form 26Q within the due date, then the deductor will be subjected to a_______
Commission
Bonus
Discount
Penalty
Base currency can not be specified while creating a company in Tally prime
True
False
If the option 'Enable Job order processing' is enabled from the company features alteration screen, Which of the following options will be automatically activated in Tally prime
Cost Tracking
Material In
Material Out
Price Level
As per the Income Tax law , which of the following forms will display the summary of Tax Deducted at Source (TDS) return that contains the details of Total amount paid and income Tax deducted?
Form 27A
Form 16
Form 12BA
Form 5
Shivji Enterprises PV Ltd has made a TCS payment to department. However, the TCS collected for October 2023 was paid on 30th November 2023 which is one month delay in payment
Referring the given statement, determine the interest amount to be paid for October 2021 if the interest rate is 1.5% and the total tax payment amount is 10950
168.4
164.25
16
16.5
In Banking, under the modes of e-payments, the e-cheque and e-demand draft/PO is not supported for which of the following bank
Yes Bank (India)
ICICI Bank (India)
Indian Overseas bank (India)
Kotak Mahindra Bank (India)
In GST portal we must enter the values in the related tables of the GSTR 9 report by referring to the_____ report in Tally prime
GST E invoice Report
GST Challan Reconciliation
GST Ewaybill Report
GST Annual Computation Report
In Tally prime, after clicking the option E: send on the quarterly Income Tax Return E-24Q Export screen. by what name the file will be exported to the Tally prime Folder
ITeTDS.txt
ITe.TDS.txt
TDSIte.txt
IT.eTDS.txt
If the user has generate the e-way bill without providing part B details in the Transaction, then in Tally prime we can update these details from the______ report
E way bill
IRN Register
E way bill register
E-invoice
Which of the following Payroll report will appear under the Payroll Expat Report menu in Tally prime?
Gratuity
Summary
Income Tax
Contract expiry
Which of the following voucher is recorded to account for the Forex gain adjustment in Tally prime?
Journal voucher
Receipt voucher
Sales voucher
Purchase voucher
Under GST regime, The tax implications of the sales returns of goods can be viewed in which of the following GST Reports in Tally prime?
GSTR 1
GSTR 2A
GSTR 4
GSTR 2
Which of the following TCS transactions are considered as included in return for generating Form 27EQ in Tally prime
Sales entries in current period, with TCS Collection
All entries where TCS is not applied
Entries recorded for TCS reversals
Entries recorded using Payment Voucher
Which of the folowing statement relates to the Annual income Tax Return- Form16 part B
Details of salary paid and any other income and Tax deducted
Indian individual Income Tax Return - ITR 1
Certificate under sectio 203 of Income Tax Act
Statement of Deduction of Tax at source on Computer media for the period
As on 24th May Sahara Enterprises Pvt Ltd accounted credit note for the interest payable to Shiva industries pvt Ltd amounted to ₹ 855 in the books of accounts.
Refer the above statement and determine which of the following account must be debited in the credit note voucher
Interest Paid
Interest received
Shiva Industries Pvt Ltd
Sahara Enterprises Pvt Ltd
Shlok Enterprises Pvt Ltd hired Xpert cleaning services for vaccum cleaning of carpets inside the office. The contract amount was ₹ 90,000 on which TDS was deducted at the rate of 2%. Determine the journal entry for the given statement
Dr - Office Cleaning Expnse
Cr - TDS duty
Dr- Xpert Cleaning Services
Cr- Office cleaning expnse
Cr- Tds duty
Dr- Office Cleaning Expenses
Cr-Xpert Cleaning Services
Cr- Tds duty
Dr- Office Cleaning Expenses
Dr- Tds duty
Cr-Xpert Cleaning Services
The 'Previous Employer Tax Deducted/ Paid Details' menu option is used to view the _____ details in Tally prime
Tax Deducted by Previous Employer
Income Tax Allowance Setup
Income Tax Declaration
Previous Employer Income /Exemption
____ is an additional payment or compensation given to employees in addition to their salary
Bonus
Earnings from Employees
Loans and advances
Gratuity
In which of the following scenarios the employees will receive marginal tax relief
If the taxable income after standard deduction of the employee is ₹ 7,00,000 to ₹ 7,20,700
If the taxable income after standard deduction of the employee is ₹ 7,00,000 to ₹ 7,27,777
If the taxable income after standard deduction of the employee is ₹ 7,00,000 to ₹ 7,20,777
If the taxable income after standard deduction of the employee is ₹ 7,00,001 to ₹ 7,27,777
Sameer Enterprises Pvt Ltd received a job work charges from Swastha manufacturing company amounted to ₹ 50,000,vide supplier invoice number SMC/01
Refer the given statement and suggest the accounts that must be debited and Credited in Purchase voucher
Cr- Sameer Enterprises pvt Ltd
Dr- Job Work charges
Cr- Job work Charges
Dr- Swastha manufacturing company
Cr- Swastha manufacturing company
Dr- Job work Charges
Cr- Swastha manufacturing company
Dr- Sameer Enterprises pvt Ltd
As per GST einvoicing system which of the following procedure is removed from the current practice of generating einvoice in an organisation?
The excercise of printing the invoice,sending by post,transportation, sorting and registration
The invoice is uploaded to IRP ( With or without ewaybill details) within 72 hours
The Supplier generates an invoice
IRN is generated successfully. The invoice is printed with IRN details and a QR code. The invoice is handed over to the buyer
Swathi Enterprises pvt Ltd made a rent payment of ₹ 2,50,000 to SLV Trade links and deducted TDS at 10% on Rent on Building. The payment was made wide HDFC current A/c cheque 51970
In this scenario, determine the ledger account that must be selected while recording the payment voucher in Tally prime
HDFC current A/c and SLV Trade links
Rent A/ C and HDFC current A/c
Swathi Enterprises Pvt Ltd and TDS duty
HDFC current A/c and Swathi Enterprises Pvt Ltd
Prithvi Enterprise pvt Ltd received a job work In Order for manufacturing 55 Nos of Electric Air Circulation Fans from Sahara Enterprises Pvt Ltd Jayanagar, Bengaluru. The Company has received the raw materials for manufacturing the electric air circulation fans.
From the above statement which of the following will act as a Job worker?
Ravi Enterprises Pvt Ltd
Sahara Enterprises Pvt Ltd
Prithvi Enterprises Pvt Ltd
SLV electricals Pvt Ltd
As per TDS law which of the following scenerio the TDS must not be deducted on Capital Expenditure
If the Capital expenditure is Acquisition / Purchase of Fixed assets
If the Non- Resident comes under the residentia status prescribed under section 6 of Income Tax Act 1961
If there is Purchase Escalation after recording TDS transaction
If the Capital expenditure is non fixed assets
Pooja appliance has reconciled transactions in GSTR 2B. While viewing the GSTR 2B voucher register it was found that there is a minor difference in the Tax Amount for a particular invoice.
Refer the provided scenerio and suggest the option that must be used to set the status in Tally prime
Alt +S Set Gst status
ALT +R GST portal view
Ctrl + J Exception Report
Alt + L Set Effective date
Shakthi Enterprises pvt Ltd is a manufacturer of Consumer goods. Sunshine home appliances has placed an order with the company for 53 Hawkin Brand Mixer Grinder. The company intends to maintain the job costing feature in Tally prime. The company wants to track the consumption of stock items for a specific project.
For the given statement which of the folowing navigation path will Shakthi Enterprises Pvt Ltd use to view the Material Consumption Summary Report in Tally Prime
Gateway of Tally > Display More reports > Statement of Inventory > Job work reports> Select Project > under B Cost ( Expenses) enter on consumption
Gateway of Tally > Display More reports > Statement of Inventory > Job work analysis > Select Project > under B Cost ( Expenses) enter on consumption
Gateway of Tally > Display More reports > Statement of Accounts> Job work reports> Select Project > under B Cost ( Expenses) enter on consumption
Gateway of Tally > Display More reports > Statement of Inventory > Job work analysis> Consumption>Select Project
Piyush Enterprises Pvt Ltd has allowed an entertainment allowance of 1% to be paid on the net salary of the employee, that is , total earnings minus total deductions. In this case, which of the following computation method must be selected when creating the entertainment allowance pay head in Tally prime
On Current Sub total
On Current Deductions Total
On Current Earnings Total
On Specified Formula
What is the eligibility for generating a trial e invoice using the sandbox feature as per the GST regulations
The company must not be registered for issuing einvoice from the Invoice Registration Portal
The Company must not create the API ( Application Programming Interface)
The Annual Turnover should be more than 10 crore as per the department
The Annual Turnover should not be more tha 10 crore as per the department
Ganesh Enterprises Pvt Ltd expanded the business in October 2023. The company is registered under Tax Collected at Source ( TCS) and deals with different TCS Nature of goods.
From the given business scenerio , suggest the navigation path to activate the TCS feature in Tally prime
Gateway of Tally > click E Company > Enter on Features F11> under Taxation set Enable Tax Collected at Source ( TCS) to Yes
Gateway of Tally > click K Company > Enter on Features F11> under Taxation set Enable Tax Collected at Source ( TCS) to Yes
Gateway of Tally > click O Company > Enter on Features F11> under Taxation set Enable Tax Collected at Source ( TCS) to Yes
Gateway of Tally > click Y Company > Enter on Features F11> under Taxation set Enable Tax Collected at Source ( TCS) to Yes
Which of the following will not be appear in Ewaybill Register report in Tally Prime
V Open EWB Portal
F5 Ewaybill Register
H Update Ewaybill number and Date
F6 Get Ewaybill Info
CTS stands for Cheque Truncation System
True
False
As per Income Tax Law, Annexure I must be filed with Income Tax Return Form 24Q in all four quarters, whereas Annexure-II must be filed only in the last quarter
True
False
Under the payroll regime , HRA stands for _______
House Rent Allowance
House Rate Allowance
House Rental Allowance
House Rent Acceptance
Who among the following are the specific individuals who are classified as sellers for Tax Collected at Source (TCS) ?
The Central Government
A Chartered Accountant
A student
The Employees
As per the Payroll Regime, ECR stands for Electronic Challan Certificate Return (ECR).
True
False
Which of the following two options must be entered after enabling "Provide LUT/Bond details" from the F11 Company GST Details screen in Tally prime?
LUT/Bond number and Decription
LUT/Bond number and Validity
LUT/Bond Number and HSN/SAC
LUT/Bond Number and Taxability
An Employee can encash a portion of his PF amount from PF Account Number 1 using Form 10 c and Form 19 from the EPFO Portal
True
False
The unadjusted forex amount appearing under the Liabilities side of the balance sheet is a______
Forex gain
Forex Loss
Unrealized
Realized
If GST Tax details are defined at the company level, then which of the following tax rate can be entered while creating a Integrated Goods and Services (IGST) duty ledger in Tally Prime
5%
0%
18%
12%
In Tally prime, to get the current balances as on the voucher date in a payment voucher, we must click F12: configure and Set 'Show balances as on voucher date' to Yes
True
False
Which of the following sections of the TDS form 26Q contains details of all TDS payment vouchers made to the government for the given period
Deduction Details
Payment Details
Balance Payable
Not Relevant in returns
While creating TCS nature of goods, which of the following options is used to get the List of Nature of goods in Tally Prime?
H Helper
F12 Configure
F10 Other Masters
CTRL+ I More details
In Tally Prime, If the company is maintained accounts only, then there is no provision to enter E way bill details in accounting invoice mode
False
True
In Tally Prime, the Pay Head Employee Breakup report display the sum of payment transactions recorded for an Employee
True
False
Inventory is typically divided into which of the following stages?
Raw Material
Material In
Finished Goods
Material Out
What is the full form of TCS ?
Tax Calculated at Source
Tax Collected at Source
Tax Collection for Sources
Tax Collection at Source
The uncertain Transactions field in TCS form 27 EQ displays all the transactions that do not fulfill the criteria of the included in return in Tally prime
True
False
As per the Income Tax Act, Transport allowance is exempted up to a certain limit in Income Tax
True
False
In Tally prime, the reversal of expenses and TDS on cancelled transactions must be recorded using______
Sales voucher
Credit note
Debit note
Purchase voucher
Once an e-way bill is generated for the IRN, which of the following invoices can not be cancelled on the Invoice Registration Portal (IRP)
Debit invoice
Proforma invoice
E invoice
E waybill Invoice
In the ____ creation screen, Tally prime allows the creation of multiple cheque books with unique ranges for each cheque
Bank Ledger
Party Ledger
Sales Ledger
Purchase Ledger
If a customer does not make a payment within the the credit period , then ____ must be paid along with the payment to the supplier
Late fee
Interest
Penalty
Late Payment Fee
Which of the following voucher type s are required to be configured to record Job work out order in Tally prime
Material In
Material Out
Job work In order
Job Work Out order
In Tally prime, Under Z Exchange menu, ____ menu is used to send and accept the sync rule created by the client
Client Rules
Synchronise
Server Rules
Sync Reports
How long does it take for Meta to approve predefined Whatsapp templates after completing the sign up process?
72 Hours
24 Hours
48 Hours
12 Hours
When importing data to Tally prime ,What does 'Mapping data from Excel to Fields ' in Tally prime include?
Direct transfer without any mapping
Aligning excel columns with Tally prime fields using templates
Importing data without any structure
Manual entry of data
To avoid a mismatch in Input Tax Credit (ITC) as per Tally books and GSTR 2A, we must download the ____ JSON fie for the required period from the GST portal
GSTR 1
GSTR 2
GSTR 2A
GSTR 3B
In which of the following scenarios we can create a Notional Bank account in Tally Prime?
Automatically Converting the post dated cheques received
Manually converting the post dated cheques received
Able to decide the bank to which the post dated cheques received are to be deposited
Able to determine the bank to which the post dated cheques received are to be deposited
As on 8th April 2023, Sahara Enterprise Pvt Ltd made full payment of ₹ 12,500 to Len Supermart Inc towards the purchase made on 3rd April 2023. The payment was made through ICICI Current A/C vide cheque no. 503109.
As on 19th September 2023, Sahara Enterprises Pvt Ltd cancelled the cheque as the cheque was torn.After cancelling the Cheque in Tally prime, What will be the cheque status in Cheque Register> instrument wise report
Cancelled cheque
Reconciled
Available
Blank Cheque
For the computation of Income Tax , the previous Employer's details are necessary for the employees who joined the organisation in the middle of the year
Provident Fund ( EPF ) contribution
Deduction and Tax payment
Income and Tax payment
Income and Deduction
As per the Payroll regime, in which of the following scenario the House Rent Allowance ( HRA) will be fully taxable to salaried employees?
If the employee live in rented accomadation
If the employee is accomadated in non-metro cities
If the employee is accomadated in metro cities
If the employee do not live rented accommodation
In Tally prime which of the following sections are not available in the e invoice report depending on the status of GST sales transactions ?
Missing / Invalid information
Voucher information Mismatch with QR Code
Not Relevent in this Return
User- excluded Transactions
The ____ document allows the production department to produce a specified quantity of a product which creates the job
Cost sheet
Other Documents
Party's Document
Manufacturing Order
Akrithi Enterpirses Pvt Ltd has its head office at Bangalore and brnach office at Kolkata. The head office needs to communicate with the branch office to know the status of the branch transactions and update those transactions immediately in the Head office.
For the given scenario, which of the following modes of Synchronisation can be used in Tallyprime ?
IP sync
On Demand Synchronization
Online Synchronization
Sync through Private Network
_____ is used to transfer the goods from one location to another in Tally prime
Purchase voucher
Manufacturing Journal Voucher
Stock journal voucher
Payment voucher
Once after enabling the Job costing feature in Tally prime, the option ____ under the F12 Configure of Cost centre creation screen
Third party stock with us
Our stock with third party
Allow storage of materials
Set job costing for cost centres
Which of the following option indicates that an employer must contribute towards the Employees Provident Fund ( EPF) and Employees State Insurance (ESI) ?
Earnings for Employees
Employer's other charge
Employees Statutory Deduction
Employer's Statutory Contribution
While configuring the income tax pay head in Tally prime, which of the following options will appear under the Tax Calculation Basis list?
Income Tax Configuration
On actual value and On project value
Deduct TDS across periods
Basic salary and On project value
Which of the following job work report of Tally prime displays the variance quantity and the percentage of variance
Issue variance Analysis : with job worker
Receipt Variance Analysis : job work out
Ageing analysis : with job worker
Issue Variance Analysis : Job work out
Under GST regime, if the company wants to issue the e invoice , the business must create the _____ from the Invoice Registration Portal
IRN - Invoice Reference Number
E way bill number
Transporter ID
API -Application Programming Interface
The Forex gain ledger has to be grouped under which of the following accounting group ?
Indirect Expenses
Indirect Income
Direct Expense
Direct Income
Sahara Enterprises Pvt Ltd made a partial payment of 1,27,000 to JKP Aluminium Factory against supplier invoice number JKPAF/111 dated 2nd September 2023. The payment was made through ICICI current a/c vide cheque number 650102
Based on the given statement, find out the mode of payment to be selected in the bank allocations screen of the payment voucher in Tally prime
Others
Cheque
Cash
E-fund transfer
What is the formula for calculating compound interest ?
A= P(1+n/r)^nt
A= P(2-r/n)^nt
A = P(1+n/n)^nt
A= P(1+r/n)^nt
An employee of the company lives in rented accommodation in a non-metro city. Hence, as per the specified formula the House Rent Allowance ( HRA) will be calculated at______ percentage of Basic pay in Tally prime
50%
80%
60%
40%
Mahima Enterprises Pvt. Ltd deals with machineries used for commercial purposes. The company transacts business on a credit basis. Which of the following options of Tally prime can be used to have control over debts and faster closure of credit transactions.
Cost Centres
Interest Calculation
Cost Tracking
Bill wise entry
From which of the following Payroll master creation screen, we can define the salary details of the Employees in Tally Prime?
Employee Category
Employee Group
Payhead
Employee
To view only the Forex related transactions of a party, which of the following options from F12 Configuration must be enabled from the Ledger Voucher Report in Tally prime?
Show bill wise details
Show mode of payment
Show Forex details
Show Inventory details
In which of the following TDS forms we can view the details of the payments made to company non-residents?
Form 27Q
Form 24Q
Form 26Q
Form 27EQ
In Tally prime , under which of the following Payroll Reports menu, we can view the Employee Profile details?
Registers
Exceptions
Employees
Summary
Which of the following features must be the same for both the companies in Server and Client to ensure complete data synchronization between two locations ?
F1 - Features
F11- Company features
F12- Company features
F12- Features
