1. ------------------ gives the balance for each day for the voucher type has been selected.

A. Trial Balance

B. Daybook

C. Balance Sheet

D. None of the above

Answer: (B)

2. For 'stock journal' entry we press ______________ in tally

A. F7

B. Alt + F7

C. F10

D. F11

Answer: (B)

3. Which option lists inventory valuation method in tally?

A. Stock report

B. Stock journal

C. Stock analysis

D. Stock summary

Answer: (D)

4. How to activate the tally audit feature in a company?

A. Press F11 key

B. During the creation of a company

C. In -comp info -> security control-option

D. Press F12 key

Answer: (B)

5. What is the predefined number of groups in tally?

A. 16

B. 28

C. 128

D. 228

Answer: (B)

6. Which of the following is used for voucher entry?

A. Ledger Account

B. Groups

C. Sub-Groups

D. Depends on number of companies

Answer: (A)

7. Which of the following user type can view audit list?

A. Tally Vault

B. Owner

C. Data Entry

D. Administrator

Answer: (D)

8. How can data be imported in tally ?

A. One company to another company created within Tally Package

B. Other programs - a spreadsheet or a database file.

C. Depends on number of companies

D. Both A and B

Answer: (D)

9. Which of the following file is usually used as a master file?

A. Inventory subsidiary

B. Cash disbursements.

C. Cash receipts.

D. Payroll transactions.

Answer: (A)

10. What is the advantage of a computer-based transaction processing system?

A. Does not require as stringent a set of internal controls.

B. Will produce a more accurate set of financial statements.

C. Eliminates the need to reconcile control accounts and subsidiary ledgers.

D. Will be more efficient at producing financial statements.

Answer: (D)