1. Which option helps to access the company's features?
Answer: A bank.
2. Which of the following information should be entered while creating a
ledger in Tally Prime?
Answer: All of the above.
3. Tally allows you to create multiple voucher classes for a particular voucher.
(True/False)
Answer: False.
4. What report in Tally Prime provides a detailed summary of employee-wise
earnings and deductions for a specific period?
Answer: Paysheet Report.
5. The salary payable ledger should be grouped under:
Answer: Current liabilities.
6. Payroll masters include which of the following under Tally Prime?
Answer: All of the above (Employee information).
1. The manufacturing date of a stock item cannot be later than the date of
voucher entry. (True/False)
Answer: True.
2. A purchase invoice can be recorded under:
Answer: All of the above (Item Invoice Mode, Voucher Mode, Accounting Invoice Mode).
3. What is the primary purpose of a profit and loss statement (income
statement) in accounting?
Answer: To summarize a company's revenues, expenses, and net income or loss over a
specific period.
4. A debit note voucher against the purchase invoice will result in:
Answer: An increment in the payable amount to the supplier.
5. Which of the following features helps track the expiration dates of
inventory in Tally Prime?
Answer: Enable batches.
6. Which of the following reports contains the overtime of employees under
paysheet payroll?
Answer: Paysheet.
4o
1. Which of the vouchers should be used for payments from customers?
Answer: Receipt voucher.
2. The Sales Order Outstanding report in Tally Prime displays:
Answer: Any.
3. Who drafts the purchase order?
Answer: Buyer.
4. Which of the supplies is not to be reported under the GSTR-1 return?
Answer: Outward Non-taxable supply.
5. Which of the following vouchers does not affect inventory in books?
Answer: Rejection In.
6. What is a summary of all ledger balances?
Answer: Trial balance.
7. How to access the trial balance report in Tally Prime?
Answer: Gateway of Tally > Display More Reports > Trial Balance.
1. Dispatch details and information related to sales orders can be updated
under:
Answer: A & B Both (Sales Order Voucher, Delivery Note).
2. Press ___ to toggle between the nature view format and the return view
format of GSTR-1 return in Tally Prime.
Answer: F5.
3. SEZ in Tally Prime stands for:
Answer: Special Economic Zone.
4. The Bank Ledger account should be grouped under:
Answer: Bank Account / Bank OD Account.
5. To form a group company in Tally, you should have at least:
Answer: Two companies.
6. Which is the authenticated website to download the installation file for
Tally Prime?
Answer: www.tallysolutions.com/download.
1. Which of the following benefits are associated with the Stock Item Report?
Answer: A & B Both (It ensures accurate financial reporting, Stock valuation and facilitates
compliance and audits).
2. Which of the voucher types is not activated by default in Tally Prime?
Answer: Debit Note.
3. Company information can be altered or updated using:
Answer: Administered login.
4. Which of the following inventory reports in Tally Prime displays the
opening, inward, and closing balance of inventory in the books of accounts?
Answer: Stock Summary Report.
5. In a contra voucher, when would you typically use the "Cash Deposit"
mode?
Answer: When depositing cash into a bank account.
6. What is the primary purpose of accounting?
Answer: To record financial transactions.
1. What is the consequence of not claiming input tax credit within the
stipulated time in Tally Prime?
Answer: It lapses and the credit cannot be availed.
2. With reference to the given snapshot, press ___ to hide the first transaction
from the displayed report.
Answer: Alt+R.
3. A list of multi-masters contains:
Answer: All of the above (Multi Create, Multi Alter, Multi Delete).
4. The amount of investment in business should be grouped under:
Answer: Capital Account.
5. What is a sales order in Tally Prime?
Answer: A document used to record sales transactions.
If you have any more questions or need further assistance, feel free to ask!
4o
1. Which of the following transactions is a cash sales transaction?
Answer: Dr Sales Account, Cr To Cash Account.
2. Outward taxable supply invoices raised by registered buyers should be
reported under:
Answer: B2B.
16. Which of the following statements about the Vault Password feature in
Tally is true?
Answer: It is essential for data security and can be enabled for each company.
17. How to activate a Debit Note voucher in Tally Prime?
Answer: Press F10 or go to the voucher menu and select Debit Note to activate it.
18. When a new batch is created, the default manufacturing date entered by
the user would be:
Answer: Voucher date.
19. Which of the following is a proof of transaction for a payment?
Answer: Receipt.
20. Which of the following is a payroll voucher?
Answer: Attendance Voucher.
21. If the sales order quantity for a product is 100 and the material to be
delivered is 110, then the user should:
Answer: Deliver all the material against the sales order.
22. What is the accounting purpose of double-entry bookkeeping?
Answer: To reduce the risk of errors in recording transactions.
1. In Tally Prime, what is the significance of "Aging Periods" when
generating an outstanding report?
Answer: Aging periods (30 days, 60 days, 90 days) help in categorizing outstanding amounts
based on the duration for which they have been due.
2. What is the purpose of Tally.NET ID in the context of remote access?
Answer: It is a unique identifier for a Tally.NET user.
3. What is the significance of activating the "Maintain Accounts" feature in
Tally?
Answer: It enables the tracking of financial transactions.
4. Which option allows you to view a list of users connected remotely to Tally
Prime?
Answer: Remote Users.
5. What report in Tally Prime provides a detailed summary of employee-wise
earnings and deductions for a specific period?
Answer: Paysheet Report.
6. While creating a GST party ledger master in Tally, the user should update
the GST registration type to:
Answer: Any of the above as per registration.
1. Which of the following is not a transaction in Tally Prime?
Answer: ATM.
2. Which of the following details can be derived from the Stock Group &
Category Summary report?
Answer: Total stock quantity and value based on stock groups and categories.
3. Which form is used to declare details of nil-rated supplies in the GST
returns?
Answer: GSTR-3B.
4. A purchase order voucher can be accessed using:
Answer: Inventory Vouchers menu.
5. Using Forex Gain or Loss Reports in Tally Prime, under which menu
option on the Gateway of Tally can unadjusted balances be viewed?
Answer: Banking, Tally Server, and All of the above.
4o
1. Which of the following is the shortcut key to change details under the Trial
Balance report?
Answer: F2.
2. What details should be entered while creating a Stock Item master?
Answer: HSN code.
3. A sales voucher is a kind of:
Answer: Voucher.
4. How to access the Balance Sheet report in Tally Prime?
Answer: Gateway of Tally >> Financial Reports >> Balance Sheet.
5. What is the significance of the "Aging Analysis" section within the Bill
Wise Outstanding Report?
Answer: It provides insights into the age of outstanding bills.
6. What is the shortcut key to access a Credit Note voucher in Tally Prime?
Answer: Alt+F5.
7. Where can you access the Purchase Register in Tally Prime?
Answer: Account Book menu.
Q-30. What is the purpose of the Order Number in a Sales Order in Tally
Prime?
Answer: It is a unique identifier for the sales order.
Q-32. When is Advance Reference generally used in Tally Prime?
Answer: Before raising an invoice when an amount is received.
Q-32. Which of the following payment modes should be selected under the
POS (Point of Sale) Credit Voucher?
Answer: Payment made by Debit Card.
Q-33. In which scenario is an E-way bill number not generated?
Answer: When goods are transported within the same city.
Q-34. The Stock Transfer Voucher class can be configured under:
Answer: Material movement.
Q-35. Which option should be used in Tally Prime to track Stock Item
expiration dates in batches?
Answer: Set expiry.
Q-36. If the default credit period set for customers on a sales invoice is 7 days
and it is raised on April 1, 2023, then the invoice will be due on:
Answer: 8th April 2023.
50) In Tally Prime, pre-defined accounting groups that are grouped together are referred to as
ans- "Primary Groups."
• The Sales Order Outstanding Report in Tally Prime displays: Answer: All of the
above (outstanding sales orders, pending deliveries, invoiced but not delivered).
• What does the Profit & Loss Account or Income Statement summarize? Answer: The
company's revenues, gains, expenses, and losses over a specific period.
• Which voucher should be used to record payments from customers? Answer: Receipt
voucher.
• Which form is used to declare details of zero-rated supplies in GSTR-1?
• Answer: GSTR-1.
• What correctly describes TDS (Tax Deducted at Source)?
• Answer: Collecting income tax at the source under the sales invoice.
• In Tally Prime, under which option does the display of a Cheque Deposit Slip occur?
• Answer: A & B both (under Cheque Deposit Slip).
• When conducting a Stock Transfer in Tally Prime, what happens to the closing
quantity of inventory?
• Answer: The closing quantity remains unchanged.
1. While creating the party ledger master, if the GST registration number
mismatches with the selected state of the party master, Tally will display a
warning message.
Answer: True.
2. A word representing a decimal place in the case of Indian currency is:
Answer: Paise.
3. Who drafts the purchase order?
Answer: Buyer.
4. Which of the following voucher types is not a default voucher type in Tally
Prime?
Answer: Manufacturing Journal.
5. With reference to the given snapshot, this transaction:
Answer: Needs more context to provide an accurate answer.
6. The bank ledger account should be grouped under:
Answer: Bank Account.
• Which of the following is not a transaction in Tally Prime? Answer: Manufacturing
Journal
• Which of the following from the details page can be derived in a report? Answer: Total
stock quantity and value based on stock group & category summary
• Which form is used to declare details of zero-rated supplies in the GSTR returns? Answer:
GSTR-1
• A purchase order voucher can be accessed using which menu? Answer: Gateway of Tally
>> Inventory Vouchers
• If total invoice value for an inventory sale is Rs 55,000 where per unit rate is Rs 2,200,
what would be the total units of material sold? Answer: 25 units
• What is the significance of the "Aging Analysis" section within the bill-wise outstanding
report? Answer: It provides insights into the age of outstanding bills.
• What is the shortcut key to access a credit note voucher in Tally Prime? Answer: Alt+F5
• Where can you access the purchase register in Tally Prime? Answer: Gateway of Tally >>
Display >> Account Books >> Purchase Register
• Primary group called pre-defined accounting groups are also ____. Answer: Called
Primary Group
• What does the profit and loss account or statement summarize? Answer: The company's
revenues and expenses over a specific period
• Which voucher should be used to record payment from customers? Answer: Receipt
Voucher
• What does the term "tax collected at source" (TCS) mean? Answer: Collecting income tax
at the source of income itself
• What is the purpose of the order number in a sales order in Tally Prime? Answer: It is a
unique identifier for the sales order
• What does the "Maintain Accounts" feature in Tally do? Answer: It enables tracking of
financial transactions
• What is a primary purpose of accounting? Answer: To track, record, and analyze financial
transactions
• What is the consequence of not claiming input tax credit within the stipulated time in Tally
Prime? Answer: It may lead to loss of credit on taxes paid on purchases
• What is a sales order in Tally Prime? Answer: An order placed by a customer for purchase
of goods or services
• What is the significance of activating the "Maintain Accounts" feature in Tally? Answer:
It allows for detailed tracking and reporting of financial transactions
• Which option allows users connected remotely to Tally Prime? Answer: Remote: Users
• What report in Tally Prime provides a detailed summary of employee-wise earnings and
deductions for a specific period? Answer: Paysheet Report
• While creating a GST party ledger master in Tally, what should the user update the GST
registration type to? Answer: As per GST registration type
• What is the significance of the "Aging Period" when generating an outstanding report in
Tally Prime? Answer: It categorizes outstanding bills by their age (30 days, 60 days, etc.)
• What does a receipt voucher typically record in books? Answer: Receipt of payment from
customers
• Which of the following is not a default voucher type in Tally Prime? Answer:
Manufacturing Journal
• What is the consequence of not claiming input tax credit within the stipulated time in Tally
Prime? Answer: Loss of credit on taxes paid on purchases
• What is the primary purpose of a sales voucher in Tally Prime? Answer: To record sales
transactions
• What is the accounting purpose of double-entry? Answer: To ensure accuracy in recording
financial transactions by recording both debit and credit aspects
• Which of the following transaction types is a cash transaction? Answer: Payment Voucher
• What does the term "ATM" refer to in banking terms? Answer: Automated Teller Machine
• Which of the following statements correctly describes TDS (Tax Deducted at Source)?
Answer: It is tax deducted from the income source itself.
• Which of the following reports in Tally Prime displays the opening and closing balance of
inventory in the books of accounts? Answer: Stock Summary
• What is the primary focus of the topic "Outward Transaction - Service Branch 2"?
Answer: Mumbai Branch
• The 'Stock group & Category Summary' report in Tally is used to view which details?
Answer: Stock quantities and values based on groups and categories
• How do you access the balance sheet report in Tally Prime? Answer: Gateway of Tally >>
Financial Reports >> Balance Sheet
• What is typically considered an income item on a Profit and Loss Statement? Answer:
Sales Revenue
• Which voucher should be used for material returns against a purchase invoice? Answer:
Credit Note
• What is the primary purpose of the Purchase Register in Tally Prime? Answer: To record
purchases of goods or services from suppliers
• What type of tax is GST in India? Answer: Indirect Tax
• How do you view the edit log of a transaction in Tally data? Answer: Press ALT+Q to
view the log
• What is the significance of expense booking against advance payment? Answer:
Recording expenses before receiving any payment
• What are the monthly rental charges (excluding GST) for the silver edition of the Tally
license? Answer: Rs 600/-
• Which return should be filed for all outward supplies in the books of the supplier?
Answer: GSTR-1
• Which voucher should be used to transfer material from the store warehouse to the
production store? Answer: Stock Journal
• Does Tally allow recording a single receipt note voucher against multiple purchase orders?
Answer: True
• How should forex exchange gain or loss amount be transferred? Answer: Journal voucher
without voucher class
• Under which voucher does the closing quantity of inventories remain unchanged? Answer:
Stock Transfer
• Who typically initiates the issuance of a credit note in a business transaction? Answer: The
seller or supplier
• Can the Name and Mailing Name on the company creation page be the same? Answer:
True
• Which report displays the number of sales order vouchers recorded for the selected period
in Tally Prime? Answer: Sales Order Book
• What is the purpose of a debit note in accounting? Answer: A document sent by a seller to
a buyer to request payment
• How do you activate the multi-currency feature in Tally Prime? Answer: Go to F11
Company Features: Activate Multi Currency
• What key information must be included in a Delivery Note in Tally Prime? Answer:
Details of the goods being delivered
• Can the same sales voucher be used to record cash sales as well as credit sales? Answer:
True
• Where can the batchwise feature be activated from? Answer: F11 Company Features
• What does LUT stand for under the GST export invoice concept? Answer: Letter of
Undertaking
