Quiznetik

Computerized Accounting Software | Set 1

1. Which accounting concept satisfy the valuation criteria

A. Going concern, Realization, Cost

B. Going concern, Cost, Dual aspect

C. Cost, Dual aspect, Conservatism

D. Realization, Conservatism, Going concern.

Correct : A. Going concern, Realization, Cost

2. A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?

A. Going concern

B. Cost

C. Accrual

D. Money measurement

Correct : C. Accrual

3. In which of the following cases, accounting estimates are needed?

A. Employs benefit schemes

B. Impairment of losses

C. Inventory obsolescence

D. All of the above

Correct : D. All of the above

4. Diwali advance given to an employee is

A. Revenue Expenditure

B. Capital Expenditure

C. Deferred Revenue Expenditure

D. Not an Expenditure

Correct : D. Not an Expenditure

5. A firm has reported a profit of Rs.1,47,000 for the year ended 31-3-2014 after taking into consideration the following items. (i) The cost of an asset Rs.23,000 has been taken as an expense (ii) The firm anticipated a profit of Rs.12,000 on the sale of an old furniture (iii) Salary of Rs.7,000 outstanding for the year has not been taken into account. (iv) An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books?

A. Rs.1,47,000

B. Rs. 1,51,000

C. Rs.1,63,000

D. Rs.1,41,000

Correct : B. Rs. 1,51,000

6. The process of recording financial data upto trial balance is

A. Book keeping

B. Classifying

C. Summarizing

D. Analyzing

Correct : A. Book keeping

7. Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is

A. Capital & transferred to capital reserve

B. Revenue & transferred to P & L a/c c)

C. Capital & transferred to P & L a/c

D. Revenue & tr

Correct : D. Revenue & tr

8. In income measurement & recognition of assets & liabilities which of the following concepts goes together ?

A. Periodicity, Accural, Matching

B. Cost, Accural, matching

C. Going concern, cost, Realization

D. Going concern, Periodicity, Reliability

Correct : A. Periodicity, Accural, Matching

9. Interpretation means

A. Explanation of meaning and significance of the data in Financial Statements.

B. Concerned with preparation and presentation of classified data

C. Systematic analysis of recorded data

D. Methodical classification of data given in Financial Statements.

Correct : A. Explanation of meaning and significance of the data in Financial Statements.

10. A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated?

A. Money measurement

B. Conservatism

C. Consistency

D. None of these

Correct : B. Conservatism

11. Which of the following is wrong?

A. All real and personal accounts are transferred to balance sheet

B. Nominal accounts are transferred to P & L account

C. Each account is opened separately in ledger

D. Rent is a personal account, outstanding rent is nominal account

Correct : D. Rent is a personal account, outstanding rent is nominal account

12. What is root cause for financial accounting

A. Stewardship accounting

B. Social accounting

C. Management accounting

D. Human resource accounting

Correct : A. Stewardship accounting

13. If nothing is given in the financial statements about the three accounting assumptions then it is to be treated as it

A. Is assumed that it is not followed

B. Is assumed to be followed

C. Is assumed to be followed to some extent

D. None of the above

Correct : B. Is assumed to be followed

14. The proprietor of the business is treated as creditor for the capital introduced by him due to_____ concept.

A. Money measurement

B. Cost

C. Entity

D. Dual aspect

Correct : C. Entity

15. Fixed assets are held by business for _____

A. Converting into cash

B. Generating revenue

C. Resale

D. None of the above

Correct : B. Generating revenue

16. Which accounting concept specifies the practice of crediting closing stock to the trading account?

A. Cost

B. Realization

C. Going concern

D. Matching

Correct : D. Matching

17. Amount spent to increasing the earning capacity is a ______ expenditure

A. Capital

B. Revenue

C. Deferred revenue

D. Capital Loss

Correct : A. Capital

18. Change in the capital A/c of proprietor may occur due to ______

A. Profit earned

B. Loss incurred

C. Capital Introduced

D. All of the above

Correct : D. All of the above

19. Consistency with reference to application of accounting procedures means

A. All companies in the same Industry should use identical accounting procedures

B. Income & assets have not been overstated

C. Accounting methods & procedures shall be followed uniform basis year after year

D. Any accounting method can be followed as per convenience

Correct : C. Accounting methods & procedures shall be followed uniform basis year after year

20. If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____

A. Dr Drawing A/c & Cr Purchases A/c

B. Dr Office Expenses A/c & Cr Motor Car A/c

C. Dr Motor Car A/c & Cr Purchases A/c

D. Dr Motor Car & Cr Sales A/c

Correct : C. Dr Motor Car A/c & Cr Purchases A/c

21. If wages are paid for construction of business premises ______ A/c is credited and _A/c is debited.

A. Wages, Cash

B. Premises, Cash

C. Cash, Wages

D. Cash, Premises

Correct : D. Cash, Premises

22. Human resources will not appear in the balance sheet according to ______concept.

A. Accrual

B. Going concern

C. Money measurement concept

D. None

Correct : C. Money measurement concept

23. Provision for discount on debtors is calculated on the amount of debtors.

A. Before deducting provision for doubtful debts.

B. After deducting provision for doubtful debts.

C. Before deducting actual debts and provision for doubtful debts.

D. After adding actual bad and doubtful debts.

Correct : B. After deducting provision for doubtful debts.

24. Which of the following is not a Real Account?

A. Cash A/c

B. Investments A/c

C. Outstanding rent A/c

D. Purchases A/c

Correct : C. Outstanding rent A/c

25. Which of the following is incorrect?

A. Good will intangible asset

B. Sundry debtors - current asset

C. Loose tools tangible fixed asset

D. Outstanding expenses -current asset.

Correct : D. Outstanding expenses -current asset.

26. M/s Stationery Mart will debit the purchase of stationery to _______

A. Purchases A/c

B. General Expenses A/c

C. Stationery A/c

D. None

Correct : A. Purchases A/c

27. Small items like, pencils, pens, files, etc. are written off within a year according to _ concept.

A. Materiality

B. consistency

C. Conservatism

D. Realization

Correct : A. Materiality

28. Business enterprise is separate from its owner according to _________ concept.

A. Money measurement concept

B. Matching concept

C. Entity concept

D. Dual aspect

Correct : C. Entity concept

29. The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____

A. Consistency

B. Disclosure

C. Conservatism

D. Matching

Correct : C. Conservatism

30. The debts, which are to be repaid within a short period (year or less) are known as

A. Current liabilities

B. Fixed liabilities

C. Contingent liabilities

D. All of the above

Correct : A. Current liabilities

31. The Convention of Conservatism takes into account

A. All prospective profits and prospective losses.

B. All prospective profits and leaves out prospective losses.

C. All prospective losses but leaves out prospective profit.

D. None of these.

Correct : C. All prospective losses but leaves out prospective profit.

32. Any written evidence in support of a business transaction is called:

A. Journal

B. Ledger

C. Ledger posting

D. Voucher

Correct : B. Ledger

33. According to the money measurement concept, the following will be recorded in the books of account of the business:

A. Health of Managing Director of the company

B. Quality of company’s goods

C. Value of Plant & Machinery

D. Strike by employees

Correct : C. Value of Plant & Machinery

34. Double Entry System was introduced in–

A. America

B. Japan

C. India

D. Italy

Correct : A. America

35. Tally package is developed by

A. Peutronics

B. Tally Solutions

C. Coral Softwares

D. Vedika Softwares

Correct : B. Tally Solutions

36. How many type of companies can be created in Tally?

A. 2

B. 3

C. 4

D. 5

Correct : A. 2

37. Which menu appears after starting Tally for the first time?

A. Gateway of Tally

B. Company Info

C. Display

D. None of these

Correct : B. Company Info

38. Which shortcut key is pressed to go to company Info. Menu from Gateway of Tally?

A. Alt+F4

B. Alt+F2

C. Alt+F1

D. Alt+F3

Correct : D. Alt+F3

39. Which key is pressed to go to Gateway of Tally from company Info. Menu?

A. Ctrl

B. Alt

C. Esc

D. Enter

Correct : C. Esc

40. Which option is used in Tally to make changes in created company?

A. Select Company

B. Shut Company

C. Alter

D. None of these

Correct : C. Alter

41. Which option from Company Info. menu is selected to create a new Company in Tally?

A. Company Create

B. Create Company

C. Create

D. New Company

Correct : B. Create Company

42. Which option is selected from Company Info Menu to divide company data into two financial years?

A. Change Tally Vault

B. Alter

C. Split Company Data

D. New Company

Correct : C. Split Company Data

43. Which option is used to copy company’s data into pen drive or CD?

A. Backup

B. Restore

C. Split Company Data

D. Copy Data

Correct : A. Backup

44. Which option is used to place data taken in pen drive or CD to Appropriate place in Tally?

A. Backup

B. Restore

C. Split Company Data

D. None of these

Correct : B. Restore

45. Which option is used to open company created in Tally?

A. Create Company

B. Alter

C. Select Company

D. Shut Company

Correct : C. Select Company

46. Which option is used in Tally to close opened Company?

A. Alter

B. Shut Company

C. Create Company

D. Select Company

Correct : B. Shut Company

47. Which shortcut key is used to take print of any report in Tally?

A. Ctrl+P

B. Shift+P

C. Alt+P

D. Alt+Ctrl+P

Correct : C. Alt+P

48. Which shortcut key is used to export data of any company in Microsoft Excel spreadsheet or in any other company?

A. Alt+P

B. Alt+E

C. Alt+O

D. Alt+S

Correct : B. Alt+E

49. Which shortcut key is used for Select Company in Tally?

A. F1

B. Alt+F1

C. F3

D. Alt+F3

Correct : C. F3

50. Which shortcut key is used to shut opened company in Tally?

A. F1

B. Alt+F1

C. F3

D. Alt+F3

Correct : B. Alt+F1

51. Which shortcut key is used to change current period in Tally?

A. F2

B. Alt+F2

C. F3

D. Alt+F3

Correct : B. Alt+F2

52. Which option is used to move from one company to another when more than one companies are open?

A. Company Info.

B. Shut Company

C. Select Company

D. Company

Correct : B. Shut Company

53. Which Shortcut key is pressed to create a new company in Tally?

A. F3

B. Alt+F3

C. F2

D. Alt+F2

Correct : B. Alt+F3

54. Which Shortcut key is pressed to view features in Tally?

A. F10

B. F11

C. Alt+11

D. F12

Correct : B. F11

55. Which shortcut key is used to view configure in Tally?

A. F10

B. F11

C. F12

D. Alt+F9

Correct : C. F12

56. Which menu is used to create new ledgers, groups and voucher types in Tally?

A. Reports

B. Import

C. Transactions

D. Masters

Correct : D. Masters

57. Which submenu is used to create new ledgers, groups and voucher types in Tally?

A. Account Info.

B. Inventory Info.

C. Accounting Vouchers

D. Inventory Vouchers

Correct : A. Account Info.

58. With how many types ledger, group and voucher types can be created in Tally?

A. 2

B. 3

C. 4

D. 5

Correct : A. 2

59. Which submenu is used for voucher entry in Tally?

A. Vouchers

B. Account Vouchers

C. Accounts Info.

D. None of these

Correct : B. Account Vouchers

60. In order to delete a voucher, press

A. Alt + D

B. Alt + F4

C. Alt + F3

D. None of the above

Correct : A. Alt + D

61. Debit Note is used for

A. Sales Return

B. Purchase Return

C. Purchase Return only

D. None of the above

Correct : B. Purchase Return

62. A trial balance is a---------

A. Ledger

B. Journal

C. Account

D. List

Correct : D. List

63. A ‘Debit note’ is a statement sent to the ------------- by the ----------------

A. Seller, buyer

B. Buyer, seller

C. Customer, seller

D. Creditor, seller

Correct : A. Seller, buyer

64. A ‘credit note’ is sent by------------- to ----------------

A. Seller, buyer

B. Buyer, seller

C. Customer, seller

D. Creditor, seller

Correct : A. Seller, buyer

65. The rate of trade discount varies with the ----------- purchased

A. Total asset

B. Current asset

C. Quantity

D. None of these

Correct : C. Quantity

66. A............. serves the purpose of both journal and ledger accounts

A. Journal proper

B. Purchase day book

C. Cash book

D. Any of the above

Correct : C. Cash book

67. Trial balance is prepared on............ basis

A. Monthly

B. Annually

C. Half yearly

D. Any of the above.

Correct : D. Any of the above.

68. ‘Inventory books’ is used to view

A. Stock Items

B. Group Summary

C. Both A and B above

D. None of these

Correct : C. Both A and B above

69. Which option is used to exit Tally?

A. Exit

B. Close

C. Quit

D. Shut Company

Correct : C. Quit

70. Salary Account comes under which head?

A. Indirect Incomes

B. Indirect Expenses

C. Direct Incomes

D. Direct Expenses

Correct : B. Indirect Expenses

71. How many groups are pre-defined in Tally?

A. 28

B. 30

C. 15

D. 19

Correct : A. 28

72. How many primary groups are there in Tally?

A. 19

B. 28

C. 15

D. 20

Correct : C. 15

73. How many secondary groups are there in Tally?

A. 15

B. 13

C. 28

D. 3

Correct : B. 13

74. Which option is used to view list of Primary and Secondary groups in Tally?

A. List of Accounts

B. Accounts

C. List

D. None of these

Correct : A. List of Accounts

75. Which ledger is created by Tally automatically as soon as we create a new company?

A. Cash

B. Profit & Loss A/c.

C. Capital A/c.

D. A and B both

Correct : D. A and B both

76. Which option is used to make changes in created Groups of Ledgers in Tally?

A. Create

B. Display

C. Alter

D. Change

Correct : C. Alter

77. How many voucher types area readily available in Tally?

A. 18

B. 16

C. 20

D. 28

Correct : A. 18

78. How many voucher types are provided in Tally to record transactions?

A. 2

B. 3

C. 4

D. 5

Correct : B. 3

79. Which key is pressed to post entries in double entry accounting system instead of single entry system in Tally.ERP9?

A. F11

B. F12

C. Alt+F11

D. Alt+F12

Correct : D. Alt+F12

80. Which voucher type is used to transfer amount from one bank to another?

A. Contra

B. Payment

C. Receipt

D. Post-Dated

Correct : A. Contra

81. Rs.10, 000 withdrawn from State Bank. In which voucher type this transaction will be recorded?

A. Payment

B. Receipt

C. Contra

D. Post-Dated

Correct : C. Contra

82. Where do we record transactions of salary, rent or interest paid?

A. Contra

B. Journal

C. Receipt

D. Payment

Correct : B. Journal

83. Where do we record interest received, commission received or rent received in Tally?

A. Contra

B. Payment

C. Receipt

D. Journal

Correct : C. Receipt

84. Where do we record cash sales in Tally?

A. Contra

B. Receipt

C. Payment

D. Journal

Correct : D. Journal

85. Where do we record credit purchase of furniture in Tally?

A. Purchase

B. Payment

C. Receipt

D. Journal

Correct : A. Purchase

86. Where do we record purchase return, sales return, depreciation, bad debts etc.in Tally?

A. Journal

B. Payment

C. Contra

D. Receipt

Correct : B. Payment

87. Where do we record all type of adjustment entry in Tally?

A. F5: Payment

B. F6: Receipt

C. F7: Journal

D. F4: Contra

Correct : A. F5: Payment

88. Which shortcut key is pressed and then ‘yes’ is given in “Use Debit/Credit Noted” to post entry in Credit Note and Debit Note in Tally?

A. Alt+F11

B. F11

C. F12

D. Alt+F12

Correct : B. F11

89. In which voucher type credit purchase entry is posted in Tally?

A. F5: Payment

B. F7: Journal

C. F9: Purchase

D. F6: Receipt

Correct : C. F9: Purchase

90. In which voucher type credit sales is recorded in Tally?

A. F5: Payment

B. F6: Receipt

C. F7: Journal

D. F8: Sales

Correct : C. F7: Journal

91. Which shortcut key is used in ‘Company Feature’s screen to use Accounting Features in Tally?

A. F1

B. F2

C. F3

D. F4

Correct : D. F4

92. Which shortcut key is used in ‘Company Features’ screen to use Inventory Features in Tally?

A. F1

B. F2

C. F3

D. F4

Correct : B. F2

93. Which shortcut key is used in ‘Company Features’ Screen to use Statutory & Taxation in Tally?

A. F3

B. F4

C. F2

D. F1

Correct : A. F3

94. Which file in tally is used to record the import activity ?

A. Tally.dat

B. Tally.ini

C. Tally.imp

D. None of the above

Correct : B. Tally.ini

95. Which of the following is the predefined stock category in tally?

A. Primary

B. Symbol

C. Stock

D. Main location

Correct : A. Primary

96. Which shortcut key(s) are used to display list of inventory reports within balance sheet?

A. F8

B. F9

C. F10

D. F11

Correct : B. F9

97. How many types of users are present in tally?

A. 1

B. 2

C. 3

D. 4

Correct : C. 3

98. Which shortcut key(s) are used to enter a stock journal in tally?

A. F7

B. Control + F7

C. Alt + F7

D. Shift + F7

Correct : C. Alt + F7

99. Which of the following shows daily balance for a selected voucher type?

A. Daybook

B. Trial Balance

C. Balance Sheet

D. None of the above

Correct : A. Daybook

100. . Which of the following can be budgeted in tally?

A. Net Transactions

B. Closing Balance

C. Closing Balance

D. A and B

Correct : D. A and B