1. Transfer of materials from one godown to another godown, use
a.
b.
c.
d.

Option “B” is correct.
A stock journal is used to transfer materials or stock from one location to another location. Stocks could even simply be shown as consumed or even only produced and without both consumption and production.
Gateway of Tally > Voucher Entry > ALT+F7 or Click on Stock Journal
2. Recording of actual stock as physically verified or counted is done through-
a. Journal
b.
c.
d. Sales

Option “C” is correct.
Physical Stock Voucher is used for recording the actual stock which is verified or counted. It could happen that the Book Stocks and the Physical Stock do not match. It is not unusual that the company finds a discrepancy between actual stock and computer stock figure.
3. Budget represents ________
a. Estimation
b. Forecasting
c. Assumption
d.

Option “D” is correct.
Budget is a plan quantified in monetary terms prepared and approved prior to a defined period of time, usually showing planned income to be generated and/or expenditure to be incurred during that period and the capital to be employed to attain a given objective.
4. Find out which is not a Default Ledger in Tally
a.
b.
c.
d.

Option “B” is correct.
There are two pre-defined ledgers available in Tally, they are:

Cash – This Ledger is created under the Group Cash-in-hand. You can enter the opening balance as on the date of books beginning from. You can also alter the name and even delete the Ledger.

Profit and Loss Account – This Ledger is created under the Group Primary. Previous year’s Profit or Loss is entered as the opening balance for this ledger. The balance entered here is treated as the opening profit/loss and shown in the Balance Sheet as opening balance of Profit and Loss account in the Liabilities side.

You cannot delete this ledger, but you can modify the same.
5. The Profit & Loss statement can be displayed in ________ format(s).
a.
b. Vertical
c.
d.

Option “C” is correct.
The Profit & Loss A/c is a periodic statement, which shows the net result of business operations for a specified period. All the expenses incurred and incomes earned during the reporting period are recorded here. The Profit & Loss A/c is in horizontal form, by default. It can be view in vertical format by enabling the option Show Vertical Profit & Loss? by clicking F12: Configure
6. ________ gives the balance for each day for the voucher type has been selected
a.
b.
c.
d.

Option “B” is correct.
The Day Book lists all transactions made in a particular day and by default displays the last voucher entry date of a regular voucher. It could also be set up to list all the transactions made over a certain period. Transactions include all financial vouchers, reversing and memorandum journals as well as inventory vouchers.
7. Which option lists inventory valuation method in tally-
a.
b.
c.
d.

Option “D” is correct.
Stock Summary is a statement of the real-time stock-in-hand on a particular day. It is one of the primary inventory statements that gets updated in real-time as transactions recorded. In Tally it allows to compare data for different companies, stock groups, periods, valuation methods, and so on, by adding columns in the reports.
8. How to activate the tally audit feature in a company-
a.
b.
c.
d.

Option “B” is correct.
Tally has an inbuilt feature- Tally Audit which enables the auditor to perform an audit or track changes that affect the integrity of a transaction, such as changes made to Date, Ledger Masters and Amounts in the Voucher are reflected in the Tally Audit Listings.

Gateway of Tally > F3: Company Info > Alter
Company Creation/Alteration screen set Use Tally Audit Features to Yes .
9. What is the predefined number of groups in tally-
a. 16
b. 28
c. 128
d. 228

Option “B” is correct.
Tally.ERP 9 provides a list of Groups called pre-defined groups. There are twenty eight pre-defined groups in Tally.ERP 9. These groups are a part of the chart of accounts for most organizations. For example, Sales Accounts is a pre-defined group. All sales ledgers can be classified under this group.
10. Which of the following is used for voucher entry-
a.
b. Groups
c.
d.

Option “A” is correct.
Ledger Accounts are used for any voucher entry in tally.
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61 thoughts on “Tally”

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