51. ‘Inventory books’ is used to view-
a.
b.
c.
d.

Option “C” is correct.
52. Trial balance is prepared on ________ basis.
a. Monthly
b. Annually
c.
d.

Option “D” is correct.
Trial balance is a list of ledger accounts balances, showing debit balances and credit balances, separately on a certain date. Trial balance is only a statement not an account. Every transaction has equal debit and credit aspects so that the trial balance possesses equal debit and credit balances. Preparing trial balances periodically will help you to fix errors as soon as it happens.
53. A ________ serves the purpose of both journal and ledger accounts.
a.
b.
c.
d.

Option “C” is correct.
A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger. Details or narration about the source or use of funds are required in a cash book but not in a cash account.
54. The rate of trade discount varies with the ________ purchased
a.
b.
c. Quantity
d.

Option “C” is correct.
Trade discount is a discount which is referred to as, discount given by the seller to the buyer at the time of purchase of goods. It is given as a deduction in the list price or retail price of the quantity sold.
55. A ‘credit note’ is sent by ________ to ________
a.
b.
c.
d.

Option “A” is correct.
A credit note is a document sent by a seller to its buyer or, in other words, a vendor to the customer, notifying that a credit has been provided to their account against the goods returned by the buyer.
56. The option ‘statutory compliance for’ is appearing in-
a.
b.
c.
d.

Option “A” is correct.
The option statutory compliance for is appearing in Company creation screen.
57. Changes in accounts are possible only in-
a.
b.
c.
d.

Option “B” is correct.
Changes in accounts are possible only in Alteration mode
Gateway of Tally > Accounts info > Ledger > Alter
58. Reserve group accounts in tally is-
a. 28
b. 30
c. 18
d. 15

Option “A” is correct.
Tally provides a list of Groups called pre-defined/reserve groups. There are twenty eight pre-defined groups in Tally. 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.
59. An account that the user need not create is-
a.
b.
c.
d.

Option “C” is correct.
There are two pre-defined ledgers available in Tally.ERP 9, 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.
60. The voucher type for recording goods received-
a.
b.
c.
d.

Option “B” is correct.
A Receipt Note voucher is used to record receipt of goods/items at stores in Tally. For example , the Company receives new stock item from a Supplier. If a Purchase Order exists for that supply, selecting the PO reference in the Receipt Note will display its particulars. The Receipt Note is also called Goods Receipt Note (GRN).
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3 thoughts on “Tally”

  3. Raylene Noorda

    Have you ever considered publishing an ebook or guest authoring on other sites? I have a blog based on the same subjects you discuss and would really like to have you share some stories/information. I know my viewers would enjoy your work. If you are even remotely interested, feel free to send me an email.

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