Option “D” is correct. F11 features of company are further divided into different categories 1. Accounting Features 2. Inventory Features 3. Statutory and Taxation 4. Tally Software Services (TSS) Features 5. Add-on Features
62.
Integrated accounts with inventory is available in-
a.
b.
c.
d.
Option “B” is correct. Integrated accounts with inventory is available in F11 features. If Accounts with Inventory is set to Yes in F11: Accounting Features/ Inventory Features, the stock/inventory balance figures are automatically updated from the inventory records. You may also drill down to Stock Register from the Balance Sheet.
63.
Collection of ledgers of same nature is called-
a.
Vouchers
b.
Asset
c.
d.
Option “C” is correct. Group are collection of ledgers of the same nature. An account group is a method of coordinating ledger accounts into a tree structured hierarchy. Each account group is component of either assets, liabilities, income and expenditure.
64.
The options ‘use common narration’ and ‘narration each entry’ appear-
a.
Account creation screen
b.
c.
d.
Option “D” is correct. Gateway of Tally > Accounts Information > Voucher Types > Alter
65.
Predefined groups are also called as-
a.
b.
c.
d.
Option “C” is correct. Predefined groups are also called as Statutory group
66.
Transactions are firstly entered in:
a.
Journal
b.
Ledger
c.
d.
Option “A” is correct. Transactions are always recorded firstly in journal. Journal is that book of accounts in which transactions are recorded first and then posted in ledger. Journal is the day to day book it records daily basis transactions in systematic transactions. It is also called primary book as records transactions very firstly in systematic manner. After the journal, ledger is prepared
67.
A trial balance is prepared-
a.
b.
c.
d.
Option “B” 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.
68.
Capital is treated as liability because of-
a.
b.
c.
d.
Option “D” is correct. The Separate Entity Principle is a fundamental principle of Company Law applied on a global basis. Pursuant to this principle, a company is treated as a distinct entity from its members. The separate entity rule pervades company law and has had wide reaching implications on theoretical and practical company law. Now as we know that Owners (Members/Promoters/Founders/Shareholders/Sponsors) are different legal entities in compare to the Company, Hence when they start or fund the company via investing in it, that Amount becomes the liability for company (As Company is different Legal Entity) in-order to pay them back in form of profit reruns (dividend/interest/share price increase due to good performance. So capital a liability.
69.
______ are the liabilities which are payable after a long period
a.
b.
c.
d.
Option “A” is correct. Fixed Liabilities are mostly called non- current or long -term liabilities. These refer to the liabilities which are payable after one year. Example may include term loan, bonds, etc.
70.
______ is an example for long term liabilities
a.
Creditors
b.
Debentures
c.
Overdraft
d.
Option “B” is correct. Fixed Liabilities are mostly called non- current or long -term liabilities. These refer to the liabilities which are payable after one year. Example may include term loan, bonds, debenture etc.
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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.