Tally mcq questions With Answer | Accounting ERP Question | Computer Fundamental

The auditor / administrator can display or print the Tally Audit Listing and verify the transactions made. In case the auditor /administrator is satisfied with the authenticity of the transaction or the changes made, he will accept all or selective transactions by clicking the relevant button. Once the transactions are accepted, they are removed from the audit listing and will not be displayed again.

Data can be imported into Tally in XML format. It can be done from data created in previous versions of Tally or from third party applications.

Inventory subsidiary is usually used as a master file.

A computer-based transaction processing system will be more efficient at producing financial statements.

Nett Transactions and Closing Balance can be budgeted in tally.
‘On Closing Balance’ option is used to compare the closing balances of the Accounts with the budgets in the final statements. ‘On Nett Transactions’ is used to monitor the transaction amounts (not the balances) for a specified period.

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.

Basically three type of users - Administrator, Owner & Data Entry

Primary is is the predefined stock category in tally.

Tally.ini is Tally's initialization file. It can be also referred as configuration and setting file of Tally. When ever Tally loads itself then it takes working environment from this file. All variables from this file are picked and then tally starts functioning accordingly. So this file is important for desired working of Tally software.

For inventory accounting in tally Stock Groups, Stock Items and Units of Measure must be created.