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

The option statutory compliance for is appearing in Company creation screen.

Changes in accounts are possible only in Alteration mode
Gateway of Tally > Accounts info > Ledger > Alter

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.

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.

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).

Employee salary details are shown in Payroll.

Salary Account is generally indirect expense because it cannot be conveniently allocated to a particular product.

Vouchers can be displayed in Day book.

Accounts Only: To maintain only the financial accounts of the company. Inventory (stock) management is not involved in it.
Account with Inventory: This is the default option, which allows maintaining both the financial account of the company as well as the inventory of the company.

Professionals usually does not have inventory so they maintain accounts as Accounts Only in Tally.

Process to delete a company in Tally: 1) Load the company you want to delete. 2) From the gateway of Tally Press Alt + F3 Shortcut key of click on Alt+F3 Company info. 3) In the company info menu select Alter menu, now you are in company alteration screen. 4) Now press Alt+D Shortcut Key 5) First confirmation message ‘Delete’ will be asked by Tally 6) Click on Yes and Press enter or press Y from your Key board. 7) Second confirmation message will be asked ‘Are you sure’. 8) Repeat the previous action Click on Yes 9) The company will have deleted.