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

You can edit a ledger in the following way.
Accounts info > Ledger > Alter
A List of ledgers will display, select the one you want to modify.

There are 18 different pre-defined voucher types pertaining to accounting, inventory and payroll. When the payroll feature is enabled, the number of pre-defined voucher types is 20.

As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Bank / Cash account to another Bank / Cash account, Cash Deposit / Withdrawals into/from Bank.
Contra voucher type is used in tally to transfer amount from one bank to another.
Go to Gateway of Tally > Accounting Vouchers > Select F4: Contra from the Button Bar or press F4 .

As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Bank / Cash account to another Bank / Cash account, Cash Deposit / Withdrawals into/from Bank.
Contra voucher type is used in tally to withdraw amount from bank.
Go to Gateway of Tally > Accounting Vouchers > Select F4: Contra from the Button Bar or press F4 .

Payment voucher is used to paid any type of expenses either direct or indirect expenses by cash/cheque/dd to any party. This voucher is also used to pay bill amount against credit purchases.
Gateway of tally > Accounting Voucher > Payment (F5)

Receipt voucher is used to record all receipts into Bank or Cash Accounts. Such receipt from debtors, any direct or indirect income, refund of loans or advances given earlier, sale of fixed assets, cash sale etc.
Gateway of tally > Accounting Voucher > Receipt (F6)

Receipt voucher is used to record all receipts into Bank or Cash Accounts. Such receipt from debtors, any direct or indirect income, refund of loans or advances given earlier, sale of fixed assets, cash sale etc.
Gateway of tally > Accounting Voucher > Receipt (F6)

To account a fixed asset purchase in tally, normally we use journal voucher in earlier versions of tally. But now you can use purchase voucher to enter purchase of fixed assets in latest versions of tally ERP9.
To activate fixed asset purchase in purchase voucher,
Gateway of Tally > F12 Configure > Voucher Entry
Allow expense/fixed assets in purchase vouchers : Yes

Generally as per option given we use Journal Voucher record purchase return, sales return, depreciation, bad debts etc.in Tally.
But Debit Note voucher (Ctrl+F9) can be used to enter purchase return and Credit Note voucher (Ctrl+F8) can be used to enter sales return in latest versions of tally ERP9.

The balance sheet displays the company’s total assets, and how these assets are financed, through either debt or equity. It can also be referred to as a statement of net worth, or a statement of financial position. The balance sheet is based on the fundamental equation: Assets = Liabilities + Equity(Capital).