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

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

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.

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.

Gateway of Tally > Accounts Information > Voucher Types > Alter

Predefined groups are also called as Statutory group

Saving made on labour cost is an advantage of introducing computerized accounting system.

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 .

Income tax number of the company will appear most of reports of Tally e.g. Cash/bank book, Profit and loss A/c, Balance Sheet, Reminder letter, Party Ledger etc

A patent is an amortizable, intangible asset that grants a business the sole right to manufacture and sell an invention. An intangible asset is a useful resource without any physical presence. The assets such as trademarks, copyrights, patents, goodwill etc are intangible assets.

Drawing Account ledger is generally created in the Capital Account group in the Ledger creation screen. So, the Drawings will automatically deducted from the Capital Account in the Balance Sheet.