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

The quantity of stock item is measured in units. You have to create units for stock items because stock items are purchased or sold on the basic quantity

Tally provides two type of units, which are follows:

Simple: Refers to units, such as pieces, numbers, kilograms, and grams
Compound: Refer number of quantities that makes a units, such as 1000 grams makes a 1 kilogram In this section, you learn how to create a simple and compound units, display a units, and alter a unit.

Job costing is a form of specific order costing, which applies to a job undertaken according to customer requirements and specifications. Tally.ERP 9 enables the tracking of cost and revenue information like material, labour, and overhead for a specific job down to the smallest detail. With a view to ascertaining the actual costs incurred for each job, each job is assigned a job number or a job name.

Enable job costing
1. Go to Gateway of Tally > F11: Company Features ( F1: Accounting features ).
2. Set the option 'Maintain cost centres?' to Yes .
3. 'Use cost centre for job costing?' to Yes
4. Press Crl+A to save.

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.

Memorandum voucher is a special voucher which are used to record transactions temporarily in tally. It is a Non-Accounting voucher whose entries do not affect accounts. The entries in this voucher are not posted into ledgers, instead are stored in a separate Memo Register.
To view all the memorandum vouchers, go to
Gateway of Tally > Display > Exception Reports > Memorandum Vouchers

Gateway of Tally > Balance Sheet > press F12: Configuration and set 'Show Working Capital figures' to 'Yes' > press Alt+F1
Working capital is the difference between current assets and current liabilities.

We can create multiple users in Tally by activating 'Use Security Control'.

Gateway of Tally > F12: Configure > select Accts/Inventory Info. and Set Enable component list details (Bill of Materials)? to Yes .

Retained Earnings (RE) are the portion of a business’s profits that are not distributed as dividends to shareholders but instead are reserved for reinvestment back into the business. It is also called Reserve and Surplus.

A stock journal is used to transfer materials or stock from one location to another location. Stocks could even simply be shown as consumed or even only produced and without both consumption and production.
Gateway of Tally > Voucher Entry > ALT+F7 or Click on Stock Journal

Discount Column is available in both Sales Invoice and Purchase Invoice.