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

Debtors are stakeholders who owe money to the business. Debtors are typically customers who have taken possession of goods or services from a business but have not yet paid the business for those goods and services. The English word debtor is derived from the Latin word 'debere' meaning 'to owe'. So in accounting, customers who owe money to the business are called debtors.

Accrued income refers to amounts that have been earned, but the amounts have not yet been received. The amount of accrued income that a company has a right to receive as of the date of the balance sheet will be reported in the current asset section of the balance sheet. It could be described as accrued receivables or accrued income.

Any Tax Ledgers should be created under Duties and Taxes group which contains all tax accounts like GST, VAT, Excise and other trade taxes and total liability.

Accounting principles are divided into two categories:
1. Accounting Concepts: Accounting Concepts are basic assumptions or conditions upon which science of accounting is based.
2. Accounting Conventions: Accounting Conventions include those customs and traditions which are followed up by an accountant while preparing a financial statement.

Goodwill is intangible assets and classified as Non-current Assets.

There are two predefined ledgers available in Tally, 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.

Closing stock created under Stock in hand in Tally.

Through email setup Tally allow users to send ledgers, Pay Slips, Outstanding Statements, Confirmation of Accounts or balance confirmation, Reminder Letters from Tally Software it self directly.

In tally screen right extreme displays Button bar.

Capital of the company is included under Capital account group.