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

Carriage inwards is considered to be part of the cost of the items purchased. Hence, for inventory items carriage inwards will be part of the cost of the goods available, the cost of inventory, and the cost of goods sold. So carriage inwards is direct expenses.

Management accounting also is known as managerial accounting and can be defined as a process of providing financial information and resources to the managers in decision making. Management accounting is only used by the internal team of the organization, and this is the only thing which makes it different from financial accounting.

Gateway of Tally > F11: Features > F1: Accounting Features

The left hand side of tally screen shows list of selected companies.

Sales return are recorded in Credit note voucher. A credit note is a document sent by a seller to its buyer or, in other words, a vendor to the customer, notifying that a credit has been provided to their account against the goods returned by the buyer.

Debit Note Voucher ( Ctrl + F9) are used for debiting party accounts, for example, in case of purchase return or when your supplier has granted you credit due to different reasons. This voucher type will be available after configuration of F11 features.

The product information bar appears at the bottom of the Tally window. It contains the basic information about the version of Tally in which we are working.
The product information bar provides the following information:
1) Software name: Displays the name of the software, for example Tally.
2) User Level: Display the type of user, for Edition –Gold, Users- Unlimited.
3) Logo: Display the logo of Tally.
4) Version number: Display the software version number.
5) Licence & Service: Displays the license of the software.
6) Configuration: Display the configuration of software.
7) Calculator: Allows you to calculate mathematical expression. To activate the Calculator: click the Calculator Band or press CTRL+N

Export button helps to export data or report from Tally in any one of the standard available formats.

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 .

For entries not involving either cash or bank transactions we use journal voucher.