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

There are two pre-defined 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.

Default 'godown' name in tally is Main location.

Tally Vault is like a lock which is not going to show company into the list of companies, due to which your company details will not be accessible by anyone and secrecy and privacy can be maintained with the help of that feature. When company will be selected from 'select company' menu, symbol like this ************ will be shown. Thus, not showing any of the details of the company to others.
So Tally Vault is a kind of security feature built in Tally. An advanced level security feature in Tally ERP to keep up confidentiality of information by encrypting the data. Tally Vault uses a password with an advanced algorithm to validate a new user without any prior understanding of the password and the form of data is not located on the device.

A Group Company is a name and an identity given to the merged accounts of member companies of the group.

In tally we get currency symbol option from Company creation menu.

The Day Book lists all transactions made in a particular day and by default displays the last voucher entry date of a regular voucher. It could also be set up to list all the transactions made over a certain period. Transactions include all financial vouchers, reversing and memorandum journals as well as inventory vouchers.

Stock Summary is a statement of the real-time stock-in-hand on a particular day. It is one of the primary inventory statements that gets updated in real-time as transactions recorded. In Tally it allows to compare data for different companies, stock groups, periods, valuation methods, and so on, by adding columns in the reports.

Tally has an inbuilt feature- Tally Audit which enables the auditor to perform an audit or track changes that affect the integrity of a transaction, such as changes made to Date, Ledger Masters and Amounts in the Voucher are reflected in the Tally Audit Listings.

Gateway of Tally > F3: Company Info > Alter
Company Creation/Alteration screen set Use Tally Audit Features to Yes .

Tally.ERP 9 provides a list of Groups called pre-defined groups. There are twenty eight pre-defined groups in Tally.ERP 9. These groups are a part of the chart of accounts for most organizations. For example, Sales Accounts is a pre-defined group. All sales ledgers can be classified under this group.

Ledger Accounts are used for any voucher entry in tally.