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

Trial balance is a list of ledger accounts balances, showing debit balances and credit balances, separately on a certain date. Trial balance is only a statement not an account. Every transaction has equal debit and credit aspects so that the trial balance possesses equal debit and credit balances. Preparing trial balances periodically will help you to fix errors as soon as it happens.

A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger. Details or narration about the source or use of funds are required in a cash book but not in a cash account.

Trade discount is a discount which is referred to as, discount given by the seller to the buyer at the time of purchase of goods. It is given as a deduction in the list price or retail price of the quantity sold.

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.

Trial balance is a list of ledger accounts balances, showing debit balances and credit balances, separately on a certain date. Trial balance is only a statement not an account. Every transaction has equal debit and credit aspects so that the trial balance possesses equal debit and credit balances. Preparing trial balances periodically will help you to fix errors as soon as it happens.

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.

ERP stands for Enterprise resource planning. It's a business process management software that manages and integrates a company's financials, supply chain, operations, reporting, manufacturing, and human resource activities.

Gateway of tally is like the main entrance of Tally technically a screen that opens when Tally starts. It is also known as home screen of tally.

ODBC Stands for "Open Database Connectivity." With Open Database Connectivity Tally can dynamically exchange data between any other application.