S.Y.B.Com. Computerized Accounting Practical Basics Question Answers

 

S.Y.B.Com. Computerized Accounting

(A) Practical Basics Question Answers

1)      Open tally website

2)      Install Tally Prime

3)      Create Company

4)      Alter Company

5)      Delete Company

6)      Create Group Company

7)      Alter Group Company

8)      Delete Group Company

9)      Create Ledger – Under group

10) Enter Voucher a) Receipt

b) Payment

c) Contra

d) Purchase

e) Sale

f) Journal

11) Check Report eg. P and L, Balance Sheet etc.

 

(B) Practical Basics Question Answers

Chapter 1: Introduction to Computerized Accounting

1. You need to start recording transactions for a new business "Alpha Traders." What is the very first action you must perform in TallyPrime?
   a) Create Ledgers
   b) Create a New Company
   c) Enter a Stock Item
   d) Change the Date
   Answer: b) Create a New Company
2. While creating a company, which field is crucial as it determines the starting point of your financial records and cannot be changed later?
   a) Company Name
   b) Mailing Name
   c) Books Beginning From (Financial Year Start Date)
   d) State
   Answer: c) Books Beginning From (Financial Year Start Date)
3. You realize you entered the wrong company address during creation. Which option should you use to correct this?
   a) Create a New Company
   b) Select Company
   c) Alter Company
   d) Shut Company
   Answer: c) Alter Company
4. To ensure TallyPrime can handle complex inventory and accounting needs, where would you go to activate features like Cost Centers or GST?
   a) Ledger Creation
   b) Voucher Entry
   c) Company Features (F11)
   d) Configuration (F12)
   Answer: c) Company Features (F11)
5. You want the sales voucher to show a discount column by default. Which shortcut key allows you to change these display settings during voucher entry?
   a) F1
   b) F11
   c) F12 (Configuration)
   d) Alt+F12
   Answer: c) F12 (Configuration)
6. What is the primary purpose of the "Gateway of Tally" screen?
   a) To print reports
   b) To exit the software
   c) It is the main menu for accessing all functions like Masters, Vouchers, and Reports.
   d) To create backups
   Answer: c) It is the main menu for accessing all functions like Masters, Vouchers, and Reports.
7. Which of the following is NOT a pre-defined group in TallyPrime's Chart of Accounts?
   a) Sundry Debtors
   b) Indirect Income
   c) Bank Account
   d) Employee Salaries (It is a Ledger, not a Group)
   Answer: d) Employee Salaries
8. The "Accounting Masters" refer to:
   a) The list of all vouchers entered in a day.
   b) The fundamental building blocks like Groups, Ledgers, and Cost Centers.
   c) The company creation details.
   d) The final financial statements.
   Answer: b) The fundamental building blocks like Groups, Ledgers, and Cost Centers.
9. A practical advantage of a Computerized Accounting System is that it automatically posts entries to ledgers. In manual accounting, this process is called:
   a) Journalizing
   b) Balancing
   c) Posting
   d) Auditing
   Answer: c) Posting
10. If you want to record a transaction where you pay a salary by cheque, which two masters must already be created?
    a) Sales Account and Purchase Account
    b) Cash Account and Profit & Loss Account
    c) Salary Ledger and Bank Ledger
    d) Debtors Ledger and Creditors Ledger
    Answer: c) Salary Ledger and Bank Ledger
11. The "Audit Trail" feature is useful for a practical reason. What does it do?
    a) It automatically files your tax returns.
    b) It tracks who made what change and when, ensuring transparency.
    c) It speeds up data entry.
    d) It creates a backup of your data.
    Answer: b) It tracks who made what change and when, ensuring transparency.
12. Which TallyPrime feature allows multiple users to work on the same company data with different levels of access?
    a) Backup
    b) Restore
    c) Security Control (User Management)
    d) Company Features
    Answer: c) Security Control (User Management)

 

13. You have purchased a licensed copy of TallyPrime. A practical first step before entering any data is to:
    a) Start entering vouchers.
    b) Create the company and configure its features as per business needs.
    c) Print blank vouchers.
    d) Delete the sample company.
    Answer: b) Create the company and configure its features as per business needs.
14. The "Chart of Accounts" in TallyPrime is a:
    a) List of all business transactions.
    b) A graphical chart of profits.
    c) A structured list of all Groups and Ledgers used by the company.
    d) A list of all inventory items.
    Answer: c) A structured list of all Groups and Ledgers used by the company.
15. From the Gateway of Tally, which path would you follow to view the list of all ledger accounts?
    a) Display > Accounts Books > Cash Book
    b) Accounts Info > Ledgers
    c) Inventory Info > Stock Items
    d) Display > Trial Balance
    Answer: b) Accounts Info > Ledgers
16. What is the main practical difference between the "Alter" and "Create" options when managing masters?
    a) 'Alter' is for vouchers, 'Create' is for masters.
    b) 'Create' makes new masters, 'Alter' modifies existing ones.
    c) They both do the same thing.
    d) 'Alter' is for deleting companies.
    Answer: b) 'Create' makes new masters, 'Alter' modifies existing ones.
17. Which report gives you a snapshot of all ledger balances and should match before finalizing accounts?
    a) Profit & Loss Statement
    b) Balance Sheet
    c) Trial Balance
    d) Item Summary
    Answer: c) Trial Balance

 

18. A significant practical disadvantage of a computerized system is the risk of data loss. How can you mitigate this in Tally?
    a) By writing down all transactions in a notebook.
    b) By regularly using the "Backup" feature.
    c) By not shutting down the computer.
    d) By using only one company.
    Answer: b) By regularly using the "Backup" feature.
19. The "Cost Center" feature in Tally is used to:
    a) Track income and expenses for different departments or projects.
    b) Calculate the cost of stock items.
    c) Determine the selling price automatically.
    d) Manage employee payroll.
    Answer: a) Track income and expenses for different departments or projects.
20. To start practicing in TallyPrime without affecting real company data, a student should:
    a) Alter the main company.
    b) Create a new practice company with a dummy name.
    c) Only use the report viewing feature.
    d) Delete all vouchers at the end of the day.
    Answer: b) Create a new practice company with a dummy name.

 

 

Chapter 2: Maintaining Charts of Accounting & Stock Keeping Units

1. Under which primary group should you create a ledger for "ICICI Bank Savings Account"?
   a) Current Assets
   b) Bank Accounts
   c) Current Liabilities
   d) Investments
   Answer: b) Bank Accounts
2. You need to create a ledger for "Amazon India" from whom you regularly purchase goods on credit. Under which group should this ledger be created?
   a) Sundry Debtors
   b) Sundry Creditors
   c) Sales Accounts
   d) Purchase Accounts
   Answer: b) Sundry Creditors
3. Where do you navigate to create a new Stock Item like "HP Laptop 15s"?
   a) Accounts Info > Ledgers
   b) Inventory Info > Stock Items
   c) Accounts Info > Groups
   d) Gateway of Tally > Vouchers
   Answer: b) Inventory Info > Stock Items
4. You are creating a stock item "Office Chair." Which master must be created first before you can create the stock item?
   a) A Ledger for the Supplier
   b) A Stock Group (e.g., Furniture)
   c) A Unit of Measure (e.g., Nos, Pcs)
   d) A Godown
   Answer: c) A Unit of Measure (e.g., Nos, Pcs)
5. You bought a new delivery vehicle. Under which group should you create the "Delivery Van" ledger?
   a) Indirect Expenses
   b) Current Assets
   c) Fixed Assets
   d) Direct Income
   Answer: c) Fixed Assets

 

6. To record income from providing consulting services, you should create a ledger under which group?
   a) Direct Income
   b) Indirect Income
   c) Sales Account
   d) Current Assets
   Answer: a) Direct Income (Note: For service businesses, this is often Direct Income)
7. You want to classify your inventory into "Raw Material," "Work-in-Progress," and "Finished Goods." Which Tally feature will you use for this?
   a) Ledger Categories
   b) Stock Groups
   c) Godowns
   d) Units of Measure
   Answer: b) Stock Groups
8. A customer returns goods you sold to them. To track this efficiently, you should create a separate ledger for "Sales Returns" under which group?
   a) Sales Account
   b) Purchase Account
   c) Direct Expenses
   d) Indirect Expenses
   Answer: a) Sales Account (Sales Returns is a deduction from Sales)
9. You have two warehouses: "Main Godown" and "Showroom." Where do you create these in Tally?
   a) Inventory Info > Stock Groups
   b) Inventory Info > Godowns
   c) Accounts Info > Cost Centers
   d) Inventory Info > Units
   Answer: b) Inventory Info > Godowns
10. You need to set the opening balance of ₹50,000 for your "Cash" account. Where do you enter this?
    a) In the Payment Voucher
    b) In the Ledger Creation/Alteration screen under 'Opening Balance'
    c) In the Company Creation screen
    d) In the Journal Voucher
    Answer: b) In the Ledger Creation/Alteration screen under 'Opening Balance'

 

11. The "Sundry Debtors" group is used for:
    a) People who owe money to the business (Customers).
    b) People to whom the business owes money (Suppliers).
    c) Bank loans.
    d) Expenses payable.
    Answer: a) People who owe money to the business (Customers).
12. Which pre-defined voucher type is used to update the opening stock value at the beginning of the accounting year?
    a) Purchase Voucher
    b) Stock Journal
    c) Journal Voucher
    d) Sales Voucher
    Answer: b) Stock Journal (Specifically used for stock adjustments like opening stock)
13. You have a stock item "Printing Paper" measured in "Reams." How do you create the unit "Ream"?
    a) Inventory Info > Units
    b) Accounts Info > Ledgers
    c) Inventory Info > Stock Items
    d) It is pre-defined in Tally.
    Answer: a) Inventory Info > Units
14. You paid ₹2,000 for stationery. Under which group should the "Stationery Expense" ledger be created?
    a) Direct Expenses
    b) Indirect Expenses
    c) Current Assets
    d) Fixed Assets
    Answer: b) Indirect Expenses
15. To record a loan taken from HDFC Bank, you should create a ledger "HDFC Bank Loan" under which group?
    a) Bank Accounts
    b) Secured Loans
    c) Unsecured Loans
    d) Current Liabilities
    Answer: b) Secured Loans (Assuming it's a secured loan)

 

16. You received income as a discount from a supplier. The ledger for "Discount Received" should be created under which group?
    a) Indirect Income
    b) Direct Income
    c) Indirect Expenses
    d) Sales Account
    Answer: a) Indirect Income
17. If you want to delete a ledger that has been used in a voucher, what will TallyPrime do?
    a) It will delete it and all linked vouchers.
    b) It will not allow you to delete it and will show an error.
    c) It will ask for a replacement ledger.
    d) It will archive the ledger.
    Answer: b) It will not allow you to delete it and will show an error.
18. The "Capital Account" of the proprietor is typically placed under which group?
    a) Current Liabilities
    b) Capital Account
    c) Investments
    d) Loans (Liabilities)
    Answer: b) Capital Account
19. Which inventory master is used to track the physical location of goods?
    a) Stock Group
    b) Stock Category
    c) Godown
    d) Unit of Measure
    Answer: c) Godown
20. Before you can record a credit sale, which two masters must be in place?
    a) Sales Account Ledger and Customer Ledger (under Sundry Debtors)
    b) Purchase Account Ledger and Godown
    c) Cash Account and Bank Account
    d) Capital Account and Loan Account
    Answer: a) Sales Account Ledger and Customer Ledger (under Sundry Debtors)

 

 

Chapter 3: Recording and Maintaining Accounting Transactions

1. You receive cash ₹10,000 from a customer, Rohan. Which voucher will you use?
   a) Payment Voucher
   b) Receipt Voucher
   c) Contra Voucher
   d) Sales Voucher
   Answer: b) Receipt Voucher
2. You withdraw ₹5,000 cash from your ICICI Bank account for office use. Which voucher is appropriate?
   a) Receipt Voucher
   b) Payment Voucher
   c) Contra Voucher
   d) Journal Voucher
   Answer: c) Contra Voucher
3. You purchase goods from "Mohan Traders" on credit for ₹15,000. Which voucher do you use?
   a) Purchase Voucher
   b) Sales Voucher
   c) Payment Voucher
   d) Journal Voucher
   Answer: a) Purchase Voucher
4. A customer, "Neha Stores," returns defective goods worth ₹2,000. Which voucher will you use to record this?
   a) Debit Note Voucher
   b) Credit Note Voucher
   c) Receipt Voucher
   d) Journal Voucher
   Answer: b) Credit Note Voucher (A credit note is issued to a customer, reducing what they owe)
5. You pay monthly rent of ₹12,000 by cheque. Which voucher should be used?
   a) Receipt Voucher
   b) Payment Voucher
   c) Contra Voucher
   d) Purchase Voucher
   Answer: b) Payment Voucher

 

6. You sold goods to "Zebra Inc." for ₹25,000 and received a cheque immediately. Which voucher combines both the sale and receipt?
   a) Sales Voucher (Select the Bank as the receipt method instead of Cash)
   b) Receipt Voucher and then Journal Voucher
   c) Payment Voucher
   d) Contra Voucher
   Answer: a) Sales Voucher
7. You need to record depreciation on office furniture. Which voucher is best suited for this non-cash adjustment?
   a) Payment Voucher
   b) Receipt Voucher
   c) Journal Voucher
   d) Contra Voucher
   Answer: c) Journal Voucher
8. You returned goods worth ₹3,000 to your supplier "Kumar & Co." due to poor quality. Which voucher will you use?
   a) Credit Note Voucher
   b) Debit Note Voucher
   c) Purchase Voucher
   d) Payment Voucher
   Answer: b) Debit Note Voucher (A debit note is issued to a supplier, reducing what you owe them)
9. You realize you paid an electricity bill of ₹1,500 but mistakenly recorded it as ₹1,200. How do you correct this?
   a) Alter the original payment voucher.
   b) Create a new payment voucher for the difference of ₹300.
   c) Use a Journal Voucher to adjust the expense.
   d) Delete the old voucher and create a new correct one.
   Answer: c) Use a Journal Voucher to adjust the expense. (Altering the original is also correct, but Journal is the standard method for adjustments)
10. Which pre-defined Tally report would you generate to get a list of all transactions entered on a specific date?
    a) Trial Balance
    b) Day Book
    c) Balance Sheet
    d) Profit & Loss A/c
    Answer: b) Day Book
11. To record the owner bringing in additional capital in the form of a computer (an asset), which voucher is used?
    a) Receipt Voucher
    b) Journal Voucher
    c) Purchase Voucher
    d) Payment Voucher
    Answer: b) Journal Voucher (It's a non-cash transaction affecting Capital A/c and Fixed Assets A/c)
12. You took a loan of ₹1,00,000 from Citibank, which is credited directly to your bank account. How do you record this?
    a) Receipt Voucher (Dr. Bank, Cr. Loan A/c)
    b) Payment Voucher
    c) Journal Voucher
    d) Contra Voucher
    Answer: a) Receipt Voucher
13. A "Contra Voucher" in Tally is strictly used for transactions involving:
    a) Only Cash and Bank accounts.
    b) Only Sales and Purchase accounts.
    c) Only Debtors and Creditors.
    d) Only Income and Expense accounts.
    Answer: a) Only Cash and Bank accounts.
14. After recording all transactions for the month, which report must you check to ensure the total of all debits equals the total of all credits?
    a) Cash Flow Statement
    b) Profit & Loss Account
    c) Trial Balance
    d) Balance Sheet
    Answer: c) Trial Balance
15. You provided a service to a client and raised an invoice for ₹8,000. How do you record this in Tally if you don't have a dedicated service voucher?
    a) Use a Sales Voucher.
    b) Use a Journal Voucher (Dr. Debtor, Cr. Service Income).
    c) Use a Receipt Voucher.
    d) It cannot be recorded.
    Answer: b) Use a Journal Voucher (Dr. Debtor, Cr. Service Income).

 

16. You paid salaries to employees in cash. In the payment voucher, the "Account" field will be:
    a) Cash
    b) Salaries Account
    c) Bank Account
    d) Profit & Loss A/c
    Answer: b) Salaries Account
17. What is the shortcut key from the Gateway of Tally to instantly create a new voucher?
    a) F1
    b) F2 (to change date)
    c) F5 (for Payment), F6 (for Receipt), etc.
    d) Alt+F2 (to change period)
    Answer: c) F5 (for Payment), F6 (for Receipt), etc.
18. If you receive a cheque from a customer, which voucher type and "mode" should you select?
    a) Receipt Voucher > Mode: Cheque
    b) Payment Voucher > Mode: Cheque
    c) Sales Voucher > Mode: Cheque
    d) Either a or c, depending on whether you are just receiving the cheque (a) or also recording the sale (c).
    Answer: d) Either a or c, depending on whether you are just receiving the cheque (a) or also recording the sale (c).
19. To write off a bad debt (a customer who will not pay), which voucher type is used?
    a) Payment Voucher
    b) Receipt Voucher
    c) Journal Voucher (Dr. Bad Debts Expense, Cr. Sundry Debtor)
    d) Credit Note Voucher
    Answer: c) Journal Voucher (Dr. Bad Debts Expense, Cr. Sundry Debtor)
20. The final outputs of the accounting process in Tally, which show the financial position and performance, are:
    a) Day Book and List of Masters
    b) Profit & Loss Account and Balance Sheet
    c) Trial Balance and Stock Summary
    d) Voucher Type and Configuration
    Answer: b) Profit & Loss Account and Balance Sheet