Real Time Tally ERP 9 Interview Questions and Answers
=> More Related Tally MCQs1. Where sales tax is shown in balance sheet.
Sales Tax is liability for the business therefore it will be shown in the liability side of the balance sheet but before putting sales tax in liability we have to see where sales tax is shown in the trial balance sheet.
2 . What is accounting ?
As there are many definition in book and i recommend you to learn any one
“Accounting is an art of recording classifying and summarizing in a significant manner and in terms of money event and transaction which are at least of financial character and interpreting the result thereof ”
3. What are personal accounts ?
Answer : Those account which are related to individual ,person or firm are term as personal account.
Example : ram ,Sh yam,reliance,bank,capital ,drawing.
4. What are assets in business ?
Answer : Anything which we posses and have control right and in coming future that will give us some economic benefit is known as Assets.
Example : land and building ,plant and machinery,furniture and fixture ,cash ,prepaid expenses,debtor, accrued income .
5. What are ledger ?
Answer :Collection of accounts are known as ledger it is prepared after creating journal entry .A ledger is an accounting book that facilitates the transfer of all journal entries in a chronological sequence to individual accounts.
6. What is trial balance :
Answer :Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements.
7. What are Liabilities ?
Answer :It refers to the amount which the firm owes to outsiders (expecting the amount owes to proprietor)
Example : creditors,bank overdraft .loan from bank,outstanding expenses ,income earned in advance
8. What are current assets ?
Answer : Current assets includes cash and other assets which are expected to be converted into cash within a short period of (with in year )
example of current assets are cash,debtors,bank,stock
9. what are current liabilities
Answer :Current Liabilities refers to those liabilities which are to be paid in near future with in a year.
Example : Creditors ,Bill payable
10.What is the abbreviation for the accounting terms debit and credit?
Answer :?Debit abbreviation is “dr” and credit abbreviation is “cr”.
11. Define fictitious assets?
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.
12. What do you think is bank reconciliation statement?
A reconciliation statement is prepared when the passbook balance differs from the cashbook balance.
13. Define depreciation and its types?
By depreciation we mean that a value of an asset is decreasing as it is in use. It has two types such as “Straight Line Method” and “Written Down Value Method”.
14. Differentiate between consignor and consignee?
Cosigner is the owner of the goods or you can say he is the person who delivers the goods to the consignee. The consignee is the person who receives the goods.
15. Define Scrap value in accounting ?
It is the residual value of an asset. The residual value is the value that any asset holds after its estimated life time.
16. Differentiate between provision and reserve?
Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.
17. Where a cash discount should be recorded in journal entry ?
A cash discount should be recorded in journal entry as a reduction of expense in cash account.
18. what are working capital ?
Working capital is a financial metric that calculates the resources available to the company to finance its day-to-day operations. It is typically calculated by deducting current liabilities from current assets.
19. How many types of business transactions are there in accounting?
There are two types of transactions in accounting i.e. revenue and capital.
20. What is book keeping ?
Book keeping: It is mainly concerned with recording of financial data relating to the business operations in a significant and orderly manner.
21.What are different branches of Accounting ?
Cost accounting
Financial Accounting
Management Accounting
22. What are accrued income ?
Accrued Income: Accrued income means income which has been earned by the business during the accounting year but which has not yet been due and, therefore, has not been received.
23. What are deferred expenditure ?
In case deferred revenue expenditure no asset is in fact acquired by incurring the expenditure: only the benefits of the expenditure which has not been exhausted is estimated and carried forward.
24.Explain what is compound journal entry?
A compound journal entry is just like other accounting entry where there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries.
25.what are debit note ?
Debit note: When the goods are returned to the supplier, a debit note is sent to him indicating that his a/c has been debited with the amount mentioned in the debit note.
26. Contingent liability: An obligation to an existing condition or situation which may arise in future depending on the occurrence of one or more uncertain future events.
27 what is contingent assets :Contingent Asset: An asset the existence ownership or value of which may be known or determined only on the occurrence or non occurrence of one more uncertain future event
28. What are credit note ?
The customer when returns the goods get credit for the value of the goods returned. A credit note is sent to him intimating that his a/c has been credited with the value of the goods returned.
29. what are suspense account ?
Suspense account: The suspense account is an account to which the difference in the trial balance has been put temporarily.
30.what is amortisation ?
Amortisation: The process of writing of intangible assets is term as amortisation.
31. What are miscellaneous assets ?
Miscellaneous Assets which are not covered under the classification of Fixed assets as per accounting standard misc assets which are not shown in the profit and loss account for example preliminary expense ,development expenditure and expenditure on raising of share and debentures.
32. are drawing Assets or liabilities in business ?
Drawing are neither assets nor liabilities .
33. What is balance Sheet ?
Answer : A statement of the assets, liabilities, and capital of a business or other organisation at a particular point in time, detailing the balance of income and expenditure over the preceding period.
34.Why balance sheet is prepared ?
Answer: A balance sheet provides a snapshot of a business’ health at a point in time. It is a summary of what the business owns (assets) and owes (liabilities). Balance sheets are usually prepared at the close of an accounting period such as month-end, quarter-end, or year-end.
35.What is delivery note ?
A document that accompanies a goods shipment and lists details about the goods delivered. A delivery note explains what the contents of a package are. If some goods that were ordered are not enclosed (due to lack of stock, unavailability, etc.) they will also be listed on the delivery note.
36 where is delivery note key in Tally ERP ?
Answer : Go to gateway of tally > f11 > F2 >Using tracking number ( Delivery / Receipt Note ) set to Yes
Now in inventory voucher >Alt + F8
37. Why to use tally erp Software in accounting ?
Tally ERP 9 is a complete product that retains its original simplicity yet offers comprehensive business functionalities such as Accounting, Finance, Inventory, Sales, Purchase, Point of Sales, Manufacturing, Costing, Job Costing, Payroll and Branch Management along with capabilities like Statutory Processes.Moreover you can find work force available for this software and its 90% of accounting software market in SME in India.
38.What are accounting voucher keys for Debit and credit note in tally ?
Ctrl + F8 for debit note and Ctrl + f9 for credit Note .
39 . Mention what are the two pre-defined ledger available in Tally ERP 9?
Answer: In Tally ERP 9, there are two types of pre-defined ledgers
Cash: Under the group Cash-in-hand this ledger is created, you can enter the opening balance as on the books beginning from.
Profit and Loss Account: This ledger is created under the group Primary. In this ledger, previous year’s profit or loss is entered as the opening balance of this ledger.
40. Mention what is the shortcuts for Voucher Creation and Alteration Screen in Tally ERP 9?
Tally ERP 9, to create any master (ledger, stock item) on the voucher or alteration screen, you have to enter Alt+C.
To alter or configure any master item on a voucher, you have to select specific ledger or stock item on the sales voucher screen and press Ctrl+Enter.
41. Mention what is the shortcut to repeat the narration on a voucher?
Ctrl+R
42. what are short cut key to see ledger balances in Tally erp 9?
Got>display > accounts
42. What are short cut key to quit tally ?
Ctrl + Q
43. What are component of GST
component of GST are IGST SGST and CGST
44. how make budget in Tally accounting ?
Go to Gateway of Tally > F11: Features (Accounting Features)
Set ‘Maintain Budgets and Controls’ to ‘Yes.
Set ‘Yes’ under ‘Group’ in ‘Set/ Alter Budgets of’ > Press ‘Enter’
45. What are batch wise details in tally ?
it is use to identify the movement of goods in batches or lots.
Go gateway of tally > F11> F2 >maintain batch wise detail set to YES
46. The short cut key to select company in tally ?
Alt +f3
47. In which directory data store by default in tally ?
data
48. What are the keys for backup in tally ?
Alt + F3 > backup select the company and the USB drive where backup is to be taken
49. What is goodwill in accounting ?
Goodwill is an intangile asset that reflects a business’s customer connections, reputation and other similar factors.
50. Mention what is the difference between Tally ERP 9 and Tally 7.2?
Tally 7.2:
1. It is an integrated solution that provides a function related to accounting, reporting and inventory
2. This version includes VAT (Value Added Tax) functionality, Licensing and Tax deduction at source
3. It is widely used because of simplifying VAT, Service Tax and TDS formalities
4. It provides two licensing, Single User Licensing and Multi User Licensing
Tally ERP 9:
1. It is an upgraded version of Tally 7.2, and provides many features like TDS, Payroll management, Excise for dealers, etc.
2. This version includes handling of POS invoicing, Statutory and Taxation, Payroll, Multi-lingual support, etc.
3. It is more popular because of providing advanced inventory management and simplifying accounting
4. It is available in two edition Tally Silver (Single User Edition) and Tally Gold (Multi-User Edition)
2 . What is accounting ?
As there are many definition in book and i recommend you to learn any one
“Accounting is an art of recording classifying and summarizing in a significant manner and in terms of money event and transaction which are at least of financial character and interpreting the result thereof ”
3. What are personal accounts ?
Answer : Those account which are related to individual ,person or firm are term as personal account.
Example : ram ,Sh yam,reliance,bank,capital ,drawing.
4. What are assets in business ?
Answer : Anything which we posses and have control right and in coming future that will give us some economic benefit is known as Assets.
Example : land and building ,plant and machinery,furniture and fixture ,cash ,prepaid expenses,debtor, accrued income .
5. What are ledger ?
Answer :Collection of accounts are known as ledger it is prepared after creating journal entry .A ledger is an accounting book that facilitates the transfer of all journal entries in a chronological sequence to individual accounts.
6. What is trial balance :
Answer :Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements.
7. What are Liabilities ?
Answer :It refers to the amount which the firm owes to outsiders (expecting the amount owes to proprietor)
Example : creditors,bank overdraft .loan from bank,outstanding expenses ,income earned in advance
8. What are current assets ?
Answer : Current assets includes cash and other assets which are expected to be converted into cash within a short period of (with in year )
example of current assets are cash,debtors,bank,stock
9. what are current liabilities
Answer :Current Liabilities refers to those liabilities which are to be paid in near future with in a year.
Example : Creditors ,Bill payable
10.What is the abbreviation for the accounting terms debit and credit?
Answer :?Debit abbreviation is “dr” and credit abbreviation is “cr”.
11. Define fictitious assets?
These are the assets that cannot be shown or touch. Fictitious assets can only be felt such as good will, rights etc.
12. What do you think is bank reconciliation statement?
A reconciliation statement is prepared when the passbook balance differs from the cashbook balance.
13. Define depreciation and its types?
By depreciation we mean that a value of an asset is decreasing as it is in use. It has two types such as “Straight Line Method” and “Written Down Value Method”.
14. Differentiate between consignor and consignee?
Cosigner is the owner of the goods or you can say he is the person who delivers the goods to the consignee. The consignee is the person who receives the goods.
15. Define Scrap value in accounting ?
It is the residual value of an asset. The residual value is the value that any asset holds after its estimated life time.
16. Differentiate between provision and reserve?
Provisions are the liabilities or the anticipated items such as depreciation. You can say provisions are expenses. Reserves are the profits of any company and a part of that profit is placed back to the business to keep it sustainable in tough times of a company.
17. Where a cash discount should be recorded in journal entry ?
A cash discount should be recorded in journal entry as a reduction of expense in cash account.
18. what are working capital ?
Working capital is a financial metric that calculates the resources available to the company to finance its day-to-day operations. It is typically calculated by deducting current liabilities from current assets.
19. How many types of business transactions are there in accounting?
There are two types of transactions in accounting i.e. revenue and capital.
20. What is book keeping ?
Book keeping: It is mainly concerned with recording of financial data relating to the business operations in a significant and orderly manner.
21.What are different branches of Accounting ?
Cost accounting
Financial Accounting
Management Accounting
22. What are accrued income ?
Accrued Income: Accrued income means income which has been earned by the business during the accounting year but which has not yet been due and, therefore, has not been received.
23. What are deferred expenditure ?
In case deferred revenue expenditure no asset is in fact acquired by incurring the expenditure: only the benefits of the expenditure which has not been exhausted is estimated and carried forward.
24.Explain what is compound journal entry?
A compound journal entry is just like other accounting entry where there is more than one debit, more than one credit, or more than one of both debits and credits. It is essentially a combination of several simple journal entries.
25.what are debit note ?
Debit note: When the goods are returned to the supplier, a debit note is sent to him indicating that his a/c has been debited with the amount mentioned in the debit note.
26. Contingent liability: An obligation to an existing condition or situation which may arise in future depending on the occurrence of one or more uncertain future events.
27 what is contingent assets :Contingent Asset: An asset the existence ownership or value of which may be known or determined only on the occurrence or non occurrence of one more uncertain future event
28. What are credit note ?
The customer when returns the goods get credit for the value of the goods returned. A credit note is sent to him intimating that his a/c has been credited with the value of the goods returned.
29. what are suspense account ?
Suspense account: The suspense account is an account to which the difference in the trial balance has been put temporarily.
30.what is amortisation ?
Amortisation: The process of writing of intangible assets is term as amortisation.
31. What are miscellaneous assets ?
Miscellaneous Assets which are not covered under the classification of Fixed assets as per accounting standard misc assets which are not shown in the profit and loss account for example preliminary expense ,development expenditure and expenditure on raising of share and debentures.
32. are drawing Assets or liabilities in business ?
Drawing are neither assets nor liabilities .
33. What is balance Sheet ?
Answer : A statement of the assets, liabilities, and capital of a business or other organisation at a particular point in time, detailing the balance of income and expenditure over the preceding period.
34.Why balance sheet is prepared ?
Answer: A balance sheet provides a snapshot of a business’ health at a point in time. It is a summary of what the business owns (assets) and owes (liabilities). Balance sheets are usually prepared at the close of an accounting period such as month-end, quarter-end, or year-end.
35.What is delivery note ?
A document that accompanies a goods shipment and lists details about the goods delivered. A delivery note explains what the contents of a package are. If some goods that were ordered are not enclosed (due to lack of stock, unavailability, etc.) they will also be listed on the delivery note.
36 where is delivery note key in Tally ERP ?
Answer : Go to gateway of tally > f11 > F2 >Using tracking number ( Delivery / Receipt Note ) set to Yes
Now in inventory voucher >Alt + F8
37. Why to use tally erp Software in accounting ?
Tally ERP 9 is a complete product that retains its original simplicity yet offers comprehensive business functionalities such as Accounting, Finance, Inventory, Sales, Purchase, Point of Sales, Manufacturing, Costing, Job Costing, Payroll and Branch Management along with capabilities like Statutory Processes.Moreover you can find work force available for this software and its 90% of accounting software market in SME in India.
38.What are accounting voucher keys for Debit and credit note in tally ?
Ctrl + F8 for debit note and Ctrl + f9 for credit Note .
39 . Mention what are the two pre-defined ledger available in Tally ERP 9?
Answer: In Tally ERP 9, there are two types of pre-defined ledgers
Cash: Under the group Cash-in-hand this ledger is created, you can enter the opening balance as on the books beginning from.
Profit and Loss Account: This ledger is created under the group Primary. In this ledger, previous year’s profit or loss is entered as the opening balance of this ledger.
40. Mention what is the shortcuts for Voucher Creation and Alteration Screen in Tally ERP 9?
Tally ERP 9, to create any master (ledger, stock item) on the voucher or alteration screen, you have to enter Alt+C.
To alter or configure any master item on a voucher, you have to select specific ledger or stock item on the sales voucher screen and press Ctrl+Enter.
41. Mention what is the shortcut to repeat the narration on a voucher?
Ctrl+R
42. what are short cut key to see ledger balances in Tally erp 9?
Got>display > accounts
42. What are short cut key to quit tally ?
Ctrl + Q
43. What are component of GST
component of GST are IGST SGST and CGST
44. how make budget in Tally accounting ?
Go to Gateway of Tally > F11: Features (Accounting Features)
Set ‘Maintain Budgets and Controls’ to ‘Yes.
Set ‘Yes’ under ‘Group’ in ‘Set/ Alter Budgets of’ > Press ‘Enter’
45. What are batch wise details in tally ?
it is use to identify the movement of goods in batches or lots.
Go gateway of tally > F11> F2 >maintain batch wise detail set to YES
46. The short cut key to select company in tally ?
Alt +f3
47. In which directory data store by default in tally ?
data
48. What are the keys for backup in tally ?
Alt + F3 > backup select the company and the USB drive where backup is to be taken
49. What is goodwill in accounting ?
Goodwill is an intangile asset that reflects a business’s customer connections, reputation and other similar factors.
50. Mention what is the difference between Tally ERP 9 and Tally 7.2?
Tally 7.2:
1. It is an integrated solution that provides a function related to accounting, reporting and inventory
2. This version includes VAT (Value Added Tax) functionality, Licensing and Tax deduction at source
3. It is widely used because of simplifying VAT, Service Tax and TDS formalities
4. It provides two licensing, Single User Licensing and Multi User Licensing
Tally ERP 9:
1. It is an upgraded version of Tally 7.2, and provides many features like TDS, Payroll management, Excise for dealers, etc.
2. This version includes handling of POS invoicing, Statutory and Taxation, Payroll, Multi-lingual support, etc.
3. It is more popular because of providing advanced inventory management and simplifying accounting
4. It is available in two edition Tally Silver (Single User Edition) and Tally Gold (Multi-User Edition)
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