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Tally Prime Certification
1. What is Tally Prime primarily used for?
a) Graphics design
b) Accounting and financial management
c) Word processing
d) Web development
2. Which shortcut key is used to create a new company in Tally Prime?
a) Alt + K then press C
b) Alt + F3
c) Ctrl + N
d) Alt + F1
3. Which feature in Tally Prime helps in managing inventory?
a) Statutory and Taxation
b) Payroll
c) Stock Management
d) Cost Centers
4. What type of ledger would you create for recording bank transactions?
a) Sales Ledger
b) Cash Ledger
c) Bank Ledger
d) Purchase Ledger
5. In Tally Prime, which shortcut key is used to change the date?
a) F2
b) F1
c) F11
d) F12
6. What is the purpose of the 'Gateway of Tally' in Tally Prime?
a) To access ledgers only
b) To navigate through various features and menus
c) To process payroll
d) To record GST transactions
7. The shortcut key 'Alt + G' in Tally Prime is used for:
a) Going to a report
b) Opening GST details
c) Generating financial reports
d) Configuring settings
8. Which account group in Tally Prime includes expenses related to business?
a) Indirect Income
b) Current Assets
c) Indirect Expenses
d) Capital Account
9. What does 'F11' configure in Tally Prime?
a) Inventory setup
b) Features
c) Data backup
d) Display options
10. In Tally Prime, the 'Balance Sheet' report can be found under which section?
a) Display More Reports
b) Gateway of Tally > Reports
c) Utilities
d) None of the above
11. Which of the following is a Indirect income?
a) Sales Revenue
b) Service Charges
c) Income From Other Sources ( Interest..)
d) Purchase Returns
12. Tally Prime supports which type of business structure for accounting?
a) Sole proprietorship
b) Partnership
c) Corporations
d) All of the above
13. Which feature in Tally Prime is used to handle tax-related transactions?
a) Inventory Management
b) Statutory & Taxation
c) Payroll Management
d) Voucher Entry
14. Which of the following can be created under 'Ledgers' in Tally Prime?
a) Customer
b) Supplier
c) Bank Accounts
d) All of the above
15. How can you view the 'Day Book' in Tally Prime?
a) Gateway of Tally> Day Book
b) Accounting Vouchers
c) Gateway of Tally > Display More Reports > Day Book
d) Inventory Vouchers
16. Which option in Tally Prime allows you to track the movement of stock?
a) Order Processing
b) Sales Register
c) Stock Journal
d) Cost Center
17. To activate GST in Tally Prime, which feature should be enabled?
a) Payroll Management
b) Statutory & Taxation
c) Inventory Management
d) Order Processing
18. In Tally Prime, which report shows the total sales of a company?
a) Profit & Loss Account
b) Stock Summary
c) Sales Register
d) Day Book
19. What is the primary purpose of 'Cost Centers' in Tally Prime?
a) To record transactions
b) To allocate expenses to specific departments or projects
c) To manage stock
d) To generate financial reports
20. What does 'F12' configure in Tally Prime?
a) settings
b) Voucher Types
c) Data import options
d) Company features
21. In Tally Prime, which type of voucher is used for recording a sales transaction?
a) Payment Voucher
b) Receipt Voucher
c) Sales Voucher
d) Journal Voucher
22. What does the term 'Stock Group' refer to in Tally Prime?
a) Organize stock Items
b) Assessment of inventory value
c) Monitoring of customer accounts
d) None of the above
23. Which report in Tally Prime provides insights into the cash flow of a business?
a) Cash Flow Statement
b) Balance Sheet
c) Profit & Loss Account
d) Inventory Report
24. How can you enable Discount Column transactions in Tally Prime?
a) By creating multiple companies
b) Through Company Features
c) By customizing voucher types
d) Multi-currency is not supported
25. What is the primary function of a Payment Voucher in Tally Prime?
a) To record sales
b) To record expenses or payments made
c) To generate reports
d) To manage inventory
26. Which of the following is a direct expense in Tally Prime?
a) Salary
b) Rent
c) Purchase of goods
d) Advertisement
27. What does 'F8' shortcut key represent in Tally Prime?
a) Sales Voucher
b) Receipt Voucher
c) Payment Voucher
d) Journal Voucher
28. In Tally Prime, which feature is used to track outstanding receivables?
a) Stock Summary
b) Debtors Report
c) Creditors Report
d) Cash Flow Statement
29. The option 'Inventory Books' in Tally Prime allows users to view:
a) Financial reports
b) Detailed stock information
c) Ledger transactions
d) Tax reports
30. Which shortcut key is used to view a list of report in Tally Prime?
a) Alt + G
b) Ctrl + G
c) Alt + V
d) Ctrl + V
31. What is the purpose of the 'Memorandum Voucher' in Tally Prime?
a) To record Voucher that do not affect the accounts
b) To create inventory records
c) To manage payroll
d) To generate financial reports
32. In Tally Prime, the 'Reconciliation' feature is primarily used for:
a) Stock management
b) Bank transactions
c) Payroll processing
d) Expense tracking
33. Which type of report is generated to analyse Profit & Loss over a period?
a) Stock Summary
b) Sales Analysis Report
c) Profit & Loss Account
d) Cash Flow Statement
34. What is the maximum number of companies that can be created in Tally Prime?
a) 100
b) Unlimited
c) 50
d) 200
35. The option 'Statutory Compliance' in Tally Prime is used for managing:
a) Income tax calculations
b) Goods and Services Tax (GST)
c) Payroll taxes
d) All of the above
36. Which report would you refer to for understanding the Report of different segments in Tally Prime?
a) Balance Sheet
b) Profit & Loss Account
c) Cost Center Report
d) Stock Summary
37. The shortcut key 'Alt + P' is used for:
a) Print
b) Payment
c) Purchase
d) Profit & Loss Report
38. In Tally Prime, what is 'Inventory Valuation'?
a) The total cost of all sales
b) The total value of assets
c) The method of calculating the value of stock
d) The amount of cash available
39. What type of account is 'Sales Tax Payable' in Tally Prime?
a) Asset
b) Liability
c) Income
d) Expense
40. In Tally Prime, the 'Purchase Order' is used to:
a) Record actual purchases
b) Request goods from suppliers
c) Manage inventory
d) Track sales
41. Which report provides details about all the transactions in a particular period?
a) Ledger Report
b) Day Book
c) Cash Flow Statement
d) Balance Sheet
42. What is the purpose of creating a 'Bill-wise Details' option in Tally Prime?
a) To track payments against invoices
b) To manage stock
c) To create budgets
d) To analyze sales
43. Which module in Tally Prime is specifically designed for payroll management?
a) Inventory
b) Statutory & Taxation
c) Payroll
d) Accounting
44. The 'Statutory & Taxation' feature in Tally Prime helps users comply with:
a) International accounting standards
b) Local tax laws and regulations
c) Inventory management regulations
d) Employee benefits regulations
45. In Tally Prime, 'Stock Groups' are used to:
a) Classify different types of inventory
b) Track customer payments
c) Manage employee records
d) Analyze sales data
46. Which of the following is NOT a feature of Tally Prime?
a) Multi-currency accounting
b) Payroll processing
c) Graphic design
d) Inventory management
47. The 'Profit & Loss Account' in Tally Prime summarizes:
a) Asset and liability balances
b) Revenue and expenses
c) Cash flow
d) Inventory levels
48. What does 'F5' do in Tally Prime?
a) Payment Entry
b) Receipt Entry
c) Sales Entry
d) Journal Entry
49. In Tally Prime, the term 'Budgeting' refers to:
a) Forecasting financial performance
b) Tracking actual expenses
c) Managing cash flow
d) All of the above
50. The option 'Data Backup' in Tally Prime allows users to:
a) Save company data to an external file
b) Create reports
c) Manage inventory
d) None of the above
51. In Tally Prime, what is the role of 'Inventory Valuation Methods'?
a) To determine the selling price
b) To calculate the cost of goods sold
c) To assess the value of inventory
d) All of the above
52. What is the significance of the 'Last Purchase Rate' in Tally Prime?
a) It helps in inventory management
b) It determines the selling price
c) It is used for tax calculations
d) It is irrelevant
53. In Tally Prime, 'Payment Terms' can be set for:
a) Sales transactions only
b) Purchase transactions only
c) Both sales and purchase transactions
d) Neither
54. Which report provides a summary of all outstanding payments to creditors?
a) Sales Register
b) Debtors Report
c) Creditors Report
d) Inventory Report
55. The 'Trial Balance' report in Tally Prime shows:
a) The overall profit or loss of a business
b) The balances of all ledgers
c) Only cash and bank balances
d) The total sales for the year
56. In Tally Prime, how can you check the previous year's data?
a) By creating a new company
b) Using the Year End Closing feature
c) Through the Audit Trail
d) By changing the period in reports
57. What is the default method of inventory valuation in Tally Prime?
a) First In, First Out (FIFO)
b) Last In, First Out (LIFO)
c) Weighted Average
d) Specific Identification
58. In Tally Prime, 'TDS' stands for:
a) Tax Deducted at Source
b) Total Deductions System
c) Tax Data System
d) Tax Due Status
59. Which option allows users to view transaction details for a specific account?
a) Ledger Report
b) Day Book
c) Balance Sheet
d) Cash Flow Statement
60. In Tally Prime, which feature is used for managing employee payroll?
a) Payroll Management
b) Inventory Management
c) Statutory Compliance
d) Data Backup
61. What is the main purpose of the 'Sales Order' feature in Tally Prime?
a) To create invoices
b) To record customer orders before they are fulfilled
c) To manage inventory levels
d) To track payments
62. How can you view the 'Stock Summary' report in Tally Prime?
a) Gateway of Tally > Display > Stock Summary
b) Accounting Vouchers
c) Utilities
d) Configuration Menu
63. What is the maximum number of users that can work simultaneously on Tally Prime?
a) 5
b) 10
c) 20
d) Unlimited
64. Which of the following is NOT a standard feature of Tally Prime?
a) Multi-lingual support
b) E-commerce integration
c) Customizable dashboards
d) Remote access
65. In Tally Prime, the 'Cost Center' is primarily used for:
a) Recording stock transactions
b) Tracking income and expenses for specific departments or projects
c) Calculating GST
d) Generating sales invoices
66. What is the primary use of 'Journal Vouchers' in Tally Prime?
a) To record all cash transactions
b) To adjust accounts or transfer amounts between ledgers
c) To manage inventory levels
d) To generate reports
67. Which of the following reports can be generated to analyze the sales performance of a business?
a) Sales Register
b) Inventory Report
c) Balance Sheet
d) Profit & Loss Account
68. In Tally Prime, the 'Outstanding Reports' provide information about:
a) Unpaid bills from customers
b) Stock levels
c) Profit margins
d) Tax liabilities
69. The option 'Bill-wise Details' in Tally Prime is used for:
a) Viewing transactions for specific Bill .
b) Tracking employee performance
c) Managing bank accounts
d) None of the above
70. Which of the following shortcuts is used to access the 'Gateway of Tally'?
a) F12
b) Alt + G
c) Ctrl + G
d) None
71. In Tally Prime, how can you handle Multi Ledger Creation ?
a) By using multi-Masters
b) By creating multiple companies for different currencies
c) By disabling tax features
d) Multi Ledger not Supported
72. What does the term 'Trial Balance' refer to in Tally Prime?
a) The history of all transactions
b) A log of changes made to the company's data
c) Balance of All Groups & Ledger
d) None of the above
73. In Tally Prime, the 'Interest Calculation' feature is used for:
a) Calculating employee salaries
b) Computing interest on loans or investments
c) Generating sales reports
d) Managing inventory
74. Which of the following is true about 'Debit Note Vouchers' in Tally Prime?
a) They can only be used for cash transactions
b) They allow users to record regular payments automatically
c) They are not supported in Tally Prime
d) Purchase Return
75. The option 'Bank Reconciliation' in Tally Prime is used to:
a) Track employee payments
b) Ensure that the company's cash records match bank statements
c) Manage inventory levels
d) Record sales transactions
76. In Tally Prime, which report is used to analyze the cash inflow and outflow?
a) Profit & Loss Account
b) Cash Flow Statement
c) Balance Sheet
d) Sales Register
77. The 'Import Data' feature in Tally Prime is primarily used for:
a) Creating new companies
b) Importing transactions from other accounting software
c) Generating financial reports
d) None of the above
78. What does 'F2' shortcut key do in Tally Prime?
a) Change the date
b) Open a new company
c) Create a new ledger
d) None of the above
79. In Tally Prime, which type of account is 'Capital Account' classified as?
a) Asset
b) Liability
c) Income
d) Expense
80. The 'Customer Balance Report also know as?
a)Bills Receivable
b) Bills Payable
c) Cost of goods sold and profits
d) None of the above
81. In Tally Prime, which feature allows you to print invoices?
a) Voucher Printing
b) Report Printing
c) Company Printing
d) All of the above
82. The 'GST Report' in Tally Prime is essential for:
a) Generating sales invoices
b) Filing GST returns
c) Tracking inventory
d) None of the above
83. What does 'Alt+D' shortcut key do in Tally Prime?
a) Create a new company
b) Open a ledger
c) Delete a transaction
d) Change the company
84. The 'Bank Ledger' in Tally Prime is used to:
a) Track cash transactions
b) Record bank transactions
c) Manage stock levels
d) None of the above
85. Which of the following is used to configure Tally Prime for statutory compliance?
a) Company Features
b) Configuration Settings
c) Statutory Compliance Menu
d) All of the above
86. In Tally Prime, the 'Company Logo option' find in:
a) Print
b) Export
c) Import
d) None of the above
87. The term 'Depreciation' in Tally Prime refers to:
a) Increase in asset value
b) Reduction in asset value over time
c) Total sales for the year
d) None of the above
88. Which report summarizes the Sales position of a business at a specific point in time?
a) Profit & Loss Account
b) Cash Flow Statement
c) Balance Sheet
d) Sales Register
89. In Tally Prime, which feature allows users to create and alter stock items?
a)Inventory Masters
b) Inventory Books
c) Voucher Entry
d) None of the above
90. What does 'F11' shortcut key do in Tally Prime?
a) Configuration
b) Company Creation
c) Display Reports
d) Record Transactions
91. The 'Credit Note' in Tally Prime is used to:
a) Record a return of goods sold
b) Record a payment received
c) Manage employee payroll
d) None of the above
92. Which of the following is true regarding 'Purchase Returns' in Tally Prime?
a) They reduce inventory
b) They are recorded as sales
c) They do not affect the financial statements
d) They increase liabilities
93. In Tally Prime, which option helps in analyzing the Budget Variance?
a) Inventory Summary
b) Trial Balance
c) Sales Report
d) Cost Center Report
94. Which report can be used to track the performance of different cost centers?
a) Profit & Loss Account
b) Balance Sheet
c) Cost Center Report
d) Cash Flow Statement
95. In Tally Prime, 'Year End Closing Balance' is written in :
a) Prepare for the next financial year
b) Ledger Creation
c) Reset all balances
d) All of the above
96. The 'Data Transfer' feature in Tally Prime is used for:
a) Backing up data
b) Sharing data between multiple locations
c) Importing data
d) None of the above
97. In Tally Prime, what does 'Inventory Movement Analysis' report show?
a) Sales Report
b) Changes in stock levels over a period
c) Employee performance
d) None of the above
98. What is the role of 'F7' shortcut key in Tally Prime?
a) Sales Invoice
b) Receipt Voucher
c) Payment Voucher
d) Journal Entry
99. Which of the following features is used to manage employee information in Tally Prime?
a) Payroll Management
b) Inventory Management
c) Statutory Compliance
d) Accounting
100. What is the purpose of 'Budgeting' in Tally Prime?
a) To estimate future income and expenses
b) To track actual performance against estimates
c) To manage cash flow
d) All of the above
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