Welcome to your Tally Set - 5 1. What is the TDS exemption limit for contractor and sub-contractor? 5000 10000 20000 50000 None 2. Where do we record credit purchase of furniture in Tally? Journal Receipt Payment Purchase None 3. What is the predefined number of groups in tally? 16 28 128 228 None 4. In taxation, VAT stands for Value Approved Tax Value Added Tax Value Added Transaction Value Assigned Tax None 5. Which option is used to enable VAT, TDS, and Service Tax etc. in Tally? Accounting Features Inventory Features Statutory & Taxation None of these None 6. _____ considers incoming money to be instantly available and reduction of cash to occur only on the date of actual outflow of money (instead of the date of transaction). Asset Accrual basis Credit Debit None 7. Voucher Class for Interest calculation created based on Debit and Credit Note Receipt and payment Voucher Both a and b Journal Voucher None 8. In which voucher type, amount of VAT or TDS payable to the government will be noted? F4:Contra F5:Payment F6:Receipt F7:Journal None 9. Which shortcut key is used to change current period in Tally? Alt+F2 F2 F3 Alt+F3 None 10. To create Scenario which option requires to be activated? Use Rev journal & Optional voucher in F11 Use Reversing voucher in F11 Use Optional voucher in F11 Use Rev Journal & Optional voucher in F12 None 11. _____ is the shortcut to vouchers as invoice from Accounting Vouchers in Tally. Alt+I Ctrl+V Ctrl+F10 F10 None 12. To get Payroll Reports choose Gateway of Tally > Display > Payroll Reports Gateway of Tally > Display > Statement of Payroll Gateway of Tally > Display > Statement of Accounts Gateway of Tally > Display None 13. Which option is used to open company created in Tally? Alter Shut Company Create Company Select Company None 14. Tally package is developed by Microsoft Adobe Software Apple Software Tally Solutions None 15. We can create multiple users in Tally activating Tally Audit Use Security Control Both a and b All of these None 16. VAT Structure is beneficial for whom? Balance Sheet Cash Flow or Funds Flow Trader Trial Balance None 17. Which shortcut key is used to view Report with all details in Tally? F1 F3 Alt + F1 Alt + F2 None 18. Which ledger is created by Tally automatically as soon as we create a new company? Capital A/c. Profit & Loss A/c Cash B and C both None 19. What is MRP? Minimum Retail Price Maximum Retail Price Marginal Price Market Price None 20. We can cancel a voucher using Alt + X Ctrl + Shift + X Ctrl + X Shift + X None 21. To save entry without any amount, we have to use Allow O value entry Use Rej. Notes Maintain Multiple godown Cost Center None 22. Single Entry mode is applicable for Payment Voucher Contra Voucher Receipt Voucher All of these None 23. _____ is the shortcut to create payment voucher in Tally. F2 F4 F5 F6 None 24. How many types of users are present in tally? 1 2 3 4 None 25. Transfer of materials from one godown to another godown, use Stock Journal Purchase Journal Manufacturing Journal Both b and c None Share this:TweetEmailTelegramPrintWhatsAppLike this:Like Loading...Related Posts (You May Also Read):