CUET Accountancy MCQs Unit II Using a Computerized Accounting System

Question. The short key for company creation is ………………
A. Ctrl+f2
B. alt+f2
C. alt+f3
D. ctrl+f3

Answer : C

Question. What type of application software is Tally?
A. Statistics package
B. Spreadsheet package
C. Accounting Package
D. All of these

Answer : C

Question. Erp stands for
A. Enterprise resource planning
B. Economic resource planning
C. Efficient resource planning
D. Economic resource processing

Answer : A

Question. Oldest version of tally was.........
A. 5.2
B. 5.5.2
C. 4.93
D. None of these

Answer : D

Question. The option ‘statutory compliance for’ is appearing in
A. Company creation screen
B. vat classification screen
C. F11 accounting features
D. account creation screen

Answer : A

Question. Which option is used to copy company’s data into pen drive or CD?
A. Backup
B. Restore
C. Split Company Data
D. Copy Data

Answer : A

Question. The voucher type for recording goods received
A. Rejection in
B. Receipt note
C. Purchase order
D. Stock voucher

Answer : B

Question. Which shortcut key is used for Select Company in Tally?
A. F1
B. Alt+F1
C. F3
D. Alt+F3

Answer : C

Question. Vouchers can be displayed in
A. Accounts info
B. Day book
C. inventory info
D. Ledger

Answer : B

Question. Which Shortcut key is pressed to create a new company in Tally?
A. F3
B. Alt+F3
C. F2
D. Alt+F2

Answer : B

Question. The short key for changing period in tally is
A. Alt+f3
B. alt+f2
C. ctrl+f1
D. Ctrl+f2

Answer : B

Question. Which submenu is used to create new ledgers, groups and voucher types in Tally?
A. Account Info.
B. Inventory Info.
C. Accounting Vouchers
D. Inventory Vouchers

Answer : A

Question. The options ‘ use common narration’ and ‘ narration each entry’ appear
A. Account creation screen
B. Voucher entry screen
C. F11 accounting features
D. Voucher type creation screen

Answer : C

Question. How many groups are pre-defined in Tally?
A. 28
B. 30
C. 15
D. 19

Answer : A

Question. How many inbuilt account groups are in tally by default
A. 29
B. 31
C. 25
D. 34

Answer : A

Question. Which option is used to make changes in created Groups of Ledgers in Tally?
A. Create
B. Display
C. Alter
D. Change

Answer : C

Question. Rs.10, 000 withdrawn from State Bank. In which voucher type this transaction will be
recorded?
A. Payment
B. Receipt
C. Contra
D. Post-Dated

Answer : C

Question. Transfer from main cash to petty cash you require to pass ………………
A. Voucher.
B. Payment
C. Contra
D. Receipt

Answer : C

Question. Where do we record purchase return, sales return, depreciation, bad debts etc.in Tally?
A. Journal
B. Payment
C. Contra
D. Receipt

Answer : A

Question. Multiple godowns are activated from
A. F11
B. F11 > f1
C. F11 > f2
D. F11 > f3

Answer : B

Question. Which shortcut key is used in ‘Company Features’ screen to use Inventory Features in Tally?
A. F1
B. F2
C. F3
D. F4

Answer : B

Question. We can cancel a voucher using
A. Alt + x
B. Ctrl + x
C. Shift + x
D. Ctrl + shift + x

Answer : A

Question. Which shortcut key is used to view Report with all details in Tally?
A. F1
B. Alt + F1
C. F3
D. Alt + F2

Answer : B

Question. What is tan?
A. Tax account number
B. Tax assessment number
C. Tax assignment number
D. None of these

Answer : A

Question. What percent of additional Tax is applied in VAT is 4%?
A. 1%
B. 4%
C. 2.5%
D. 1.5%

Answer : B

Question. Transactions are firstly entered in:
A. Journal
B. Ledger
C. Trial balance
D. None of these

Answer : A

Question. Which shortcut key is pressed to create a new Ledger during voucher entry?
A. Alt + C
B. Alt + X
C. Alt + D
D. Alt + A

Answer : A

Question. ______ is an example for long term liabilities
A. Creditors
B. Debentures
C. Overdraft
D. Bills payable

Answer : B

Question. Which will be group of VAT Adjustment ledger?
A. Indirect Expenses
B. Indirect Incomes
C. Duties & Taxes
D. None of these

Answer : C

Question. _______ is the expense which is unpaid at the end of the accounting period.
A. Outstanding expenses
B. Prepaid expenses
C. Proposed expenses
D. Working capital.

Answer : A

Question. What is the TDS exemption limit for professional fees like Audit fees, Consultancy fees, Training fees?
A. 15000
B. 20000
C. 25000
D. 50000

Answer : B

Question. A ______ is sent to a customer when he returns the goods.
A. Debit note
B. Credit note
C. Proforma invoice
D. Bill

Answer : B

Question. Which group [Under] should be selected for TDS on Professional or Technical Services A/C?
A. Indirect Expenses
B. Indirect Incomes
C. Duties & Taxes
D. None of these

Answer : C

Question. Bank account is _________.
A. Personal account
B. Real account
C. Nominal account
D. Intangible real account

Answer : B

Question. Which website should be visited to get any information related to TDS?
A. www.income tax.gov.in
B. www.incometax india.gov.in
C. www.tdsindia.gov.in
D. www.incometax india.org.in

Answer : B

Question. Assets acquired for long term use in the business are called _________.
A. Fixed assets
B. Current assets
C. Fictitious assets
D. Liquid asset

Answer : A

Question. Which reports are prepared monthly in Tally?
A. Profit & Loss A/C
B. Balance Sheet
C. Trial Balance
D. Cash Flow of Funds Flow

Answer : C

Question. Taxes paid come under which group?
A. Capital
B. Loans and liabilities
C. Direct expenses
D. Duties and taxes

Answer : D

Question. Financial year normally ends no?
A. 30 April
B. 31 March
C. 1 April
D. 31 December

Answer : B

Question. What is the utility of tally vault password?
A. It will lock the period of company
B. It will lock all voucher entries for that company
C. It will not show the company name in the company select list.
D. None of these

Answer : C

Question. We can modify an existing Company from
A. Company Info > Alter
B. Company Info > Alter Company
C. Gateway of Tally > Modify Company
D. None of these

Answer : A

Question. To print a voucher from tally we need to press
A. Ctrl + p
B. Shift + p
C. Alt + p
D. Ctrl + alt + p

Answer : C

Question. F12 is known as
A. Company Features
B. Company Configuration
C. Accounting Features
D. None of these

Answer : B

Question. Retained earnings is an alias of
A. Indirect income
B. Reserve and surplus
C. Pital account
D. Vestments

Answer : B

Question. Suspense Account Group is defined under
A. Income
B. Expenditure
C. Liabilities
D. Assets

Answer : C

Question. Function key for changing current period is
A. Alt + f2
B. F2
C. F5
D. F6

Answer : A

Question. To activate Job Costing which options require to be activated?
A. Maintain Cost Centre
B. Use Cost Centre for Job Costing
C. Both a & b
D. None of these

Answer : A

Question. Function key to select purchase voucher is?
A. F8
B. F9
C. F4
D. F3

Answer : B

Question. Input Vat Ledger is created under which account?
A. Duties & Taxes
B. Sales
C. Sales Return
D. None of these

Answer : A

Question. To activate cost centre and cost category feature we have to select
A. Configuration
B. F 11 features
C. Group creation
D. Voucher creation

Answer : B

Question. What is MRP?
A. Market Price
B. Maximum Retail Price
C. Marginal Price
D. Minimum Retail Price

Answer : B

Question. For selecting credit note voucher we have to use ----- key
A. Ctrl f9
B. Ctrl f8
C. Alt f7
D. Alt f8

Answer : B

Question. To create Scenario which option requires to be activated?
A. Use Rev Journal & Optional voucher in F12
B. Use Optional voucher in F11
C. Use Reversing voucher in F11
D. Use Rev journal & Optional voucher in F11

Answer : D

Question. F10 is the short key for ……………….. Voucher
A. Payment
B. Memo
C. Receipt
D. Purchase

Answer : B

Question. Input Vat Credit on Capital goods should be defined under
A. Capital Account
B. Current Liabilities
C. Duties & Taxes
D. Misc. Expenses (Assets)

Answer : C

Question. Full form of odbc
A. Open data base connectivity
B. Open data base calculating
C. Open document basically
D. Order data base connection

Answer : A

Question. Goods returning to a Creditor after challan but before bill we need to pass
A. Debit Note
B. Receipt Note
C. Rejection Out
D. Rejection In

Answer : C

Question. TDS stands for
A. Tax deducted at source
B. taxation decision summary
C. Tax decision service
D. Taxation declaration service

Answer : A

Question. BOM represents
A. Billing of Machines
B. Bill of Materials
C. Bill of Maintenance
D. None of these

Answer : B

Question. A company can be deleted only in
A. Display
B. alter
C. delete
D. Create

Answer : B

Question. Recording of actual stock as physically verified or counted is done through
A. Journal
B. Stock Journal
C. Physical Stock
D. Sales

Answer : C

Question. Drawings accounts is to be created by linking with
A. Capital account
B. Current account
C. Current liability
D. Drawings

Answer : A

Question. The short cut used to activate calculator is
A. Ctrl + n
B. Ctrl + m
C. Ctrl + a
D. Ctrl + b

Answer : A

Question. A Group Company is ------------------------- given to the merged accounts of member companies of the group.
A. a name
B. an identity
C. A and B
D. None of the above

Answer : C

Question. If the financial year from is 1st april 2005 and the books beginning from is 1stjanuary 2006 then what will be the closing date?
A. 31st Dec 2006
B. 31st march 2006
C. 31st December 2005
D. None of these

Answer : B

Question. What is the predefined number of groups in tally?
A. 16
B. 28
C. 128
D. 228

Answer : B

Question. “allow components list details (bill of materials)” option is activated for
A. Ledgers
B. Cost category
C. Stock items
D. Budgets

Answer : B

Question. Which of the following can be budgeted in tally?
A. Net Transactions
B. Closing Balance
C. Closing Balance
D. A and B

Answer : D

Question. Single entry mode is applicable for
A. Receipt voucher
B. Contra voucher
C. Payment voucher
D. All of these

Answer : D

Question. Which file in tally is used to record the import activity ?
A. Tally.dat
B. Tally.ini
C. Tally.imp
D. None of the above

Answer : B

Question. A trial balance is prepared:
A. To prepare p &l a/c
B. To test the arithmetical accuracy
C. For making adjustments.
D. To balance the a/c

Answer : B

Question. A ‘credit note’ is sent by------------- to ----------------
A. Seller, buyer
B. Buyer, seller
C. Customer, seller
D. Creditor, seller

Answer : A

Question. What is the correct sequence of steps in installation of computerised accounting system?
(i) Selection of accounting software
(ii) Generating reports
(iii) Planning
(iv) Selection of accounting hardware
(v) Classification and grouping of accounts
A. (iii), (i), (iv), (v), (ii)
B. (i), (ii), (iii), (iv), (v)
C. (v), (iv), (iii), (ii), (i)
D. (iii), (iv), (i), (v), (ii)

Answer : A

Question. Identify the step(s) that TPS involves in processing a transaction from the following.
A. Data collection
B. Data storage
C. Query support
D. All of these

Answer : D

Question. Through which voucher, all inf lows of money are recorded?
A. Received voucher
B. Payment voucher
C. Contra voucher
D. Journal voucher

Answer : A

Question. Which of the following is an accounting software?
A. Tally
B. Microsoft Office
C. Photoshop
D. Notepad

Answer : A

Question. To view the profit and loss account, we have to go to
A. Gateway of Tally > Accounts > Profit and Loss Account
B. Gateway of Tally > Final Accounts > Profit and Loss Account
C. Gateway of Tally > Profit and Loss Account
D. None of the above

Answer : C

Question. In CAS, the accounts should be …….. in the manner that all accounts of one nature are classified under one broad head of account.
A. separated
B. grouped
C. Either (a) or (b)
D. None of these

Answer : B

Question. Tools available for data analysis are
A. verification of chart of accounts
B. displaying the lowest and highest value transactions
C. Both (a) and (b)
D. None of these

Answer : C

Question. The relationship between the groups of accounts and its components is
A. vertical
B. horizontal
C. diagonal
D. hierarchical

Answer : D

Question. Balance sheet is a statement with provides information regarding the
A. net result of the operations of the business
B. financial position of a company
C. inflow and outflow of cash
D. acquisition and utilisation of funds

Answer : B

Question. Which of the following is a subhead of liabilities?
A. Non-current liabilities
B. Short-term liabilities
C. Both (a) and (a)
D. None of these

Answer : C

Question. The .......... of the previous year becomes the ............ of the current year
A. closing balance, opening balance
B. opening balance, closing balance
C. Either (a) or (b)
D. Neither (a) nor (a) 

Answer : A

Question. How many predefined vouchers does tally has?
A. 21
B. 22
C. 23
D. 24

Answer : C

Question. With the help of .......... voucher, all outf lows of money are recorded.
A. received
B. payment
C. contra
D. journal

Answer : B

Question. ............ means providing identification mark to the various heads of account.
A. Identification tool
B. Heads of accounts
C. Codification
D. None of these

Answer : C

Question. Which tool is used to have a proper classification of data and to provide special code to various heads of accounts?
A. Accounting Software
B. Codification
C. Gateway of Tally
D. Microsoft Office

Answer : B

Question. With the help of this voucher, only transfer of fund between cash and bank account is recorded.
Identify the voucher.
A. Received voucher
B. Payment
C. Contra voucher
D. Journal

Answer : C

Question. Proper codification is required in order to maintain the hierarchical relationship between
A. humans and computers
B. operating system and application softwares
C. groups and its sub groups
D. journal and ledger

Answer : C

Question. .......... voucher is used to record all the non-cash transactions of the business.
A. Received
B. Payment
C. Contra
D. Journal

Answer : D

Question. Which of the following is not a subhead of assets?
A. Fixed assets
B. Current assets
C. Capital
D. All of these

Answer : C

Question. TDL level can add validation at
A. platform level only
B. TDL level only
C. Both (a) and (b)
D. None of these

Answer : B

Question. Entries that are recorded at the end of the year to update the balances of all the accounts as per accrual basis.
A. Opening entry
B. Journal entry
C. Adjusting entry
D. Rectification entry

Answer : C

Question. Which account provides the net result of the operations of the business for a specified period of time?
A. Profit and loss account
B. Cash flow statement
C. Fund flow statement
D. Balance sheet

Answer : A

Question. The balance sheet is prepared as per the
A. Schedule I
B. Schedule II
C. Schedule III
D. Schedule lV

Answer : C

Question. Which of the following is a subhead of revenue?
A. Other incomes
B. Salary paid
C. Direct expenses
D. Current assets

Answer : A

Question. Why closing entries are passed?
A. To update the balances of all the accounts as per accrual basis
B. To transfer balance of a temporary account to permanent account
C. To close journal entries
D. None of these

Answer : B

Question. In this voucher all the good sold by the business is recorded both cash and credit.
A. Received voucher
B. Purchase voucher
C. Contra voucher
D. Sale voucher

Answer : D

Question. Which system provides data about what changes are made in the original data and who made those changes?
A. Password security
B. Data audit
C. Data security
D. Data leakage

Answer : B