Computerized Accounting System - Tally

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Questions:

Multiple Choice Question

9 x 1 = 9

____________ are used for recording both cash and credit sales of goods.

(a)

Purchase voucher

(b)

Sales vouchers

(c)

Contra voucher

(d)

Receipt voucher

___________ is a document which contains details of transactions.

(a)

Voucher

(b)

Receipt

(c)

Report

(d)

Statement

_______________ collects financial data, processes them and provides information to the various users.

(a)

Accounting System

(b)

Management Accounting System

(c)

Accounting Information System

(d)

Management Information System

Branch/Division is a group defined under _________

(a)

Assets

(b)

Income

(c)

Liabilities

(d)

Expenditure

In payment voucher, cash or bank account is credited and other ledger account is ___________

(a)

debited

(b)

credited

(c)

both 'a' and 'b'

(d)

none of these

In 2009, Tally Solutions introduced the software ___________

(a)

Tally. ERP 9

(b)

Tally. ERP 10

(c)

Tally. ERP 6.0

(d)

Tally. 8.0

Rs. 25,000 withdrawn from bank for office use. In which voucher type, this transaction will be recorded?

(a)

Contra Voucher

(b)

Receipt Voucher

(c)

Payment Voucher

(d)

Sales Voucher

Which is not the default group in Tally?

(a)

Suspense account

(b)

Outstanding expense

(c)

Sales account

(d)

Investments

Contra voucher is used for

(a)

Master entry

(b)

Withdrawal of cash from bank for office use

(c)

Reports

(d)

Credit purchase of assets

Generic 2

4 x 2 = 8

10.

A chemist as per the requirement of law makes use of computer for recording the stock of all the medicines including their manufacturing and expiry dates. What benefits he will get from computerised records also tell the values indicated in the question.

11.

What are the steps involved in designing accounting reports?

12.

What is Accounting Information System (AIS)?

13.

State any five accounting reports.

Generic 5

3 x 5 = 15

14.

The following balance sheet has been prepared from the books of Pearl on 1-4-2018.

Liabilities	Rs.	Assets	Rs.
Capital	2,26,000	Buildings	1,00,000
Sundry creditors:		Furniture	10,000
Maya A/c	24,000	Stock	20,000
		Sundry debtors
		Peter	50,000
		Cash in hand	15,000
		Cash at bank	55,000
	2,50,000		2,50,000

During the year the following transactions took place.
(a) Wages paid by cash Rs. 2,000
(b) Salaries paid by cheque Rs. 5,000
(c) Cash purchases made for Rs. 3,000
(d) Good purchased on credit from Yazhini Rs. 15,000
(e) Goods sold on credit to Jothi Rs. 25,000
(f) Payment made to Yazhini through NEFT Rs. 5,000
(g) Cash received from Peter Rs. 30,000
(h) Cash sales made for Rs. 6,000
(i) Depreciate buildings at 10%
(j) Closing stock on 31.03.2019 Rs. 15,000
You are required to prepare trading and profit and loss account for the year ended 31-03-2019 and a balance sheet as on that date using Tally.

15.

Explain any five applications of computerised accounting system.

16.

Write a brief note on accounting vouchers.

Odd one out

1 x 2 = 2

17.

(a) Journal
(b) Ledger
(c) Voucher
(d) Trial balance
Reason: Voucher is a document which contains details of transactions. Other three are routine accounting reports

Find out the wrong pair

1 x 2 = 2

18.

(a)	Journal voucher	Depreciation
(b)	Sales voucher	Cash and credit sales of goods
(c)	Purchase voucher	Cash and credit purchases
(d)	Contra voucher	Only receipt items

Assertion and reason

1 x 2 = 2

19.

Assertion (A) : All transactions related to receipt either in cash or through bank are recorded using receipt voucher.
Reason (R) : Purchase vouchers are used for recording both cash and credit sale of goods.
(a) Both (A) and (R) are true and (R) is the correct explanation of (A).
(b) Both (A) and (R) are true and (R) is not the correct explanation of (A).
(c) (A) is true, but (R) is false.
(d) (A) is false, but (R) is true.

One or Two Words / Correct Statement

1 x 1 = 1

20.

(i) Computerise Accounting System facilitates fast and accurate retrieval of data and information.
(ii) Accounting report may be classified as routine reports and special purpose reports
(iii) Accounting information system collects financial data, processes them and provides information to the various users.
(a) (i) is correct
(b) (i) and (ii) are correct
(c) (ii) and (iii) are correct
(d) (i), (ii) and (iii) are correct

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Answers Key:

Multiple Choice Question

9 x 1 = 9

(b)
Sales vouchers

(a)
Voucher

(a)
debited

(a)
Tally. ERP 9

(a)
Contra Voucher

(b)
Outstanding expense

(b)
Withdrawal of cash from bank for office use

Generic 2

4 x 2 = 8

10.

The benefits he will get from computerised records are
(i) High speed
(ii) Accuracy
(iii) Reliablility
(iv) Versatility
(v) Storage
Value indicated is - Taking care of public health by showing manufacturing and expire date electronically.

11.

Following are the steps involved in designing accounting reports:
(i) Define the objective of generating report
(ii) Specify the structure of the report
(iii) Creating database queries to interact with the database to retrieve, modify, add or delete data from the records

12.

Accounting Information System (AIS) collects financial data, processes them and provides information to the various users. To provide information AIS requires data from other information system that is manufacturing, marketing and human resources.

13.

Routine accounting reports include
(a) Day books / Journal
(b) Ledger
(c) Trial balance
(d) Income statement
(e) Balance sheet
(f) Cash flow statement

Generic 5

3 x 5 = 15

14.

Following steps are to be followed to enter the transactions in Tally ERP 9
1. To create company:
Company Info > Create Company
Type the Name as Peral and keep all other fields as they are and choose 'Yes' to accept.
2. To maintain accounts only:
Gateway of Tally > F11 Accounting Features > General > Maintain accounts only: Yes > Accept Yes
3. To create ledger accounts with opening balances:
Gateway of Tally > Masters > Accounts Info> Ledgers> Single Ledger> Create

Creation of	Name	Under	Opening balance	Accept
Bright’s Capital A/c	Bright’s Capital A/c	Capital Account	2,26,000	Yes
Ramesh A/c (Sundry creditors)	Ramesh A/c	Sundry Creditors	24,000	Yes
Machinery A/c	Machinery A/c	Fixed Assets	1,00,000	Yes
Furnitures A/c	Furnitures A/c	Fixed Assets	10,000	Yes
Opening stock	Opening stock	Stock-in -Hand	20,000	Yes
Shankar A/c (Sundry debtors)	Shankar A/c	Sundry Debtors	50,000	Yes
Cash in hand	Cash	Cash-in-Hand	15,000	Yes
Cast at bank	Bank	Bank Accounts	55,000	Yes

Note:
Cash account need not be created as it is a default ledger. Only the opening balance has to be recorded by altering the cash account.
To record the opening balance of Cash
Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Alter

After creating the ledgers and recording the opening balances of ledger accounts the balance sheet of Bright is shown as in the following figure:

4. To create ledger accounts for transactions

Creation of	Name	Under	Accept
Wages A/c	Wages A/c	Direct Expenses	Yes
Salaries A/c	Rent A/c	Indirect Expenses	Yes
Purchases A/c	Purchases A/c	Purchases Account	Yes
Senthamarai A/c	Senthamarai A/c	Sundry Creditors A/c	Yes
Sales A/c	Sales A/c	Sales Account	Yes
Pushparaj A/c	Pushparaj A/c	Sundry Debtors A/c	Yes
Depreciation A/c	Depreciation A/c	Indirect Expenses	Yes

5. To enter transactions through vouchers
Gateway of Tally > Transactions > Accounting Vouchers
Example: Wages of Rs. 2,000 paid by Cash
F5: Payment Voucher
Account: Cash
Particulars: Wages A/c
Amount: Rs. 2,000
Narration: Wages paid by cash
Accept: Yes
In the similar way, record the other transactions. Use Payment Voucher for Salaries paid and payment to Senthamarai.
Use Purchase Voucher for credit purchases from Senthamarai and cash purchases.
Use Sales Voucher for credit sales to Pushparaj and cash sales.
Use Receipt Voucher for cash received from Shankar.
Use Journal Voucher for depreciation.
To record closing stock:
Since maintain accounts only is set to 'Yes' and integrate accounts and inventory is set to "No" under accounting features. Stock has to be recorded manually. Hence the closing stock has to be recorded by altering the stock account and while entering the data of closing stock, the date of opening stock has to be entered. The following procedure is to be followed:
Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Alter > Stock > Closing balance > Date (opening date) > Amount > Accept Yes

6. To view reports:
(i) To view Profit and Loss Account:
F10: A/c Reports > Profit & Loss A/c > Alt + F1 (detailed) (or)
Gateway of Tally > Report > Profit & Loss A/c > Alt + F1 (detailed)

(ii) To view Balance sheet:
F10: A/c Reports > Balance sheet > Alt + F1 (detailed) (or)
Gateway of Tally > Reports > Balance Sheet > Alt + F1 (detailed)

15.

The applications of CAS are as follows:
(i) Maintaining accounting records:
In CAS, accounting records can be maintained easily and efficiently for long time period. It facilitates fast and accurate retrieval of data and information.
(ii) Inventory management:
CAS facilitates efficient management of inventory. Updated information about availability of inventory, level of inventory, etc., can be obtained instantly.
(iii) Report generation:
CAS helps to generate various routine and special purpose reports.
(iv) Data import/export:
Accounting data and information can be imported from or exported to other users within the organisation as well as outside the organisation.
(v) Taxation:
CAS helps to compute various taxes and to deduct these and deposit the same to the Government account.

16.

This type of a voucher basically analyses a business transaction from the accounting stand point and is used for recording purposes
These are commonly prepared by accountants on the basis of supporting vouchers and approved by a different individual. They are further subdivided into two, Cash and Non-cash vouchers.
Examples of cash type :
1. Credit Vouchers
2. payment Vouchers
3. Contra Vouchers
4. Purchase Vouchers
5. Sales Vouchers
6. journal vouchers
Examples of the Non-cash type :
1. Debit note
2. Credit note
3. Invoice

Odd one out

1 x 2 = 2

17.

Find out the wrong pair

1 x 2 = 2

18.

(d) Contra voucher = Only receipt items

Assertion and reason

1 x 2 = 2

19.

One or Two Words / Correct Statement

1 x 1 = 1