This document provides a fill-in-the-blank quiz on key concepts in financial accounting and Tally accounting software. It covers topics like basic accounting terms and definitions, types of accounts, accounting equations, financial statements, journal entries, and features of Tally. It tests understanding of debits and credits, accounting principles, types of expenses and assets, and how transactions are recorded within the accounting system. It contains both fill-in-the-blank and true/false questions to assess knowledge of fundamental accounting concepts.

1. FINANCIAL ACCOUNTING
FILL IN THE BLANKS
1. -------------------- command is used to print voucher (Print)
2. -------------- is the major source of revenue of any business ( Sales)
3. Bank account is a ---------------- account ( Personal)
4. The Function key to activate contra voucher is ----------- (F4)
5. Cash book is ruled like ---------------- (Ledger Account)
6. Expense incurred on administration come under -------------expense group
(Indirect)
7. A separate legal entity treated by the law like a natural person is called --------
- (Owner)
8. Debit is in the ----------- side of the account (Right)
9. Tally is a ----------- software (Accounting)
10. A Petty cash book is usually kept under------ system (Imprest system)
11. The date on which a bill falls due for payment is ------------ (Outstanding)
12. Stock in hand is considered to be --------------(Asset)
13. The process of transferring information from journal to ledger is called ---------
-(Posting)
14. In the Purchases day book, all -------- purchases of goods are recorded ( Credit
Purchase)
15. Accounting is also called as ------------(Book Keeping)
16. The simplest and the most commonly used type of journal is -----------(General
Journal)
17. Investment is a -------- asset (Fixed)
18. Stock items can be viewed through ----------- books (Inventory)
19. The Trading account of a business concern shows ---------- (Gross Profit)
20. ----- are the major recipients of the financial statements of business enterprises
(Investors)
21. The Profit and Loss account is also known as -------------- (Income Statement)
22. Cash in hand is considered to be ---------------- (asset)
23. The left side of an account is called --------------- (Credit)
24. The ----------- is a financial statement of a enterprise’s asset (Balance Sheet)
25. When commission is received, commission account is ----------------- (Credited)
26. In Tally F2 is used for -------------- (Date/period)
27. A credit balance in the bank column of the cash book denotes-------------
(Overdraft)
28. ------------- in Tally displays the details with closing balance
29. Stock items can be viewed through----------------( Inventory book)
30. Depreciation is a diminution in the value of ---------(Asset)
31. ------------------ is a complete business solution (Tally)
32. Through ------------- we can take print out in Tally
33. The item Plant & Machinery appearing in the balance sheet is a ----------------
(Asset)
34. A ----------------is an evidence of a transaction(Voucher)
35. It is possible to import data from ----------------- ( Vouchers)
36. Comparing ratios of different months are called --------------- (Ratio Analysis)
37. The irrecoverable debts are known as --------------- (Bad debts)
38. Sales Returns are entered in the ----------------- book (Sales Day Book)
39. Loans and advances received are ---------------- (Liabilities)
40. -------------- is a must while creating a company (Voucher)
41. The item wages appearing in the trading account is a ------------ expense (Direct)
42. Loans taken from bank is -------------(Liability)
43. The short cut key to get monthly report is ------------
44. The major recipients of the financial statements are called --------- ( Investors)
45. An entry that belongs to current asset is ---------------- (Debit)
46. ------------in Tally displays the details with closing balance.(Stock Summary)
47. ------------is original books of entry (Journal)
48. Asset – Liability = ---------------- (Capital)
49. Depreciation is treated as -------------- (loss)
50. Correctness of recording in books of account is tested by the preparation of -----
------ (Trial balance)
51. Discount received is a -------- (Income)

2. 52. Discount allowed is an ---------- (Expense)
53. A manufacturing account shows -------- (Cost of goods manufactured)
54. Opening stock + Purchases + Direct expenses – closing stock = --------------(cost
of goods manufactured)
55. Net profit is ascertained by preparing ------------ (Profit & Loss account)
56. Accounting has ----------- aspects (Two)
57. Profit & Loss Account is also known as ------------ (Income statement)
58 The simplest and the most commonly used type of Journal is -------------(cash Book)
59 . --------is an organizational sub-unit for which cost is collected separately(cost
centre)
60. currencies can be created through---- menu (Accounts Info)
TRUE OR FALSE:
1. Tally does not provide calculator - False
2. Ctrl + V is used to delete a file - False
3. Maintain is the compulsory entry for creating company - True
4. Inventory is related to stock - True
5. Voucher types are located in Account Info menu - True
6. Tally is not an accounting package - False
7. On payment of salary to employee salary account is debited - True
8. The bank balance of cash is denoted by a debit balance in bank account - False
9. Journal is a book of account - False
10. The book which contains the various account is known as the ledger - True
11. Trial balance is a statement containing all debit balance - False
12. The best system of petty cash is the imprest system - True
13. The association of costs with the assumed sequences in which goods are used or
sold is called cost flow. - True
14. The balance sheet is an account - False
15. The item bank account is a fixed asset - False
16. Duties and Taxes are in fixed assets - False
17. Ratio analysis is an entry in the gateway of Tally - True
18. Secured loans are in liabilities - True
19. The total cost of merchandise sold cost of goods sold - True
20. All credit purchases of goods are entered Purchase Daybook - True
21. On payment of salary to employee salary account is Credited - False
22. The bank balance of cash is denoted by a Debit balance in bank account - False
23. In the case of transactions with person the rule is debit the receiver and credit
the giver - True
24. The book which contains the various accounts is known as the Journal - False
25. Trial balance is a statement containing all credit balances and debit balances
shown separately - True
26. The best system of petty cash is the imprest system - True
27. The stock at the close of a period is put on the debit side of the trading account
- True
28. The balance sheet is a Statement - True
29. The item cash in hand is a liability - False
30. Plant and Machinery is a current asset - False
31. Secured loans are in Assets – False
32. Alt + f10 is used for physical stock – True
33. Balance Sheet is comes under the Gate Way of Tally - True
34. Posting is related to ledger - True
35. In accounting accounts are 3 types – True
36. The Provision for doubtful debts account has a debit balance – False
37. Quantity of opening stock + goods purchased – goods sold = Closing stock - True
38. Interest on Drawings is deducted from drawings – False
39. Correctness of recording in books of Account is tested by preparing Trial Balance
– True
40. Outstanding salaries is shown as on outstanding asset – False
41. Interest on capital is shown as outstanding asset - False
42. Gross profit is ascertained by preparing Trading account – True
43. Net profit6 is ascertained by preparing Trading account – False
44. Trial balance is a account – False
45. Balance sheet is a statement – True

3. 46. Accounting year starts from 1st April and ends on 31st December – False
47. Owner is treated as separate entity – True
48. Balance sheet is also known as Final account – False
49. Accounting has two aspects – True
50. Account has two sides – True
51. Accounting has one aspect – False
52. The irrecoverable debts are known as Assets – False
53. Investors are the major recipients of the financial statements of business
enterprises
54. Stock in hand is considered to be Liabilities – False
55. Profit & Loss Account is also known as Income statement – True
56. A manufacturing account shows Cost of goods manufactured – True
57. Discount received is a Income - True
58. Discount allowed is an Expense – True
59. Accounting follow a systematic manner – True
60. Accounting is a Art – True