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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 enterprises asset (Balance Sheet) 25. When commission is received, commission account is ----------------- (Credited) 26. In Tally F2 is used for -------------- 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) 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 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 SHORT QUESTIONS: 1. What are the concepts of Accounting 2. Explain Bills Receivable and Bills Payable with examples 3. Explain different types of transactions 4. Explain the 5 errors occurred in Trial Balance 5. What are the facilities in gateway of Tally 6. What is meant by debit note and credit note 7. Explain security control 8. Explain any 4 voucher types in Tally 9. Explain display menu in Tally 10. How we can post transactions from the journal to the ledger 11. How do you prepare a Trial Balance 12. Distinguish between Accounting control and administrative control 13. In Tally how we can take print outs 14. In Tally how we can take stock summery 15. Describe the Trading account of a business concern 16. What are Assets? explain 3 types of assets 17. Explain about liabilities 18. Describe about voucher types and classes 19. Distinguish between Accounting and Book Keeping 20. What is the function of financial Statement 21. Explain Journal, posting and general ledger 22. What are the facilities in gateway of Tally 23. What are the different options in Gateway of Tally 24. Explain briefly the imprest system of petty cash 25. Describe different types of reports that we can produce through Tally 26. Explain fixed assets & Current assets 27. Explain deferred revenue expenditure 28. Explain Partnership 29. Explain contingent liabilities 30. Explain Trial Balance 31. Explain Balance sheet 32. Explain Capital expenditure 33. Explain Revenue Expenditure 34. Explain Double Entry Book Keeping 35. Explain single Entry book keeping 36. Explain Baddebts 37. Explain Depreciation 38. Explain types of transactions 39. Explain the rules of accounts 40. What is cash book 41. Explain Imprest system of petty cash book 42. Advantages of Imprest system 43. Explain Trading Account 44. Explain Profit and Loss Account 45. Explain Opening Stock and Closing Stock 46. Explain Gross Profit and Net Profit 47. Explain net purchases 48. Explain Net sales 49. Explain different types of Assets 50. Explain different types of Liabilities 51. What is Direct Expenses 52. What in Indirect Expenses 53. Explain Carriage Inward and Carriage Outward 54. Explain Ledger 55. Explain Journal 56. Explain Different types of Vouchers 57. Explain Different Entries in Tally 58. Explain Purchase Returns 59. Explain Sales Returns 60. Explain Book Keeping ESSAY QUESTIONS: 1. Explain Accounting features and Inventory features in Tally 2. What is a Balance Sheet? How is it prepared 3. Discuss in detail different transactions in Tally 4. What is Accounting and who are the users of Accounting information 5. Differentiate between temporary Accounts and permanent Accounts. Give examples 6. The features of Tally and discuss different financial and accounting informations in Tally 7. What are the objectives of accounting 8. What are the concepts of accounting 9. What are the different types of transactions 10. What are different types of accounts with examples 11. Explain Assets and Liabilities 12. Explain the errors occurred in Trail Balance 13. What is meant by Ledger and Journal 14. What are the advantages of final accounts 15. What are the advantages of Trail Balance 16. Explain Capital, Drawings, Net profit, Net loss, Gross profit 17. What are the advantages of computerised accounting 18. Explain the function keys in Tally 19. Explain Direct Expenses with examples 20. Explain Different types of transactions 21. Explain Advantages of Book Keeping 22. Explain the Advantages of Financial Statement 23. Explain the function keys in Key 24. Explain How to create a company details in Tally 25. What are the two categories of report that generate Tally? 26. How you can change the amount entered in a Day Book? 27. Explain the F12, Configuration 28. Explain the F11, Company features related to Inventory 29. How can we create, alter and delete Units of measure 30. Explain the meaning and objectives of the Trial Balance |