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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 enterprise’s 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 information’s 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