SCA ACADEMY – Mrs.Sripriya – Students Examination Portal

TALLY

1 / 100

What is the primary function of a Trial Balance in Tally Prime?

To calculate profit or loss

To identify accounting errors

To generate invoices

To manage inventory

2 / 100

When recording a purchase of office supplies for cash in Tally Prime, which voucher type would you use?

Sales Invoice

Payment Voucher

Receipt Voucher

Contra Voucher

3 / 100

What is the difference between a debit and a credit in Tally Prime?

Debits increase expenses and credits increase assets

Debits decrease expenses and credits decrease assets

Debits track income and credits track expenses

There is no difference, they are used interchangeably

4 / 100

In Tally Prime, what menu option allows you to create a new customer account?

Gateway of Tally

Accounts Info

Masters

Vouchers

5 / 100

What is the purpose of creating a Chart of Accounts in Tally Prime?

To manage user permissions

To categorize financial transactions

To generate financial statements

To customize reports

6 / 100

Which of the following is NOT a common type of account used in Tally Prime?

Cash Account

Inventory Account

Owner's Equity Account

Loan Account

7 / 100

During the accounting cycle, which step involves recording financial transactions in the general ledger?

Journalizing

Posting

Trial Balance

Adjusting Entries

8 / 100

In Tally Prime, what report displays a summary of all income and expense accounts for a specific period?

Cash Flow Statement

General Ledger

Accounts Receivable Aging Report

Inventory Valuation Report

9 / 100

What is the purpose of creating a Sales Invoice in Tally Prime?

To record a purchase of goods or services

To track customer payments

To reconcile bank statements

To adjust for depreciation

10 / 100

10)

What is a contra entry in Tally Prime?

An entry used to record a transaction that affects two accounts of the same type (e.g., debiting one cash account and crediting another)

An entry used to correct a mistake made in a previous transaction

An entry used to record an adjusting entry at the end of the accounting period

An entry used to transfer funds between different bank accounts

11 / 100

11)

Which of the following is a data backup option available in Tally Prime 4?

Manually copying the data folder (Not recommended for safety reasons)

Using the built-in "Backup" utility

Saving the company data as a text file

Relying on cloud storage services only

12 / 100

12)

What is the term used to describe the process of verifying the accuracy of opening balances in Tally Prime?

Reconciliation

Verification

Validation

Synchronization

13 / 100

13)

In Tally Prime, what account type is typically used to record the cost of goods sold?

Capital Account

Expense Account

Revenue Account

Asset Account

14 / 100

14)

What is the benefit of using accounting shortcuts in Tally Prime?

They allow access to restricted features

They improve data security (Incorrect)

They automate repetitive tasks, saving time

They customize the user interface for each user

15 / 100

15)

Which of the following accounts would have a normal debit balance in Tally Prime?

Accounts Payable

Sales Return Account

Cash Account

Owner's Drawings Account

16 / 100

16)

What is the primary purpose of creating a bank reconciliation statement in Tally Prime?

To track inventory levels

To identify and correct discrepancies between bank records and company accounts

To generate invoices for customers

To calculate depreciation expense

17 / 100

17)

When creating a new company in Tally Prime, what information is mandatory to provide?

Company Name and Logo (Only logo is optional)

Company Name, Financial Year, and Currency

User Name and Password

Company Address and Contact Information

18 / 100

18)

What is the difference between a debit note and a credit note in Tally Prime?

A debit note increases a customer's account balance, while a credit note decreases it

There is no difference, they are used interchangeably

A debit note decreases a supplier's account balance, while a credit note increases it

A debit note is used for sales transactions, while a credit note is used for purchases

19 / 100

19)

In Tally Prime, what voucher type would you use to record the payment of a salary to an employee?

Receipt Voucher

Contra Voucher

Payment Voucher

Journal Voucher

20 / 100

20)

What is the concept of double-entry bookkeeping in Tally Prime?

Recording each transaction twice, once in a debit account and once in a credit account

Keeping separate records for cash and non-cash transactions

Entering transactions only when cash is involved

Maintaining detailed notes for each transaction

21 / 100

21)

What report in Tally Prime displays the current financial position of a company at a specific point in time?

Income Statement

Balance Sheet

Cash Flow Statement

Trial Balance

22 / 100

22)

In Tally Prime, what is the function of the F11 key?

To access the Gateway of Tally menu (Alt+F1)

Company Features

To generate a report

To search for a specific account

23 / 100

23)

What is the purpose of setting up cost centers in Tally Prime?

To manage user permissions

To track expenses by department or project

To categorize customers

To reconcile bank statements

24 / 100

24)

What is the difference between a cash account and a bank account in Tally Prime?

Cash accounts are used for physical cash on hand, while bank accounts are for money deposited in a bank.

There is no difference, they can be used interchangeably.

Cash accounts track income, while bank accounts track expenses.

Bank accounts require additional setup compared to cash accounts.

25 / 100

25)

What is a prepayment account used for in Tally Prime?

To record expenses that will be incurred in the future

To track customer payments received in advance

To record income earned but not yet received

To manage inventory levels

26 / 100

26)

What is the benefit of using data filters in Tally Prime when generating reports?

They allow editing the report data directly (Not recommended)

They help customize reports to show specific information

They increase the overall file size of the report

They are required for all report generation

27 / 100

27)

When recording a sale of goods on credit in Tally Prime, which voucher type would you use?

Cash Receipt Voucher

Sales Invoice

Payment Voucher

Contra Voucher

28 / 100

28)

What is the purpose of creating a Purchase Order in Tally Prime?

To record a purchase of goods or services (Use Purchase Invoice)

To formally request the purchase of goods or services from a supplier

To track inventory levels

To reconcile bank statements

29 / 100

29)

Which of the following features is used for advanced cost flow management in Tally Prime 4?

Average Costing Method

FIFO (First-In-First-Out) costing

LIFO (Last-In-First-Out) costing

Both B and C

30 / 100

30)

Tally Prime 4 allows for bill-of-materials (BOM) management. What does BOM represent in inventory control?

A breakdown of raw materials needed to produce a finished good

A report on inventory movement for a specific period

A record of employee payroll expenses

A categorization of inventory items by type

31 / 100

31)

For managing inventory depreciation over time, Tally Prime 4 offers which valuation method?

Mark-up pricing

Weighted Average Costing

Selling Price

All of the above

32 / 100

32)

When managing inventory with a high turnover rate, which advanced inventory feature in Tally Prime 4 would be most beneficial?

Batch tracking with expiry dates

Reorder level management with automatic purchase orders

Integration with e-commerce platforms for real-time stock updates

All of the above

33 / 100

33)

When managing inventory with a high turnover rate, which advanced inventory feature in Tally Prime 4 would be most beneficial?

Batch tracking with expiry dates

Reorder level management with automatic purchase orders

Integration with e-commerce platforms for real-time stock updates

All of the above

34 / 100

34)

Tally Prime 4 allows for user-defined stock valuation groups. What is the PRIMARY benefit of using these groups?

To restrict access to specific inventory items for certain users

To categorize inventory for reporting purposes based on specific criteria

To track inventory movement across different locations within a company

To assign different tax rates to different categories of inventory

35 / 100

35)

In Tally Prime 4, advanced accounting features allow for depreciation calculations on fixed assets. Which of the following depreciation methods is NOT supported?

Straight Line Method

Double Declining Balance Method

Activity-Based Costing (ABC)

Reducing Balance Method (similar to Double Declining Balance)

36 / 100

36)

Tally Prime 4 offers extensive control over general ledger accounts. Which of the following features is NOT related to advanced general ledger control?

Multi-level account groups for better organization

Integration with payroll processing for automated journal entries

Bank reconciliation for streamlined cash flow management

Password protection for specific general ledger accounts (not a standard feature)

37 / 100

37)

When dealing with complex financial transactions, Tally Prime 4 allows for voucher linking. What does this feature enable?

Automatic generation of recurring invoices

Connecting related transactions like sales and purchase orders

Applying user-defined discounts to multiple invoices

Tracking inventory movement for specific voucher types

38 / 100

38)

For businesses with international operations, Tally Prime 4 supports multi-currency accounting. What benefit does this feature offer?

Automatic tax calculations based on transaction currency

Tracking foreign exchange fluctuations and their impact on finances

Generating financial statements in multiple languages

Managing inventory levels in different countries

39 / 100

39)

Advanced accounting features in Tally Prime 4 allow for the creation of financial statements. Which of the following statements is NOT typically included in a set of financial statements?

Trial Balance

Inventory Valuation Report (not a core financial statement)

Balance Sheet

Income Statement (Profit and Loss)

40 / 100

40)

Tally Prime 4 offers features for inter-company transactions. How can these transactions be recorded?

Only through manual journal entries

By creating separate purchase and sales invoices for each company

Utilizing the Inter-Company Transfer voucher type

Both B and C

41 / 100

41)

Tally Prime 4 allows for account groups to be configured with specific cost centers. What is the primary purpose of cost centers?

To track inventory movement for different departments

To categorize expenses incurred by various departments or projects

To manage user access permissions based on department roles

To automate recurring transactions for specific cost centers

42 / 100

42)

For businesses with a large volume of journal entries, Tally Prime 4 offers batch processing. What does this functionality allow?

Automatic categorization of transactions based on keywords

Processing a group of similar journal entries at once

Importing journal entries from external spreadsheets

Reversing or editing entries within a batch

43 / 100

43)

Advanced accounting in Tally Prime 4 allows for creating custom groups and reports. What type of report can be MOST BENEFICIAL for analyzing inventory turnover?

General Ledger report showing all inventory transactions

Aged Inventory report detailing slow-moving items

Reorder Level report for items requiring purchase orders

Item Movement report for a specific period

44 / 100

44)

When finalizing accounts at the end of a financial year, Tally Prime 4 facilitates closing entries. What is the MAIN purpose of closing entries?

To reconcile bank statements and identify discrepancies

To permanently remove temporary accounts from the general ledger

To calculate and record income tax liabilities for the year

To back up accounting data for future reference

45 / 100

45)

When finalizing accounts at the end of a financial year, Tally Prime 4 facilitates closing entries. What is the MAIN purpose of closing entries?

To reconcile bank statements and identify discrepancies

To permanently remove temporary accounts from the general ledger

To calculate and record income tax liabilities for the year

To back up accounting data for future reference

46 / 100

46)

Tally Prime 4 offers features for budgeting and forecasting. Which of the following statements about budgeting in Tally is NOT true?

Budgets can be created for various categories like sales, expenses, and cash flow.

Budgets can be compared to actual figures to analyze financial performance.

Budgets can be automatically adjusted based on real-time data (not a standard feature in Tally Prime 4).

Budgets can be assigned to specific cost centers or departments.

47 / 100

47)

Tally Prime 4 allows for advanced control over inventory costing methods. Which method is NOT supported for inventory valuation?

Specific Identification (identifying the cost of each individual inventory item)

First-In-First-Out (FIFO) costing

Last-In-First-Out (LIFO) costing

All of the above methods are supported

48 / 100

48)

Tally Prime 4 offers features for managing purchase orders. What does a purchase order NOT typically include?

Details of the items being ordered (quantity, description)

Agreed-upon price per unit

Payment terms

Inventory location where the items will be received

49 / 100

49)

Advanced inventory features in Tally Prime 4 allow for low-stock alerts. How can these alerts be triggered?

Manually setting minimum stock levels for each item

Integrating with inventory management systems in warehouses

Utilizing reorder level reports generated by Tally

All of the above

50 / 100

50)

Tally Prime 4 allows for creating custom security levels for users. What can be restricted using these security levels?

Access to specific accounting reports & Ability to modify or delete existing transactions

Creation and modification of general ledger accounts

Authorization to approve purchase orders or invoices

All of the above

51 / 100

51)

When recording sales invoices in Tally Prime 4, you can utilize sales return features. What does a sales return represent?

A discount offered to a customer on their purchase

The process of returning purchased goods to the supplier

Recording a prepayment received from a customer before a sale

Issuing a credit note to a customer for returned goods

52 / 100

52)

Tally Prime 4 offers features for managing bills of exchange (BOE). What is the primary purpose of a BOE in a financial transaction?

To track inventory movement for specific shipments

To act as a formal guarantee of payment from a customer

To record the purchase of goods on credit from a supplier

To reconcile discrepancies between bank statements and cash flow

53 / 100

53)

Advanced accounting in Tally Prime 4 allows for cheque printing and management. What does pre-printing cheques involve?

Configuring automatic cheque printing upon sales invoice creation

Printing blank cheques with company logos and account details

Generating reports on all issued cheques for a specific period

Recording dishonored cheques and associated bank charges

54 / 100

54)

Tally Prime 4 allows for multi-level tax structures. What benefit does this feature offer?

Streamlining tax filing by grouping similar tax types

Configuring separate tax rates for domestic and international sales

Tracking the impact of different tax rates on financial statements

All of the above

55 / 100

55)

Tally Prime 4 offers features for data import and export. What type of data can be MOST DIFFICULT to import into Tally?

Customer and supplier contact information from a CSV file

General ledger transactions from another accounting software (depending on format compatibility)

Inventory item details with images and descriptions (may require additional customization)

Bank statement transactions in a standard format (like OFX)

56 / 100

56)

In Tally Prime 4, advanced inventory features allow for reserving specific quantities of stock. What is the primary purpose of stock reservation?

To track damaged or unusable inventory items

To allocate inventory for specific sales orders or projects

To set reorder points for automatically generating purchase orders

To identify slow-moving inventory for potential write-offs

57 / 100

57)

Tally Prime 4 offers features for managing cost categories. How can cost categories be beneficial for expense tracking?

To automatically categorize transactions based on keywords in descriptions

To track departmental expenses and analyze spending patterns

To reconcile bank statements and identify discrepancies

To streamline the process of creating purchase orders

58 / 100

58)

Advanced accounting in Tally Prime 4 allows for creating custom statutory reports. What does "statutory" refer to in this context?

Reports designed for internal management purposes

Financial statements required by regulatory bodies (e.g., tax authorities)

Reports comparing company performance to industry benchmarks

Reports used for budgeting and forecasting future financial performance

59 / 100

59)

Tally Prime 4 allows for creating user-defined fields for inventory items. What type of information could be beneficial to store in a custom field?

Standard costing information already available in other inventory fields

Vendor part numbers or product codes specific to suppliers

Minimum and maximum reorder quantities for each item

Expiry dates for perishable inventory items

60 / 100

60)

Tally Prime 4 offers features for data security and backup. What is the MOST IMPORTANT aspect of data backup in accounting software?

Encrypting backup files to ensure data security

Storing backups on a separate physical device or cloud storage

Verifying the integrity of backups to ensure data can be restored

Compressing backup files to save storage space

61 / 100

61)

Which of the following technological advantages is related to improved accessibility thanks to .NET features in Tally Prime 4?

Faster invoice generation due to pre-defined templates

Enhanced data accuracy through automatic error checks

Secure remote access to business reports from any device

Simplified data import from spreadsheets

62 / 100

62)

How do .NET features in Tally Prime 4 contribute to a more efficient business workflow?

Streamlined data entry with barcode scanning capabilities

Real-time data synchronization across multiple branches

Integration with online payment gateways for faster transactions

All of the above

63 / 100

63)

Which of the following statements best describes the role of .NET in generating e-invoices in Tally Prime 4?

.NET provides a secure platform for storing e-invoice data.

.NET directly generates e-invoices within Tally Prime.

.NET facilitates communication with government servers for e-invoice filing.

.NET is not involved in the e-invoice generation process.

64 / 100

64)

Considering future advancements, what potential benefit could .NET features bring to Tally Prime 4?

Automatic tax calculations based on real-time regulations

Integration with artificial intelligence for business insights

Voice-activated accounting commands for hands-free operation

Both (a) and (b)

65 / 100

65)

When it comes to data security, how does the combination of Tally and .NET features contribute to Tally Prime 4?

.NET enforces stricter user access controls within Tally.

The integration strengthens data encryption for enhanced protection.

Secure functionalities of both platforms work together for a layered security approach.

None of the above, data security remains unchanged.

66 / 100

66)

Tally Prime 4 boasts a user-friendly interface. How do .NET features contribute to this enhanced user experience?

Customizable dashboards with personalized data visualizations

Simplified menu navigation with context-sensitive options

Integration with productivity tools like calendars and email

All of the above

67 / 100

67)

Tally Prime 4 allows for report automation. How might .NET features play a role in this functionality?

Scheduling reports to be automatically generated and emailed at specific times

Defining custom report parameters and layouts for tailored data presentation

Integrating reports with external business intelligence tools for deeper analysis

Both (a) and (c)

68 / 100

68)

Data backups are crucial for business continuity. How do .NET features potentially enhance data backup functionalities in Tally Prime 4?

Enabling automatic backups to cloud storage platforms like Google Drive or Dropbox

Encrypting backup files with stronger encryption algorithms for increased security

Implementing real-time data replication for disaster recovery purposes

None of the above, data backup remains unchanged

69 / 100

69)

Tally Prime 4 offers features for managing inventory and stock levels. How might .NET features contribute to this functionality?

Integrating with barcode scanners for faster and more accurate stock updates

Enabling real-time inventory monitoring across multiple warehouses

Creating dynamic reorder points based on historical sales data and lead times

Both (a) and (b)

70 / 100

70)

Data customization is a key benefit of Tally Prime 4. How do .NET features potentially contribute to user-defined data fields and reports?

Creating custom data fields with specific validation rules for data accuracy

Designing personalized report layouts with user-preferred charts and graphs

Implementing custom formulas and calculations within reports for advanced analysis

All of the above

71 / 100

71)

Tally Prime 4 offers features for managing user access and permissions. How might .NET features contribute to this functionality?

Implementing multi-factor authentication for additional login security

Defining granular access controls for specific data sets and functionalities

Enabling role-based access control for assigning permissions based on user roles

All of the above

72 / 100

72)

Tally Prime 4 allows for data import and export from various formats. How might .NET features enhance this functionality?

Expanding the range of supported file formats for import and export

Mapping data fields between different formats for seamless data transfer

Automating data import and export tasks based on predefined schedules

Both (a) and (b)

73 / 100

73)

Data compression is a feature in Tally Prime 4 to optimize storage space. How might .NET features contribute to this functionality?

Implementing advanced compression algorithms for even smaller file sizes

Enabling on-the-fly data compression as information is entered into Tally Prime

Integrating with cloud storage services that offer built-in data compression

None of the above, data compression remains unchanged

74 / 100

74)

Tally Prime 4 offers features for budgeting and forecasting. How do .NET features potentially enhance these functionalities?

Integrating with financial data services for real-time market information

Creating dynamic budget simulations based on user-defined scenarios

Implementing machine learning algorithms for more accurate forecasting models

Both (a) and (b)

75 / 100

75)

Tally Prime 4 offers audit trail functionalities. How do .NET features potentially contribute to this functionality?

Providing tamper-proof audit logs with blockchain technology integration

Implementing user activity tracking for increased accountability within the system

Enabling real-time data validation checks to prevent errors during transactions

None of the above, audit trail functionalities remain unchanged

76 / 100

76)

Tally Prime 4 offers features for managing cost centers. How might .NET features contribute to this functionality?

Allocating overhead costs automatically based on pre-defined rules

Creating custom cost center hierarchies for more granular cost analysis

Integrating with project management tools for tracking project-related expenses

Both (a) and (b)

77 / 100

77)

Tally Prime 4 allows for data encryption. How might .NET features contribute to this functionality?

Implementing data encryption at rest and in transit for enhanced security

Providing user-selectable encryption algorithms for different data sensitivity levels

Enabling secure data exchange with third-party applications

All of the above

78 / 100

78)

Tally Prime 4 boasts a multi-lingual interface. How might .NET features play a role in this functionality?

Simplifying the translation process for adding new languages to the interface

Enabling dynamic language switching based on user preferences

Integrating with machine translation services for real-time language conversion

Both (a) and (b)

79 / 100

79)

Data validation is a key aspect of maintaining data integrity in Tally Prime 4. How might .NET features contribute to this functionality?

Implementing custom validation rules for user-defined data fields

Enforcing data type restrictions to prevent invalid entries

Integrating with external data verification services for real-time data accuracy checks

Both (a) and (b)

80 / 100

80)

Tally Prime 4 offers features for managing user groups and permissions. How might .NET features contribute to this functionality?

Implementing role-based access control with dynamic permission assignment

Enabling user self-service for managing their own passwords and access settings

Integrating with single sign-on (SSO) solutions for centralized authentication

Both (a) and (c)

81 / 100

81)

Tally Prime 4 allows for customization of workflows. How might .NET features contribute to this functionality?

Creating custom buttons and menus for frequently used actions

Developing conditional workflows that trigger actions based on specific data criteria

Integrating with external automation tools for automating repetitive tasks

All of the above

82 / 100

82)

Tally Prime 4 offers features for data analytics. How might .NET features enhance these functionalities?

Building custom dashboards with interactive data visualizations for deeper insights

Integrating with business intelligence tools for advanced data exploration and reporting

Enabling real-time data analysis with constantly updated dashboards

Both (a) and (b)

83 / 100

83)

Tally Prime 4 allows for data filtering and sorting. How might .NET features contribute to this functionality?

Implementing advanced filtering options based on complex data relationships

Enabling user-defined sorting criteria for analyzing data from different perspectives

Integrating with external data mining tools for uncovering hidden patterns

Both (a) and (b)

84 / 100

84)

Tally Prime 4 offers features for managing reminders and notifications. How might .NET features contribute to this functionality?

Integrating with calendar and task management applications for centralized reminders

Enabling pop-up notifications based on user-defined triggers and deadlines

Implementing custom notification workflows with different communication channels (email, SMS)

Both (b) and (c)

85 / 100

85)

Data version control is a feature in Tally Prime 4 to track changes and revert to previous versions if needed. How might .NET features contribute to this functionality?

Enabling automatic data backups at regular intervals for version control purposes

Implementing user-friendly interfaces for managing and restoring data versions

Integrating with cloud storage services for version control with disaster recovery benefits

Both (a) and (b)

86 / 100

86)

Tally Prime 4 offers features for managing challans (delivery receipts). How might .NET features contribute to this functionality?

Integrating with barcode scanners for faster and more accurate challan creation

Enabling real-time challan tracking with shipment location updates

Implementing custom challan formats with company branding and specific data fields

Both (a) and (c)

87 / 100

87)

Tally Prime 4 allows for data import from various sources. How might .NET features enhance data cleansing functionalities during import?

Identifying and correcting data inconsistencies for improved data quality

Mapping data fields from different sources to corresponding fields in Tally Prime

Automating data cleansing tasks based on predefined rules

All of the above

88 / 100

88)

Tally Prime 4 offers features for managing fixed assets. How might .NET features contribute to this functionality?

Integrating with barcode scanners for tracking fixed asset movement

Enabling automated depreciation calculations based on user-defined schedules

Implementing custom reports for detailed fixed asset analysis

Both (a) and (b)

89 / 100

89)

Security is a key concern in accounting software. How might .NET features contribute to enhanced security in Tally Prime 4?

Implementing two-factor authentication for user logins

Encrypting data transmissions between Tally Prime and external applications

Enabling user activity logging for audit purposes

All of the above

90 / 100

90)

Tally Prime 4 offers features for managing purchase orders. How might .NET features contribute to this functionality?

Integrating with e-commerce platforms for streamlined product ordering

Enabling real-time inventory updates when purchase orders are placed

Implementing automatic purchase order generation based on predefined reorder points

Both (a) and (b)

91 / 100

91)

While recording a purchase bill with IGST in Tally Prime 4, which account type should be selected for the IGST component?

Cash Account

Duty Head (IGST)

Sales Account

Profit and Loss Account

92 / 100

92)

When recording a payment for rent where TDS is applicable in Tally Prime 4, what voucher type should be used?

Payment Voucher

Receipt Voucher

Contra Voucher

Journal Voucher

93 / 100

93)

Tally Prime 4 allows automatic calculation of GST based on the chosen HSN code. What does HSN stand for?

Harmonized System of Nomenclature

High-Value Sales Notification

Indian Tax Code

Goods and Services Network

94 / 100

94)

Where in Tally Prime 4 can you configure the TDS deduction rates for different types of payments?

Gateway of Tally > Configure Accounts

Gateway of Tally > Configure Taxes

Gateway of Tally > Voucher Types

Gateway of Tally > Create Ledger

95 / 100

95)

When filing GST returns through Tally Prime 4, which report helps you verify the data before submission?

GSTR 1 Report

Trial Balance

GST Ledger Report

Cash Flow Statement

96 / 100

96)

While creating a sales invoice with a discount offered in Tally Prime 4, how does the system handle GST calculation?

GST is applied on the full amount before discount.

GST is calculated on the discounted selling price.

User needs to manually adjust the GST amount.

The system cannot handle discounts with GST.

97 / 100

97)

When recording a receipt for TDS deducted on rent payment in Tally Prime 4, which account type should be credited?

TDS Payable Account

Rent Expense Account

Cash Account

Bank Account

98 / 100

98)

Tally Prime 4 offers features to manage Input Tax Credit (ITC) on purchases. What document is typically required to claim ITC?

Purchase Order

Delivery Challan

GST E-way Bill

Tax Invoice

99 / 100

99)

When reconciling a bank statement in Tally Prime 4, how can you identify transactions related to GST payments?

There is no specific way to differentiate GST payments.

Use a custom narration containing "GST" for GST payments.

The system automatically categorizes GST payments based on tax heads.

Look for transactions with specific challan numbers associated with GST.

100 / 100

100)

What is the purpose of configuring a TDS contra account in Tally Prime 4?

To track individual TDS deductions made on different payments.

To simplify the process of filing TDS returns.

To reconcile TDS deducted with TDS deposited to the government.

To differentiate between different types of TDS deductions.

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SAP

1 / 100

Small companies having a maximum “-----” number of employees, use SAP Business one.

100

200

300

400

2 / 100

SAP FI module mainly deals with the following financial components

Fixed assets

Cash journal

Accounts receivable and payable

All of the above.

3 / 100

SAP F1 comprises of some sub-components such as

"Finance Accounting General Ledger "

"Finance Accounting Asset Accounting "

"Finance Accounting Fund Management "

All of the above.

4 / 100

Which are the constituents of SAP Business Suite?

SAP ERP 6.0

SAP SRM 7.0

SAP R3

Both (a) and (b)

5 / 100

SAP provides a ------- range of enterprise software applications and business solutions to empower every aspect of the business.

Limited

Wide

Extensive

Comprehensive

6 / 100

Moving among different sessions in SAP system leads to

Log off

Data Warehousing

No Data Loss

Loss of Data

7 / 100

SAP is basically divided into -------- layers

One

Two

Three

Multiple

8 / 100

SAP FI stands for

Financial Accounting

Finance Accounting

Feature Accounting

None of these.

9 / 100

In SAP F1 ------ account is required to record business transactions of an organization.

SAP Profit and Loss Statement

SAP Balance Sheet

General Ledger (G/L) account

None of these

10 / 100

10)

SAP ERP software is developed by the

German company SAP SE

American Company SAP ERP

Infosys SAP ERP

None of these

11 / 100

11)

A transaction code is a variable length character code that takes you directly to the screen for the task you wish to perform

TRUE

FALSE

Based on situation

None of the above

12 / 100

12)

What transaction code in SAP is used to post a vendor invoice?

FV60

FB60

MIRO

F-43

13 / 100

13)

What is the purpose of the "Special G/L Indicator" field in SAP FICO?

To identify special types of general ledger accounts

To indicate that an item is related to a down payment request

To specify alternative reconciliation accounts

To define tax codes for specific transactions

14 / 100

14)

What is the purpose of the "Field Status Group" in SAP FICO?

To determine the document type for posting

To control which fields are required, optional, or suppressed in master records

To define the number range for document numbering

To specify the chart of accounts to be used

15 / 100

15)

The length of G/L account number should be mentioned in

G/L account groups

G/L account

Chart of accounts

None of the above

16 / 100

16)

The G/L account becomes a complete G/L account

" if we have added the company code segment to chart of account segment "

if we have created both company code segment and chart of account segment centrally

if we have created chart of account

if we have copied the chart of account segment from other company code

17 / 100

17)

Which transaction code in SAP FICO is used to post a credit memo?

FB50

F-43

F-28

FB75

18 / 100

18)

The appearance of the company code segment of a G/L account is based on

account group entered in the chart of account segment

group account number entered in chart of account segment

assignment of group chart of account in chart of account

none of the above

19 / 100

19)

If we are using the same chart of account in more than one company code

the company code segments are same in all company codes

the account name and account number is the same in all company codes

the currency in company code segment in all company codes is the same

the group account number is different in all company codes

20 / 100

20)

What document type is typically used for posting incoming payments from customers in SAP?

21 / 100

21)

What does the term "Chart of Accounts" refer to in SAP FICO?

A list of all customer accounts

A list of all vendor accounts

A list of all general ledger accounts

A list of all asset accounts

22 / 100

22)

The appearance of an account master data is based on

account number

field status

chart of account

none of the above

23 / 100

23)

Creation of duplicate accounts in A/P can be prevented by using

the match code before creating the new account

sensitive dual control

switching on automatic duplication check

A,C

24 / 100

24)

Which of the following statements are true, when you are considering the major controls of document types

"the account types allowed for postings "

the field status of head text and reference number

posting keys

A.B

25 / 100

25)

By mentioning the base line date, cash discount periods, and cash discount percentage rate in payment terms, system will calculate

due date of the invoice and cash discount

due date only

cash discount only

none of the above

26 / 100

26)

In SAP FICO, what is the purpose of a tolerance group for employees?

To define currency exchange rates

To control posting amounts within predefined limits

To manage vendor master data

To configure depreciation areas

27 / 100

27)

All data and programs are contained in

Application server , Database Server

AWS Server

Container Server

none of the above

28 / 100

28)

Which SAP FICO module is responsible for managing internal orders and profitability analysis?

Financial Accounting (FI)

Controlling Module

Cost Element Accounting (CO-OM-CEL)

Profit Center Accounting (EC-PCA)

29 / 100

29)

What transaction code is used in SAP FICO to display the details of a posted journal entry?

FB03

FBL3N

F-02

FAGLL03

30 / 100

30)

What is the purpose of the "Posting Key" in SAP FICO?

To identify the type of transaction being posted

To specify the general ledger account to be debited or credited

To determine the document type for posting

To control the field status of certain fields in a document

31 / 100

31)

In SAP FICO, what is the purpose of the "Business Area" field?

To indicate the company code associated with a transaction

To specify the currency in which a transaction is recorded

To identify the functional area responsible for a transaction

To determine the valuation area for inventory

32 / 100

32)

Which SAP FICO component is used for managing bank accounts and cash transactions?

Financial Accounting

Asset Accounting

Bank Accounting

Controlling (CO)

33 / 100

33)

What transaction code is used in SAP FICO to create a new customer master record?

FK01

FSP0

FS00

XD01

34 / 100

34)

What is the purpose of the "Payment Terms" field in SAP FICO?

To identify the functional area responsible for a transaction

To control the field status of certain fields in a document

To specify the terms of payment for a vendor invoice

To determine the document type for posting

35 / 100

35)

Which of the following is a standard report in SAP FICO used for displaying the balance of accounts?

FBL3N

FB03

FBL1N

FAGLL03

36 / 100

36)

Which SAP FICO component is used for managing fixed assets?

Financial Accounting

Asset Accounting

Controlling

Funds Management

37 / 100

37)

What is the purpose of the "Company Code" in SAP FICO?

To specify the currency in which a transaction is recorded

To identify the functional area responsible for a transaction

To indicate the legal entity for which financial statements are prepared

To determine the valuation area for inventory

38 / 100

38)

In SAP FICO, what is the purpose of the "Customer Group" field?

To determine the valuation area for inventory

To identify the functional area responsible for a transaction

To control which fields are required, optional, or suppressed in master records

To classify customers based on common characteristics

39 / 100

39)

What transaction code is used in SAP FICO to post an outgoing payment to a vendor?

F-54

FB60

F-53

F-48

40 / 100

40)

Which SAP FICO component is used for managing cost centers and internal orders?

Financial Accounting (FI)

Controlling Module

Cost Element Accounting (CO-OM-CEL)

"Profit Center Accounting (EC-PCA) "

41 / 100

41)

What are the Three Distinct Characteristics of FI-GL.

Multi-currency capability , Flexible real-time reporting, Real-time transaction entries

Limited currency options, Fixed reporting schedule, Batch transaction entries

"Single-currency capability, Fixed reporting structure, Delayed transaction entries. "

Multi-language capability, Fixed real-time reporting, Manual transaction entries

42 / 100

42)

What does the term "Accounts Payable" refer to in SAP FICO?

Money owed by customers to the company

Money owed by the company to vendors and suppliers

The total assets of the company

The total liabilities of the company

43 / 100

43)

What does the term "document splitting" refer to in SAP FICO?

The process of creating a new company code

The process of splitting a financial document into multiple segments for reporting purposes

The process of posting a journal entry

The process of archiving financial documents

44 / 100

44)

What is the purpose of the "Document Type" in SAP FICO?

To specify the general ledger account to be debited or credited

To identify the type of transaction being posted

To control which fields are required, optional, or suppressed in master records

To determine the valuation area for inventory

45 / 100

45)

In SAP FICO, what is the purpose of the "Cost Center" field?

To identify the functional area responsible for a transaction

To classify customers based on common characteristics

To specify the terms of payment for a vendor invoice

To assign expenses and revenues to specific areas of the organization

46 / 100

46)

Which SAP FICO component is used for managing vendor master records and purchase transactions?

Financial Accounting (FI)

Asset Accounting (AA)

Materials Management (MM)

Controlling (CO)

47 / 100

47)

What transaction code is used in SAP FICO to display the list of open items for a customer?

FBL5N

FBL1N

FB03

F-44

48 / 100

48)

In SAP FICO, what is the purpose of the asset class?

To define the chart of accounts

To group similar assets for reporting and depreciation purposes

To configure automatic payment programs

To manage exchange rates

49 / 100

49)

Which SAP FICO component is used for managing internal orders and cost controlling?

Financial Accounting (FI)

Asset Accounting (AA)

Controlling (CO)

Funds Management (FM)

50 / 100

50)

What is the purpose of the "Payment Method" field in SAP FICO?

To specify the terms of payment for a vendor invoice

To determine the tax rate applicable to a transaction

To identify the functional area responsible for a transaction

To indicate the method by which a payment is made

51 / 100

51)

Which transaction code in SAP FICO is used to create a new general ledger account?

FS00

FSP0

F-02

FB50

52 / 100

52)

In SAP FICO, what is the purpose of the "Customer Group" field?

To determine the valuation area for inventory

To identify the functional area responsible for a transaction

To control which fields are required, optional, or suppressed in master records

To classify customers based on common characteristics

53 / 100

53)

What is the purpose of the profit center in SAP Controlling (CO)?

To manage cost centers

To track profitability for segments of the organization

To define the organization's legal entities

To create vendor master records

54 / 100

54)

What transaction code is used in SAP FICO to post an incoming payment from a customer?

FB60

F-51

F-44

F-28

55 / 100

55)

Which SAP FICO component is used for internal reporting purposes?

Financial Accounting (FI)

Asset Accounting (AA)

Controlling (CO)

Funds Management (FM)

56 / 100

56)

Which SAP FICO component is used for managing vendor master records and purchase transactions?

Financial Accounting (FI)

Asset Accounting (AA)

Materials Management (MM)

Controlling (CO)

57 / 100

57)

What is the purpose of the "Tax Code" field in SAP FICO?

To specify the general ledger account to be debited or credited

To determine the document type for posting

To indicate the company code associated with a transaction

To determine the tax rate applicable to a transaction

58 / 100

58)

What does the term "Asset Accounting" refer to in SAP FICO?

The process of managing bank accounts and cash transactions

The process of managing fixed assets and depreciation

The process of managing cost centers and internal orders

The process of managing accounts payable and accounts receivable

59 / 100

59)

What does the term "Accounts Receivable" refer to in SAP FICO?

Money owed by customers to the company

Money owed by the company to vendors and suppliers

The total assets of the company

The total liabilities of the company

60 / 100

60)

What transaction code is used in SAP FICO to create a new asset master record?

AS01

AFAB

F-02

FB01

61 / 100

61)

Which SAP FICO component is used for managing exchange rates and currency valuation?

Financial Accounting (FI)

Asset Accounting (AA)

Bank Accounting (FI-BL)

Controlling (CO)

62 / 100

62)

What is the purpose of the "Number Range" in SAP FICO?

To specify the terms of payment for a vendor invoice

To control which fields are required, optional, or suppressed in master records

To determine the document type for posting

To assign unique identifiers to documents, master records, and transactions

63 / 100

63)

In SAP FICO, what is the purpose of the "Reference Document" field?

To specify the terms of payment for a vendor invoice

To identify the functional area responsible for a transaction

To control which fields are required, optional, or suppressed in master records

To link a transaction to a related document or source

64 / 100

64)

Which SAP FICO component is used for managing profit centers and segment reporting?

"Financial Accounting (FI) "

Asset Accounting (AA)

Profit Center Accounting (EC-PCA)

Controlling (CO)

65 / 100

65)

What does the term "Cost Center" refer to in SAP FICO?

A unit within an organization responsible for costs and revenues

A unit within an organization responsible for managing fixed assets

A unit within an organization responsible for managing vendor master records

A unit within an organization responsible for managing bank accounts and cash transactions

66 / 100

66)

What is the purpose of the "Account Group" in SAP FICO?

To classify accounts based on common characteristics

To specify the terms of payment for a vendor invoice

To determine the document type for posting

To control which fields are required, optional, or suppressed in master records

67 / 100

67)

What transaction code is used in SAP FICO to display the general ledger master record?

FS00

FK01

FSP0

XD01

68 / 100

68)

In SAP FICO, what is the purpose of the "Chart of Depreciation"?

To specify the terms of payment for a vendor invoice

To determine the document type for posting

To define the depreciation areas and methods for asset accounting

To classify accounts based on common characteristics

69 / 100

69)

What transaction code is used in SAP FICO to create a new vendor master record?

FK01

XD01

FSP0

FS00

70 / 100

70)

What does the term "Profit Center" refer to in SAP FICO?

A unit within an organization responsible for costs and revenues

A unit within an organization responsible for managing bank accounts and cash transactions

A unit within an organization responsible for managing vendor master records

A unit within an organization responsible for managing profit and loss

71 / 100

71)

Which SAP FICO component is used for managing tax-related transactions and reporting?

Financial Accounting (FI)

Asset Accounting (AA)

Tax Accounting (FI-TAX)

Controlling (CO)

72 / 100

72)

What is the purpose of the "Document Date" in SAP FICO?

To specify the date on which a transaction is recorded in the general ledger

To determine the document type for posting

To control which fields are required, optional, or suppressed in master records

To indicate the company code associated with a transaction

73 / 100

73)

In SAP FICO, what is the purpose of the "Vendor Group" field?

To classify vendors based on common characteristics

To determine the valuation area for inventory

To specify the currency in which a transaction is recorded

To identify the functional area responsible for a transaction

74 / 100

74)

In SAP FICO, what is the purpose of the "Posting Date"?

To specify the date on which a transaction is recorded in the general ledger

To determine the document type for posting

To control which fields are required, optional, or suppressed in master records

To indicate the company code associated with a transaction

75 / 100

75)

What transaction code is used in SAP FICO to display the list of open items for a vendor?

FBL5N

FBL1N

F-44

FB03

76 / 100

76)

What does the term "Segment Reporting" refer to in SAP FICO?

The process of reporting on the performance of individual business units or segments

The process of reporting on fixed assets and depreciation

The process of managing bank accounts and cash transactions

The process of managing profit centers and segment accounting

77 / 100

77)

Which SAP FICO component is used for managing customer credit limits and credit control?

Financial Accounting (FI)

Asset Accounting (AA)

Credit Management (FI-AR-CR)

Controlling (CO)

78 / 100

78)

What is the purpose of the "Document Header Text" in SAP FICO?

To specify the terms of payment for a vendor invoice

To determine the document type for posting

To provide additional information or comments about a transaction

To control which fields are required, optional, or suppressed in master records

79 / 100

79)

In SAP FICO, what is the purpose of the "Business Area" field?

To identify the functional area responsible for a transaction

To specify the currency in which a transaction is recorded

To indicate the company code associated with a transaction

"To determine the valuation area for inventory "

80 / 100

80)

What transaction code is used in SAP FICO to display the details of a customer account?

FBL3N

FD10N

FS00

FB03

81 / 100

81)

What does the term "Internal Order" refer to in SAP FICO?

A cost object used for tracking costs and revenues associated with specific activities or projects

A unit within an organization responsible for managing bank accounts and cash transactions

A unit within an organization responsible for managing fixed assets and depreciation

A unit within an organization responsible for managing profit centers and segment reporting

82 / 100

82)

Which SAP FICO component is used for managing financial planning, budgeting, and forecasting?

Financial Accounting (FI)

Asset Accounting (AA)

Funds Management (FM)

Controlling (CO)

83 / 100

83)

What is the purpose of the "Account Assignment Group" in SAP FICO?

To specify the terms of payment for a vendor invoice

To control which fields are required, optional, or suppressed in master records

To classify accounts based on common characteristics

To determine the document type for posting

84 / 100

84)

In SAP FICO, what is the purpose of the "Payment Block" field?

To specify the terms of payment for a vendor invoice

To control which fields are required, optional, or suppressed in master records

To determine the tax rate applicable to a transaction

To indicate that a payment should be blocked for processing

85 / 100

85)

What transaction code is used in SAP FICO to create a new asset class?

AO90

AS01

FS00

AFAB

86 / 100

86)

What does the term "Financial Statement Version" refer to in SAP FICO?

A list of all general ledger accounts

A set of financial statements customized to meet specific reporting requirements

A list of all customer accounts

A list of all vendor accounts

87 / 100

87)

Which SAP FICO component is used for managing accruals and deferrals?

Financial Accounting (FI)

Asset Accounting (AA)

Special Purpose Ledger (FI-SL)

Controlling (CO)

88 / 100

88)

In SAP FICO, what is the purpose of the "Asset Number"?

To specify the terms of payment for a vendor invoice

To provide additional information or comments about an asset

To control which fields are required, optional, or suppressed in asset master records

To assign a unique identifier to an asset master record

89 / 100

89)

What transaction code is used in SAP FICO to create a new profit center?

KE51

FS00

FSP0

KS01

90 / 100

90)

Which SAP FICO component is used for managing profit and loss statements and financial reporting?

Financial Accounting (FI)

Asset Accounting (AA)

Profitability Analysis (CO-PA)

Controlling (CO)

91 / 100

91)

What transaction code is used in SAP FICO to display the list of open items for a vendor?

FBL1N

FBL5N

F-44

FB03

92 / 100

92)

What does the term "Asset Under Construction" refer to in SAP FICO?

An asset that is being constructed or developed for future use

An asset that has been fully depreciated and is no longer in use

An asset that is leased or rented from another company

An asset that has been sold or disposed of

93 / 100

93)

Which SAP FICO component is used for managing travel expenses and reimbursements?

Financial Accounting

Asset Accounting (AA)

Travel Management (FI-TV)

Controlling (CO)

94 / 100

94)

What is the purpose of the "Posting Key" in SAP FICO?

To specify the type of transaction being posted

To determine the account to be debited or credited

To control which fields are required, optional, or suppressed in master records

To determine the document type for posting

95 / 100

95)

In SAP FICO, what is the purpose of the "Assignment" field?

To specify the terms of payment for a vendor invoice

To control which fields are required, optional, or suppressed in master records

To provide additional information or comments about a transaction

To link a transaction to a related document or source

96 / 100

96)

What transaction code is used in SAP FICO to post a customer invoice?

FB60

F-22

F-43

F-51

97 / 100

97)

What does the term "Document Parking" refer to in SAP FICO?

The process of approving a document for posting.

The process of creating a new document in the system

The process of temporarily saving a document without posting it to the general ledger

The process of archiving financial documents

98 / 100

98)

Which SAP FICO component is used for managing credit control and collections?

Financial Accounting (FI)

Asset Accounting (AA)

Credit Management (FI-AR-CR)

Controlling (CO)

99 / 100

99)

What does the term "Document Reversal" refer to in SAP FICO?

The process of voiding or canceling a posted document

The process of approving a document for posting

The process of temporarily saving a document without posting it to the general ledger

The process of creating a new document in the system

100 / 100

100)

Which SAP FICO component is used for managing financial consolidation and group reporting?

Financial Accounting (FI)

Asset Accounting (AA)

Special Purpose Ledger (FI-SL)

Consolidation (EC-CS)

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