MCQ on Tally Prime Part 3

Accounting & Company Management (1–20)

1. Which key is used to shut a company in Tally Prime?
   a) Alt + F1 ✅
   b) Ctrl + F1
   c) Alt + F2
   d) Ctrl + Q

2. What is the use of ‘Alt + F3’ in Tally Prime?
   a) Create company
   b) Company Info Menu ✅
   c) Day Book
   d) Alter Ledger

3. In Tally, how many predefined groups exist by default?
   a) 25
   b) 28
   c) 30 ✅
   d) 20

4. Which account type does ‘Capital Account’ belong to?
   a) Revenue
   b) Liability ✅
   c) Expense
   d) Asset

5. Which group does ‘Bank Account’ come under in Tally?
   a) Loan
   b) Current Asset
   c) Bank Accounts ✅
   d) Capital Account

6. To change the financial year of a company, which menu do you use?
   a) Gateway of Tally
   b) Alter Company ✅
   c) F12 Configuration
   d) Display

7. Which option is used to split company data?
   a) Backup
   b) Restore
   c) Split Company Data ✅
   d) Merge Company

8. How can we delete a company in Tally Prime?
   a) Select Company → Alt + D ✅
   b) Company Info → Delete
   c) F11 → Delete
   d) Alt + X

9. Which group does ‘Outstanding Salary’ belong to?
   a) Direct Expense
   b) Current Liabilities ✅
   c) Indirect Expense
   d) Provisions

10. Profit & Loss Account shows the result for which period?
    a) Lifetime
    b) Quarterly
    c) One Financial Year ✅
    d) Monthly

11. Which key is used to activate features in Tally?
    a) Alt + F3
    b) F11 ✅
    c) F10
    d) Alt + F1

12. How to open the ‘Chart of Accounts’ in Tally Prime?
    a) Ctrl + A
    b) Alt + G, type “Chart of Accounts” ✅
    c) Alt + C
    d) F12

13. Tally Vault password is used to:
    a) Create ledgers
    b) Restrict viewing of data ✅
    c) Take backup
    d) Email reports

14. Which menu is used to view and manage company data in Tally?
    a) Utilities
    b) Data Management ✅
    c) Display
    d) Features

15. What does ‘Gateway of Tally’ mean?
    a) Menu bar
    b) Entry point to all functions ✅
    c) Voucher entry area
    d) Report generation tool

16. Which group does ‘Sundry Debtors’ belong to?
    a) Direct Incomes
    b) Current Liabilities
    c) Current Assets ✅
    d) Fixed Assets

17. What is the use of the F2 key in Tally?
    a) Exit
    b) Change Period
    c) Change Date ✅
    d) Change Company

18. Which type of account is ‘Salary’ in Tally?
    a) Fixed Asset
    b) Direct Income
    c) Indirect Expense ✅
    d) Liability

19. What is the purpose of a ledger in Tally?
    a) To store inventory
    b) Record transactions ✅
    c) Change voucher
    d) Export data

20. Which ledger comes under ‘Indirect Income’?
    a) Discount Received ✅
    b) Salary
    c) Rent Paid
    d) Purchase