Accounting Tally & Peach Tree - previous questions

Accounting Tally & Peach Tree

Note:
● These questions are given only to indicate the nature of questions for the Final Examination.
● The Final examination questions will not be confined to the ones in this question bank
● The ATCs may prepare the Question Paper for the Model examination with the
questions from this Question Bank

Part - I Choose the correct answer
(1 Mark each)

1) The valuable things owned by the business are called ..........….....
a) assets
b) capital
d) none of these

2) Suppliers  are called .............. Peachtree
a) Customer
b) Vendor
c) Creditor

3) Assets which are held for a short period is known as ..............……
a)  current assets
b) circulating asset
c) both a&b

4) Recording of transactions in the journal is called ..............
a) Posting
b) Journalizing
c) Balancing

5) Gross profit is the difference between .…..…......
a) Sales and Purchase
b) Sales and cost of goods sold
c) Sales and total cost

6) The person who owes money to us are called ................…..
a) Debtor
b)Creditor
c)Owner

7) A combination of two or more simple journal entries known as .....…...........
a) compound entry
b) complex entry
c) none

8) The short explanation of journal entry is known as ..................
a) note
b) narration
c) index

9) The Journal is a book of .........…...... entry
a) prime
b) original
c) secondary

10) Purchase of machinery should be debited to .……...…..
a) purchase a/c
b) machane a/c
c) cash a/c

11) Debit balance of cash book indicates  …..........
a) cash in hand
b) loss
c) none

12) Goodwill is ................ assets
a) tangible
b) intangible
c) current

13) .................. is prepared to ascertain the gross profit or gross loss
a) Balance sheet
b) Trial Balance
c) trading account

14) The amount of goods Withdrawn by the properties for his personal use is termed ...........
a) capital
b) drawings
c) withdrawal

15) Changes in ledger accounts can be made in .…......…... mode
a) Display
b) alter
c) create

16) The decrease in the value of asset is known as ..............
a) depreciation
b) reduction
c) decline

17) A Bank Reconciliation Statement is prepared by ......…..…...
a) Banker
b) Customer
c) Debtor

18) Capital comes under ................. group in Peachtree
a) Equity gets closed
b) current liability
c) Equity retained earnings

19) The main window of Tally is called
a) Account info
b) Display
c) Gateway of Tally

20) ................ assets used for selling purpose
a) Fixed Asset
b) in tangible Asset
b) current Asset

21) A firm purchase computers for sales these computers are ............. for the business
a) Purchase
b) Current Asset
c) Sales 
d) Capital

22) incomes and expenses is a .................. Account
a) Personal
b) Nominal
c)Real 

d)None of these

23) Billing name of product is called ...............
a) Stock group
b) Stock category
c)Stock item
d) None of these

24) Depreciation refers to a ............... in the value of fixed assets
a) Change
b) Decrease
c) Fluctuation
d)None of these

25) Capital is ......…...... to the business
a) Assets
b) income
c) Liabilities
d) Expense

26) ....…......... represents the investment made by the owners in the business
a) Capital
b) Assets
c) Income

27) Ledger is a book of ...........
a) Original entry
b)Primary entry
c) Secondary entry

28) The process of transferring journal entries into the ledger is called
a) Posting
b) Balancing
c) Totalling

29) In Peachtree the charts of accounts has .............
a) General header field
b) Budget header field
c) General & Budget header fields

30) Bank account is ................ Account
a) personal
b) real
c) none

31) In Tally .............. is the shortcut key to change the date of a voucher
a) F2
b) F8
c) F7

32) Trial Balance is ...............…
a) statement
b) an account
c) a summary

33) City medicals purchased Furniture for Rs 10,000 on credit from New wood
Furniture It is a case of ........…
a) Bank account Dr 10,000
b) New wood Furniture Dr 10,000
c) New wood Furniture Cr 10,000

34) In Peachtree the customer ID can be upto .................. character length
a) 20
b) 12
c) 15

35) Salaries paid to Sabu amounting to Rs.900 will be debited to ............
a) Salaries account
b) Sabu's account
c) trading account

36) ....….….... balance of pass book shows an overdraft
a) debit
b) credit
c) Either credit or debit

37) In Tally the ............... function key is used to get Sales Voucher Entry Screen
a) F8
b) F5
c) F4

38) All operating expenses are debited in the ................ account
a) Trading
b) Profit &Loss
c) Cash

Part II Fill in the blanks

(2 Marks each)

39) Depreciations come under ...….... group in tally

40) Expenses paid before current date is called …..........

41) Purchase order command is located ............. menu in Peachtree

42) The posting method of Peachtree is .............

43) Outstandings comes under ............. group in Tally

44) In Trading account the expenditure is greater than sales s known as ................

45) Expenses which are incurred routine business expenses are called .................

46) Income statement is known as ...............

47) Liabilities which are expected to be payable within one year are called ...............

48) The expenses related to current year but remain unpaid is called ................

49) The shortcut key to close a company is ...............

50) Cash book always shows ................ Balance

51) The object of preparing income statement is to ascertain ..................

52) Financial Statement is collectively called ...............

53) Double entry system was invented by ................

54) A bank reconciliation statement is prepared by ..............

55) ................. key is used for receipts in Tally

56) in Nominal account ............… all expenses and losses and all incomes and gains

57) ............... key is used to delete a company

58) Ledger accounts are prepared in .................. form having two equal sides

59) In Real account ............. what comes in and ................ what goes out

60) L/F stands for ..............

61) To select a company ................. Function key is used

62) The index value of Capital account is ................

63) The index value of cash in hand is ..............

Part-lll State whether True or False

(1 Mark each)

64) Sales returns are also called returns inwards

65) Customers come under.accounts receivable group in Peachtree

66) Balance sheet is a statement

67) Ctrl + F8 key is used to activate debit note voucher in Tally

68) The balance arrived on P&L account is transferred to capital account

69) Journal voucher is used for adjustment transactions

70) Cash or a valuables owned by a business is a liability

71) Revenues are amounts earned by selling the products of a concern

72) The two sides of a balance sheet will always tally

73) The difference in the balance s transferred to suspense account

74) Vendors comes under accounts payable group in Peachtree

75) Bad debt comes under indirect expenses group in Tally

76) When debit side is greater than credit side, in trading account it is called good profit

77) Banks come under cash account group in Peachtree

78) F6 key is used for payments in Tally

79) Personal a/c affects only properties of the business

80) Closing stock is an income

81) Alt + C key is used for create secondary ledger in Tally

82) Peachtree follows cash accounting methord

83) Product name is called stock group

84) Fixed assets are constantly used in the business

85) All the transactions of financial nature are not recorded in the books of accounts

86) To create more than one ledger under a single account group is called Multiple
Ledger

87) The goods available with the business for sale on a particular date is termed as
stock

88) Depreciation is the process of allocation of cost

89) Revenues are amounts earned by selling the products of a concern

90) The amount received from the sale of fixed asset is capital receipt

91) The preparation of trial balance is based on the fundamental principle of double
entry book keeping

92) The cash book represents the true position of transactions

93) The sellers of goods on credit to the firm are known as its creditors for goods

94) Preparation of trial balance is compulsory

95) On payment of salary to employees,  salary account is credited

96) Cash book is the most important subsidiary book

97) The outstanding expenses are related to the current year but remain unpaid

98)  Rent rates and taxes are credited to trading account

99) System generated Reserve groups cannot be deleted

100) All pending bills are overdue bills

Part-IV Answer the following

(5 Marks each )

101) Distinguish between cash discount and trade discount

102) Explain Bank Reconciliation Statement and Pass book

103) Calculate the gross profit of the following
Opening stock        10,000/-
Purchases                30,000/-
Direct Expenses      4,000/-
Sales                          70,000/-
Closing Stock          12,000/-

104) What is an asset? Explain the difference between fixed assets and current asset?

105) What meant by trial balance? Draw the form of a trial balance

106) Explain the difference between Profit & Loss account and Balance sheet

107) Explain Journal and Ledger

108) Explain Types of Accounts and Debit and Credit Rules of these Accounts

109) Write about Receipt Note and Delivery Note?

110) Draw the general ledger creation form and structure in Peachtree?

111) Write about purchase order and sales order?

112) What are the compulsory things to be specified when creating a company in
Peachtree?

113) Draw the Peachtree startup screen explain the structure of Peachtree screen?

114) Write about Drawing and Capital?

115) Explain the structure of Tally screen?

116) What are the main features computerized accounting?

117) Debit and Credit rules of personal, Real and Nominal Account?

118) Journalize the following transaction?
a) 01-04-2007 Commenced business with cash Rs 25,000/-
b) 02-04-2007 Cash deposited to Canara Bank Rs 5,000/-
c) 03-04-2007 Paid salary Rs 2,000/- cash
d) 03-04-2007 Salary outstanding Rs 500/-