KLiC Certificate in Financial Accounting with Tally ERP questions and answers,klic tally exam question paper,tally exam questions and answers,tally era

Qus 1:- A cost centre can be grouped under another cost centre?

 Ans:-True

Qus 2:-You will find a predefined cost category when you enable to cost centre feature in Tally.ERP 9?

Ans:-True

Qus 3:-A cost category facilities three dimensional reporting of expenditure and revenue .which of the following is not a example of a cost category?

Ans:-Salary wise

Qus 4:-The sales team of the company began customer visits for giving demonstrations of some software .The company provided rupees 25000 towards their transportation and food expenses. Out of these rupees 15000 are allocated for Gita and rupees 10000 for Sita. Identify the cost centres and cost categories for the above example?

Ans:-Employees as cost category, Geeta and sita ad cost centre

Qus 5:-A cost category facilities three dimensional reporting of expenditure and revenue. Which of the following is not an example of a cost category?

Ans :-Salary wise

Qus 6:-From the cost category summery report below, you can understand that in this company, there are ______ most cost categories other then the predefined cost ones?

Ans :-2

Qus 7:-Refer to the screenshot below and the answer are following questions. The interest parameters shown in the above figure is related _______ interest calculation mode?

Ans :-Advanced parmeters

Qus 8:-The interest parameters screen clearly show compound interest calculations?

Ans :-False

Qus 9:- _______ is the rate for the financial year 2017-2018?

Ans :-0.15

Qus 10 :- The _____ interest style is used for the example shown in the above screenshot?

ANS :-1 Year(365 days)

Qus 11:-The interest rate if 15.5% shown in the above screenshot is for debit balances only?


Ans :- True

Qus 12:-Refer to the screenshot below and answer the following questions. The screenshot shown above is the screen ________ ?

Ans :-Class creation

Qus 13:-The SI class shown above is for interest calculation?

Ans :- True

Qus 14:- The example shown above is an examples of class for?

Ans :- simple interest calculaton

Qus 15:- For the example shown in the above screenshot. If you set account to be treated as compound Interest to yes than the simple interest class will calculate compound interest?

Ans :- True

Qus 16:-Read and understand the report shown in the image below. Now, find out the total expense amount for the Sales Department Cost Category. Select the correct answer option?

Ans :-2,500

Qus 17:-The cost expenses of Rs.40,000 is allocated to _______ cost centre. Refer to the image below to identify the cost centre?

Ans :-Junior

Qus 18:-In the above example, the simple interest class or created in the debit or credit note to enable interest calculation?

Ans :-True

Qus 19:- To activate interest calculation in simple mode or with simple parameter from GWT, press _______ and enable “Activate Interest calculation” from Accounts feature/

Ans :- F1:Feature


Qus 20:- To activate interest calculation in advanced mode or with advanced parameter from GWT, press F11:Features > F1:Accounts > disable “activate interest calculation” and enable use advanced parameters?

Ans :- False

Qus 21:- The main difference between simple mode interest calculations and advanced mode interest calculations is ___________?

Ans :- Simple mode requires minimum configuration for interest calculations whereas advanced mode is used when interest rate changes periodically

Qus 22:- In the books of Omega Silk, Bank reconciliations and voucher dates are different. We cannot calculate interest on outstanding balance of bank account by considering bank reconciliation date in Tally?

Ans :- False

Qus 23:- To calculate interest on outstanding balances of bank account as per bank dates set _____ option to bank/Reco date in interest parameter screen?

Ans :- Calculate interest based on

Qus 24:- Refer to the screenshot below the answer the following questions. The above screenshot shows the budget create for _______?

Ans :-Ledger

Qus 25 :- The above screenshot shows the on net transection budget type?

Ans :-True

Qus 26:- The budget set for the advertisement ledger is Rs. ________?

Ans :-5,00,000

Qus 27:- The _______ shortcut keys is used to view budget variance report in the trial balance?

ANS :- Alt+B

Qus 28:- If the “maintain budgets and controls” Features is enabled in the accounting features screen then the budget variance report is available even through no. budget was created?

ANS :- False

Qus 29:- The ratio analysis reports is divided into _____ and ______?

ANS :- Principal Ratio and Principal groups

Qus 30:- The Nett working capital is calculated by substracting current liabilities from ________?

Ans :- Current assets

Qus 31:- As per accounting standard-3, cash flow is classified into which activities?

Ans :- All of the above

Qus 32:- The cash flow statement is based on which accounting type?
Ans :- Credit basis of accounting

Qus 33:- In which statement is the working capital statement prepared?
Ans :-Funds flow statement

Qus 34:- Tax deducted at source(TDS) is an indirect tax collected at the prescribed rate from the income source?
Ans :- True

Qus 35:- ________ is one of the modes for collecting income tax at source?
Ans :- TDS

Qus 36:- To create the TDS nature of payment you need to go to Gateway of Tally>Accounts info.>Statutory info.>TDS nature of payments>create?
Ans :- True

Qus 37:- In Tally, you can book expanses by recording the _________ voucher?
Ans :- Journal

Qus 38:- As per the income tax act, every corporate and government entity is liable for ______ of TDS?
Ans :- Deduction

Qus 39:- If you made the payment through a cheque then you need to create the nature of payment of commission expenses?

Ans :- True

Qus 40:- Which form is required to submit the TDS details for all payments?

Ans :- From 26

Qus 41:- To submit the TDS details for all payments expect for the salaries paid, From 26Q is required?

Ans :- False

Qus 42:- In the From 26Q, stands for report?

Ans :- Quarterly

Qus 43:- _________ ae special journals that are automatically reversed after a specified date?

Ans :- Reversing journals

Qus 44:- Reversing journals are not posted to any books of accounts and cannot be included in regular reports?

Ans :- True

Qus 45:- Reversing journals and memorandum vouchers are predefined accounting vouchers included in Tally.ERP 9?

Ans :- False

Qus 46:- To activate reversing journal, go to F11: Accounting Features and set _____________ to yes?

Ans :- Use Reversing journals & Optional vouchers

Qus 47:- To view reversing journals register, go to Gateway of Tally > Display > _______ > Reversing journals?

Ans :- Exception Reports

Qus 48:- When actual spending is more than the budget, It is called _______ ?

Ans :- Over budget

Qus 49:- In the Tally, the difference of actual and budgeted are available in the _______ reports?

Ans :- Budget balance

Qus 50:- In ratio analysis, the recievable turn over ratio displays the _______?

Ans :- Payments performance of debtors