Tally MCQs

Question 1

Which of the following is not a transaction

Accepted Answer

An employee is dismissed from the job

Answer

Goods are purchased on cash basis for Rs 1000

Answer

Salaries paid for the month of May 20XX

Answer

Land is purchased for Rs 10 lakhs

Question 2

Bank account is ________

Accepted Answer

Personal account

Answer

Real account

Answer

Nominal account

Answer

Intangible real account

Question 3

Income earned but not received is known as ________

Accepted Answer

Accrued income

Answer

Advance income

Answer

Proposed income

Answer

Earned income

Question 4

_____ refers the amount invested by the owner into business

Accepted Answer

Capital

Answer

Loan

Answer

Advance

Answer

Prepaid expenses

Question 5

_______ is the major source of revenue of any business

Accepted Answer

Sales

Answer

Investment

Answer

Advances

Answer

Loan

Question 6

Assets acquired for long term use in the business are called ________

Accepted Answer

Fixed assets

Answer

Current assets

Answer

Fictitious assets

Answer

Liquid asset

Question 7

A person who owes money to the business is a ________

Accepted Answer

Debtor

Answer

Creditor

Answer

Investor

Answer

Supplier

Question 8

Accrued income comes under

Accepted Answer

Current asset

Answer

Current liability

Answer

Capital

Answer

Fixed asset

Question 9

Taxes paid come under which group

Accepted Answer

Duties and taxes

Answer

Capital

Answer

Loans and liabilities

Answer

Direct expenses