Tally Interview Questions, Tally Interview Questions and Answers

Tally Interview Questions and Answers, Tally Interview Questions and Answers Freshers, Tally Interview Questions and Answers, Tally Interview Questions

Before getting on to the Tally interview questions, the student must know that the Tally is a continuously varying field which needs the students as well as professionals to upgrade their skills with the new features and knowledge, to get fit for the jobs associated with Tally. This post related to Tally Interview Questions and Answers, Tally Interview Questions and Answers Freshers, Tally Interview Questions and Answers, Tally Interview Questions will help you let out find all the solutions that are frequently asked in you upcoming Tally interview.

Over thousands of vacancies available for the Tally developers, experts must be acquaintance with all the component of Tally technologies. This is necessary for the students in order to have in-depth knowledge of the subject so that they can have best employment opportunities in the future. Knowing every little detail about Tally is the best approach to solve the problems linked with problem.

APTRON has spent hours and hours in researching about the Tally Interview Questions and Answers, Tally Interview Questions and Answers Freshers, Tally Interview Questions and Answers, Tally Interview Questions that you might encounter in your upcoming interview.  All these questions will alone help you to crack the interview and make you the best among all your competitors.

First of all, let us tell you about how the Tally technology is evolving in today’s world and how demanding it is in the upcoming years. In fact, according to one study, most of the companies and businesses have moved to the Tally. Now, you cannot predict how huge the future is going to be for the people experienced in the related technologies.

Hence, if you are looking for boosting up your profile and securing your future, Tally will help you in reaching the zenith of your career. Apart from this, you would also have a lot of opportunities as a fresher.

These questions alone are omnipotent. Read and re-read the questions and their solutions to get accustomed to what you will be asked in the interview. These Tally interview questions and answers will also help you on your way to mastering the skills and will take you to the giant world where worldwide and local businesses, huge or medium, are picking up the best and quality Tally professionals.

This ultimate list of best Tally interview questions will ride you through the quick knowledge of the subject and topics like Architecture, Type of Accounts, Accounting Principle, Accounting Features. This Tally interview questions and answers can be your next gateway to your next job as a Tally expert.

These are very Basic Tally Interview Questions and Answers for freshers and experienced both.

Q1: Explain what is Tally and where it can be used?
A1: Tally is a software for accounts and inventory management, which is used for performing many functions like

• Performing all basic accounting functions
• Estimating job costing
• Storing details and managing inventory items
• Managing payroll
• Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc.
• Maintaining budget scenarios
• Calculating interest on the outstanding amount
• Managing data over different locations and synchronize it

Q2: Mention what is the difference between Tally ERP 9 and Tally 7.2?
A2:

Q3: Mention what features are available in Tally ERP 9 for Accounting?
A3: For Accounting Tally ERP 9 offers

• Outstanding Management
• Cost/Profit Centers Management
• Invoicing
• Budget/Scenario Management
• Other features like Cheque Printing, etc.

Q4: Mention what are the functional enhancement or features included into Tally ERP 9?
A4:

• E-mailing option:Users can send accounting reports to multiple recipients along with an additional facility like Net-banking and Printing in various format is provided.
• Accounting Voucher:A new type of numbering feature is added to the voucher, it ensures that the voucher are numbered sequentially
• Print Bank Transaction Details:It provides an option to take the print of bank details on formal receipt
• Credit Limits:The Credit Limit control set for a party ledger will not be applied on sales order. A warning or alert message will pop up on the credit limit, and user can still save the voucher
• CST:Even in a simple format the CST form details entered in the invoice will get printed
• Excise for Manufacturers:All details related to buyers and suppliers can be displayed in the voucher also daily stock register can be maintained according to date wise, multi items types and Tariff wise
• Inventory Vouchers:For inventory section, you can now mention the Godown address and also print the name
• Payroll: New TALLY ERP 9, enables processing of salary according to the National Pension Scheme
• Service Tax: Under journal vouchers, the taxable amount, taxable percentage and notification number will be showed in the service tax details. Auto adjustment of service tax payable can be done against service tax input credit and cenvat
• VAT Option: Recording multiple items with different VAT rates is possible by configuring the setting of “Default Accounting Allocations for Selected Item In Invoice.”
• Tax Audit:Form like 3CB, 3CD and 3CA have been updated as per the requirements of CBDT
• XBRL: The document is constrained to only those companies that have the nature of the report set to consolidated

Q5: Mention what are the two pre-defined ledger available in Tally ERP 9?
A5: In Tally ERP 9, there are two types of pre-defined ledgers

Cash:Under the group Cash-in-hand this ledger is created, you can enter the opening balance as on the books beginning from.

Profit and Loss Account:This ledger is created under the group In this ledger, previous year’s profit or loss is entered as the opening balance of this ledger.

Q6: Mention what is the shortcuts for Voucher Creation and Alteration Screen in Tally ERP 9?
A6: Tally ERP 9, allows to create master (ledger, stock item) on the voucher by the shortcut Alt+C.

To modify any master item on a voucher, we have to select the specific ledger on the sales voucher screen and press Ctrl+Enter.

Q7: Mention the shortcut to repeat the narration on a voucher.
Q7: For repeating the narration on any voucher we should press Ctrl + R.

Q8: What is a group in Tally ERP 9?
A8: Group is a compilation of ledgers of same nature. In any organization, operating costs like electric bills, telephone bill, conveyance, etc. are commonly included in groups. Ledger based on these expenses can be created to be used while accounting vouchers are entered. There are 28 Groups by default in Tally. ERP 9, out of which 15 are Primary Groups and 13 are subgroups.

Q9: Mention the types of vouchers? Also give the shortcut for creating these vouchers?
A9: Types of vouchers that can be created in Tally ERP 9 are: –
** Contra Voucher – (F4): It points the transfer of funds from a bank account to the cash account or cash account to a bank account, or in a different bank account of different banks.
** Payment Voucher – (F5): It explains the historical payments on each account like payment of salary, rental, etc.
** Receipt Voucher – (F6): Describes the transactions that relate to payments received.
** Journal Voucher – (F7): It maintains the expenses to maintain the organization’s running costs.
** Sales/Invoice Voucher – (F8): This voucher describes the sales made, it displays the sale invoice
** Credit Note Voucher – (Cntrl+F8): Entry to this voucher is made when a customer returns the products which wasn’t correctly dispensed.
** Purchase Voucher – (F9): Voucher made for items purchased for running the business like raw materials, etc.
** Debit Note Voucher – (Cntrl+F9): Voucher for keeping records when goods are returned to suppliers due to damage goods.
** Reversing Journals – F10: It is a special entry that gets automatically reversed after the date of the issue.
** Memo Voucher – Cntrl+F10: This voucher marks the unknown expense at a moment of time which can be converted to actual sale voucher, or can be deleted.

Q10: Mention the shortcut to retrieve the last line which is removed in Tally ERP 9?
A10: The shortcut to retrieve the last removed line is Ctrl+U.

Q11: Mention the information preserved by Tally ERP 9 after creating  a company.
A11: Directory of Tally ERP 9 stores the path to the folder where the data will be stored.

Q12: Mention what is the shortcut to recall the last narration saved for the first ledger in the voucher?
The short cut to recall the last narration stored for the first ledger in the voucher is Alt+R.
A12: Explain trial balance and the process to check the trial balance in Tally ERP 9?
Trial Balance is mainly a synopsis of all the ledger balances and checks whether the mathematical accuracy and the information is right and balanced. It is a way to verify that the journal entries are correctly posted in the general ledger. In trial balance, the total of all debt balances should be equal the total of all the credit balances.

Q13: Explain the default configuration of Tally ERP 9 provided for Balance Sheet?
A13: Balance Sheet in Tally ERP 9 displays two different columns with Liabilities and Assets.  The balance sheet also displays the closing balances of all the primary groups and capital accounts along with the net profit for the specified period as required by the organization.

Q14: How can the Books of Accounts in Tally ERP 9 be viewed?
A14: To view the Books of Accounts on Tally ERP 9, we should press D at the entry of Tally ERP 9 to pull the Display menu.
On the display menu, we have to press A to bring up the Accounts Books menu.

Q15: Who Created Rally Tally?
A15: Will Riley, a graduate student in the Digital Media program at Georgia Tech, created rally tally to encourage and facilitate civic participation in community life.

Q16: Why Do A Certification On Tally?
A16: The Tally Certification is a simple and effective way to demonstrate mastery of Tally Helps employers identify and hire. Contributes to your professional image, profile, credibility, and career opportunities.

Q17: What Is The Total Point Tally For The Prospectus?
A17: The total possible points are 156.

Q18: What Is Tally Data Migration Tool And How Does It Help?
A18: The Tally Data Migration Tool helps in migrating the data from Tally 7.2 to Tally 8.2. This works with the Tally 8.1 exe and allows you to migrate company data (Masters, Vouchers and Reports). This tool also allows the migration of TCP (Tally Compliant Product) files.

Q19: Why Are Customer Signatures And Phone Numbers Required On Tally Sheets?
A19: SARCAN Recycling, like any other private enterprise in Saskatchewan, must provide documentation of its business activities to the government. Customer signatures and phone numbers on our tally sheets prove that we have provided refunds in the event that SARCAN is subject to a financial audit.

Q20: How Can I Access My Goal Tally?
A20: Participants can access their daily total goal tally via in Contact or any FNB branch.

Q21: What Is Tally 8.1 Silver/single User Licensing?
A21: Tally 8.1 Silver/Single-user Licensing allows installation of Tally on a SINGLE computer, with an option of activating it Online or Offline. You can use the same Tally 8.1 Silver/Single user license on another computer, by surrendering the license activated on the first computer and reactivating it on the other. An Offline user can take the request file generated by Tally 8.1, to a computer with Internet connectivity and activate the license.

Q22: Mention what happens to company’s “Cash Account”if it borrows money from the bank by signing a note payable?
A23: Due to double entry, the “cash account” will increase as such the liability account increases.

Q24: Mention which account is responsible for interest payable?
A24: Account which is responsible or affected by the interest payable is “Current liability account”

Q25: Mention what is reversing journal entries?
A25: Reversing journal entries are entries made at the beginning of an accounting period to cancel out the adjusting journal entries made at the end of the previous accounting period.

Q26: Mention where do generally accruals appear on the balance sheet?
A26: Accrued expenses usually tend to be extremely short-term. So you would record them within the “current liabilities section” of the balance sheet.

Q27: List out some of the accrued expenses and the accounts in which you would record them?
A27: Wage accrual is entered with a credit to the “wages payable account”

Interest accrual is entered with a credit to the “interest payable account”

Payroll tax accrual is entered with a credit to the “payroll taxes payable account”

Q28: Deferred taxation is a part of which equity?
A28: Deferred taxation is a part of owner’s equity.

Q29: Mention what does the investment of personal assets by the owner will do?
A29: The investment of personal assets by the owner will increase total assets and increase owner’s equity.

Q30: What is the equation for Acid-Test Ratio in accounting?
A30: The equation for Acid-Test Ratio in accounting

Acid-Test Ratio = (Current assets – Inventory) / Current Liabilities

Q31: List out things that fall under intangible asset?
A31: Things that fall under intangible asset are,

Patents
Copyrights
Trademarks
Brand names
Domain names, and so on.

Q32: Mention what is trial balance in accounting?
A32: In accounting, trial balance is an accounting report that lists the balances in each of an organization’s general ledger accounts. This is done at the end of posting journal entry to ensure that there are no posting errors.

Tally Conclusion Interview FAQs

We know the list of Tally Interview Questions and Answers, Tally Interview Questions and Answers Freshers, Tally Interview Questions and Answers, Tally Interview Questions is overwhelming but the advantages of reading all the questions will maximize your potential and help you crack the interview. The surprising fact is that this Tally interview questions and answers post covers all the basic of the Tally technology and you have to check out the FAQs of different components of Tally too.

However, you will be asked with the questions in the interview related to the above mentioned questions. Preparing and understanding all the concept of Tally technology will help you strengthen the other little information around the topic.

After preparing these interview questions, we recommend you to go for a mock interview before facing the real one. You can take the help of your friend or a Tally expert to find the loop holes in your skills and knowledge. Moreover, this will also allow you in practicing and improving the communication skill which plays a vital role in getting placed and grabbing high salaries.

Remember, in the interview, the company or the business or you can say the examiner often checks your basic knowledge of the subject. If your basics is covered and strengthened, you can have the job of your dream. The industry experts understand that if the foundation of the student is already made up, it is easy for the company to educate the employ towards advance skills. If there are no basics, there is no meaning of having learnt the subject.

Therefore, it’s never too late to edge all the basics of any technology. If you think that you’ve not acquired the enough skills, you can join our upcoming batch of Tally Training in Noida. We are one of the best institute for Tally in noida which provide advance learning in the field of Tally Course. We’ve highly qualified professionals working with us and promise top quality education to the students.

We hope that you enjoyed reading Tally Interview Questions and Answers, Tally Interview Questions and Answers Freshers, Tally Interview Questions and Answers, Tally Interview Questions and all the FAQs associated with the interview. Do not forget to revise all the Tally interview questions and answers before going for the Tally interview. In addition to this, if you’ve any doubt or query associated with Tally, you can contact us anytime. We will be happy to help you out at our earliest convenience. At last, we wish you all the best for your upcoming interview on Tally Technology.