Advanced Tally Prime with GST Final Exam 1 1234567891011121314151617181920212223242526272829303132333435363738394041424344454647484950 Advanced Tally Prime with GST Final Exam INSTRUCTIONS 1. Candidates are informed that they are liable for punishment for involvement in Malpractice. 2. Click on Start Examination button to start the examination. 3. All the questions of a particular type in a particular level will be displayed in a vertically scrolled window for online exam. 4. Candidate must Click the Submit Answer button displayed after every question, after selecting the option so as to submit the answer. 5. Examination can be terminated by clicking on End Examination button. It will be automatically terminated if the total time set to solve the exam is over. 1 / 50 In context to statutory detail information under employee master creation page, UAN stand for _______. University Account Number Universal Account Number Union Account Number Unique Account Number 2 / 50 Salary Payable, PF Payable, ESI Payable all such pay head ledger should be grouped under _________. Indirect Expenses Direct Expenses Current Liabilities Provisions 3 / 50 Which of the following payment does not attract TDS deductions? Salary Payment Interest Payment Rent Payment Income Tax Payment 4 / 50 Who is the chairperson of the GST Council? Prime Minister of India Finance Minister of India President of India Chief Justice of India 5 / 50 IGST is applicable on: Intra-state supplies Inter-state supplies Both intra and inter-state supplies None of the above 6 / 50 What impact does a debit note have on the purchase ledger? It decreases the purchase amount It increases the purchase amount It has no impact It adjusts the closing stock 7 / 50 Which of the following is considered a Zero Rated Supply under GST? Domestic sales within the state Export of goods and services Sale of exempted goods Interstate sales 8 / 50 Periodicity of GSTR1 return filing can be configured at __________. Company F11 Feature Company F12 Configuration Company F10 >> GST Configuration Company Alteration Page 9 / 50 What is an advance receipt under GST? Payment received for a future supply of goods or services A refund of excess tax paid A loan received from a bank A payment made to a supplier for a future purchase 10 / 50 What does the E-Liability Ledger reflect? Tax liabilities after adjusting ITC Cash available for tax payments Inventory of goods Taxpayer's registration details 11 / 50 What is the purpose of filing a GST Annual Return? To calculate the total sales of a year To provide a summary of all GST-related activities for the year To claim refunds To file for GST cancellation 12 / 50 Which of the following is a condition for opting for the Composition Scheme? Filing monthly GST returns Collecting tax from customers Paying tax quarterly Engaging in e-commerce 13 / 50 NEFT, RTGS, and IMPS mode of payment falls under __________ mode of transaction Electronic Cheque DD ECS E-Fund Transfer Cheque 14 / 50 Which of the options allows import bank statement to verify transaction with bank statement? Set/Alter range for cheque books Enable Cheque Printing Enable Auto Reconciliation Enable E-Payment 15 / 50 Which of the detail should be entered under employee master to avoid higher Income Tax deduction? AADHAR NO PAN Tax Regime UAN detail 16 / 50 Luxury goods are generally taxed at which GST rate? 5% 12% 18% 28% 17 / 50 Where should a taxpayer go to amend their GST registration details? GST Seva Kendra GST Portal Local tax office Email to GST department 18 / 50 What is the primary purpose of implementing E-Invoices under GST? To reduce paper usage To streamline payment processes To enable real-time reporting of invoices to the GST portal To facilitate foreign trade 19 / 50 Which of the following is necessary for recording export taxable supplies in TallyPrime? GSTIN of the foreign buyer LUT (Letter of Undertaking) HSN code Bill of landing 20 / 50 Which of the following best defines Input Tax Credit (ITC) Monthly Quarterly Half Yearly Annually 21 / 50 What is the periodicity select for GST return? Monthly Quarterly Half Yearly Annually 22 / 50 Which section of the GST portal can a taxpayer view their E-Credit Ledger Statement? Payments Returns Refunds Reports 23 / 50 Why is comparing GST liability and ITC important? To determine import duty exemptions To ensure accurate tax filing and avoid penalties To reconcile bank statements To file income tax returns 24 / 50 What tax is charged on interstate inward supply of goods under GST? CGST and SGST IGST Only CGST Only SGST 25 / 50 Displayed ledger of GST is generally applicable for ________. Regular Tax Payer ISD Dealer Composite Dealer Transporter 26 / 50 What should be title of invoice raised by composite dealer? Tax Invoice Invoice Bill of Material Bill of Supply 27 / 50 TCS is applicable under GST when: Goods are imported into the country Goods are sold to a buyer for personal use Goods are sold through an e-commerce platform Services are provided to a foreign entity 28 / 50 Cash denomination needs to be entered while submitting cheque deposit slip. Deposit Slips Cheque Book Cheque Register Demand Draft 29 / 50 Which of the keys should be used to access scenario report from balance sheet in Tally? Press ALT+C Press ALT+A Press ALT+N Press F12 Configuration 30 / 50 ___________ is a management tool that enables projecting accounts and inventory related information Budget & Control Scenario Management Exception Report Financial Report 31 / 50 Which TallyPrime report provides a detailed view of expenses allocated to different Cost Categories? Day Book Cost Category Break-up Stock Summary Group Summary 32 / 50 Which TallyPrime feature allows you to set up predefined Cost Centre allocations for recurring transactions? Budgets Memorandum Vouchers Reversing Journals Cost Centre Classes 33 / 50 Purchase voucher should be recorded under __________ to allocate the cost amount using cost centre in Tally. Item Invoice Mode Account Invoice Mode Voucher Mode Any of above 34 / 50 Which of the options will help to activate cost centre for the given ledger? F10 Other Master F12 Configuration Page CTL+I More Details Type of Ledger Option 35 / 50 Which of the following is not an example of cost centre within an organization? Legal Department Accounts Department Marketing Department Branches 36 / 50 ________ are useful for organizations that require allocation of revenue and non-revenue items to parallel sets of cost centre. Cost Allocation Cost Category Cost Centre Sub Cost Centre 37 / 50 In Tally, which voucher type is used to record transfers between different bank accounts or cash transactions? Journal Voucher Payment Voucher Receipt Voucher Contra Voucher 38 / 50 Enable Tally Audit feature does not appear, reason could be ________ Not activated in F12 Configuration Not Activated at F11 Company Feature Control User Access to Company data is set as No Tally Audit Feature Can be activated under Account Books 39 / 50 When recording a purchase transaction in TallyPrime, which of the following accounts is debited? Sales Account Purchase Accounts Cash Account Bank Account 40 / 50 Use _________ shortcut key to access change mode option under Sales & Purchase Invoice in Tally ALT+H Change Mode CLT + H change Mode ALT + B - Change Mode CLT+B - Change Mode 41 / 50 What is TCS Form 27EQ used for? Filing income tax returns Filing TCS returns for sales transactions Reporting inventory levels Claiming tax refunds 42 / 50 What is the deadline for TCS payment to the government? 10th of the next month 7th of the next month 15th of the next quarter 31st of March each year 43 / 50 In TallyPrime, where can you generate the TCS 27EQ Return Report? Under the Payroll Reports Under GST Reports Under Statutory Reports Under Inventory Reports 44 / 50 In TallyPrime which of the following helps to activate GST, TDS & TCS Compliance in Tally? Gateway of Tally F12 Configuration Page F11 Company Feature F10 Statutory Compliance 45 / 50 TDS nature of payment will be applicable to _________. Office Rent Payment Professional Fee by CA Commission Expenses Interest Expenses 46 / 50 TDS Rate and details should be configure for ___________. Expense Ledger Inventory Master Supplier Master Debtor Master 47 / 50 Which of the information will not be applicable for displayed ledger master? Accounting Group Type of duty tax PAN Income Tax Number All 48 / 50 Which of the following tax is not applicable in Union Territory? CGST SGST IGST UTGST 49 / 50 Which of the following is an example of a current liability? Accounts receivable Long-term debt Prepaid expenses Accounts payable 50 / 50 Which financial statement presents a summary of a company's revenues and expenses over a specific period of time? Balance sheet Income statement Statement of cash flows Statement of retained earnings Your score is LinkedIn Facebook Twitter VKontakte By Wordpress Quiz plugin
