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Commerce

Tally MCQs

Practice Tally MCQs for competitive exams.

Tally MCQs

Practice questions from this topic.

Closing stock come under ________

  1. A. Current asset
  2. B. Fixed asset
  3. C. Stock in hand
  4. D. Direct income
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There are ________ predefined ledgers

  1. A. One
  2. B. Three
  3. C. Two
  4. D. Four
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The term current assets does not include ________

  1. A. Debtors
  2. B. Bills Receivable
  3. C. Stock
  4. D. Goodwill
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Accounting principles are divided into two types. These are

  1. A. Accounting concepts
  2. B. Accounting conventions
  3. C. Accounting standard
  4. D. Both A and B
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Taxes paid come under which group

  1. A. Capital
  2. B. Loans and liabilities
  3. C. Direct expenses
  4. D. Duties and taxes
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Accrued income comes under

  1. A. Current liability
  2. B. Capital
  3. C. Current asset
  4. D. Fixed asset
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A person who owes money to the business is a ________

  1. A. Debtor
  2. B. Creditor
  3. C. Investor
  4. D. Supplier
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Assets acquired for long term use in the business are called ________

  1. A. Fixed assets
  2. B. Current assets
  3. C. Fictitious assets
  4. D. Liquid asset
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_______ is the major source of revenue of any business

  1. A. Investment
  2. B. Advances
  3. C. Loan
  4. D. Sales
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_____ refers the amount invested by the owner into business

  1. A. Loan
  2. B. Advance
  3. C. Capital
  4. D. Prepaid expenses
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Income earned but not received is known as ________

  1. A. Advance income
  2. B. Proposed income
  3. C. Earned income
  4. D. Accrued income
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Bank account is ________

  1. A. Personal account
  2. B. Real account
  3. C. Nominal account
  4. D. Intangible real account
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