Practice Test

Q1) A Database Management System is an Accounting Information System that processes the financial transactions and events as per Generally Accepted Accounting Principles (GAAP). Show Answer

Q2) Modern Computerised Accounting Systems are based on the concept of database. Show Answer

Q3) A database is implemented using a Computerised Accounting system, which is define by a set of computer programs. Show Answer

Q4) The Computerised Accounting the transaction data is stored in well-organised database. Show Answer

Q5) Accounting Software describes a type of application software that records and processes accounting transactions. Show Answer

Q6) A ____ System is an Accounting Information System that processes the financial transactions and events as per Generally Accepted Accounting Principles. Show Answer

Q7) Modern ___ Systems are based on the concept of database. Show Answer

Q8) A database is implemented using a ___ system, which is define by a set of computer programs.
Show Answer

Q9) The___ the transaction data is stored in well-organised database.
Show Answer

Q10) ____ describes a type of application software that records and processes accounting transactions. Show Answer

Q11) The modern way of managing accounts called 'Groups' concept of accounting is being followed. Show Answer

Q12) All financial entries are made using Groups or account heads. Show Answer

Q13) Ledger accounts are created to identify transactions. Show Answer

Q14) Groups in Accounting Software classify and identify account heads according to their nature. Show Answer

Q15) The modern way of managing accounts called '____' concept of accounting is being followed.
Show Answer

Q16) All financial entries are made using _____ or account heads. Show Answer

Q17) ___ accounts are created to identify transactions.
Show Answer

Q18) ___ in Accounting Software classify and identify account heads according to their nature. Show Answer

Q19) All Financial entries are made using ___ or ___.
(Choose Two correct answer) Show Answer

Q20) A Ledger is a pre-numbered accounting document used for recording daily transactions. Show Answer

Q21) Every voucher maintains its debit and credit record. Show Answer

Q22) Posting a transaction through voucher is called Voucher entry. Show Answer

Q23) While recording a transaction through the groups, the account to be debited and credited along with the amount. Show Answer

Q24) A ___ is a pre-numbered accounting document used for document used for recording daily transactions. Show Answer

Q25) Every ___ maintains its debit and credit record. Show Answer

Q26) Posting a transaction through voucher is called ___. Show Answer

Q27) While recording a transaction through the ___, the account to be debited and credited along with the amount. Show Answer

Q28) Every voucher maintains its ___ and ___ record. (Choose Two correct answer) Show Answer

Q29) While recording a transaction through the voucher, the account to be ___ and ___ along with the amount.
(Choose two answer) Show Answer

Q30) Payment voucher type used for recording amounts received y way of cash. Show Answer

Q31) Receipt voucher type used for recording payments made by cash. Show Answer

Q32) Purchase voucher type used for recording cash and credit sale of goods and services. Show Answer

Q33) Sales voucher type used for recording cash and credit purchase of raw materials, semi-finished goods and finished goods and services. Show Answer

Q34) Contra voucher type used for recording deposits or withdrawals of cash from bank or transfer of funds from one bank to another transfer of cash to Petty cash. Show Answer

Q35) Journal voucher type used for recording rectifying entries or transfer or adjustment entries purchase of fixed assets on credit. Show Answer

Q36) Sales Return / Credit Note voucher type used for recording return of goods by a customer. It is issued when there is reduction in the price charged to a customer. Show Answer

Q37) Purchase Return / Debit Note voucher type used for recording return of goods to a supplier. It is issued when there is reduction in the price given by a supplier. Show Answer

Q38) ___ voucher type used for recording amounts received by way of cash. Show Answer

Q39) ___ voucher type used for recording payments made by cash. Show Answer

Q40) ____ voucher type used for recording cash and credit purchase of raw materials, semi-finished goods and finished goods and services. Show Answer

Q41) ___ voucher type used for recording cash and credit purchase of raw materials, semi-finished goods and finished goods and services. Show Answer

Q42) ___ voucher type used for recording deposits or withdrawals of cash from bank or transfer of funds from one bank to another transfer of cash to Petty cash. Show Answer

Q43) ___ voucher type used for recording rectifying entries or transfer or adjustment entries purchase of fixed assets on credit. Show Answer

Q44) ___ voucher type used for recording return of goods to a supplier. It is issued when there is reduction in the price given by a supplier. Show Answer

Q45) Sales voucher type used for recording ___ and ___ sale of goods and services.
(Choose two correct answer) Show Answer

Q46) Purchase voucher type used for recording ___and ___ purchase of raw materials, semi-finished goods and finished goods and services.
(Choose two correct answer) Show Answer

Q47) Contra voucher type used for recording deposits or withdrawals of ___ from ___ or transfer of funds from one bank to another transfer of cash to Petty Cash.
(Choose two correct answer) Show Answer

Q48) In computerised Accounting various financial, inventory reports can be generated. Show Answer

Q49) Profit and Loss Account provides you a report with debit and credit balance of all Ledger Accounts. Show Answer

Q50) Profit and Loss Account report gives the final working result of the business with Net profit / Net Loss. Show Answer

Q51) Day book is a statement showing Assets and Liabilities of the business concern. Show Answer

Q52) Day book contains all vouchers for the day, including inventory vouchers. Show Answer

Q53) The Goods and Service Tax report prints a summary of the GST received and paid by you. Show Answer

Q54) Balance Sheet and documents generated through Accounting Software can also be printed. Show Answer

Q55) In computerised Accounting various financial, inventory ___ can be generated. Show Answer

Q56) ___ provides you a report with debit and credit balance of all Ledger Accounts. Show Answer

Q57) ___ report gives the final working result of the business with Net profit / Net Loss. Show Answer

Q58) ___ is a statement showing Assets and Liabilities of the business concern. Show Answer

Q59) ___ contains all vouchers for the day, including inventory vouchers. Show Answer

Q60) The ___ report prints a summary of the GST received and paid by you. Show Answer

Q61) ___ and documents generated through Accounting Software can also be printed. Show Answer

Q62) In computerised Accounting various ___ , ___ reports can be generated.
(Choose two correct answers) Show Answer

Q63) Balance Sheet is a statement showing ___ and ___ of the business concern.
(Choose two correct answers) Show Answer

Q64) ___ and ___ generated through Accounting Software can also be printed.
(Choose two correct answers) Show Answer

Q65) Microsoft Word is one of the most widely used financial accounting software. Show Answer

Q66) Microsoft Power Point is a comprehensive business accounting and inventory management software. Show Answer

Q67) Microsoft Excel provides various facilities like multi-lingual operations, online functions, legally supported reports, etc. Show Answer

Q68) In 2009, Tally Solutions introduced the software Tally.ERP 9. Show Answer

Q69) Tally.ERP 9 software offers comprehensive business management solution. Show Answer

Q70) In Tally for deleting any ledger, group, voucher or even company alt+delete key combination is used. Show Answer

Q71) Tally. ERP 9 follows the principle of double entry system of book keeping. Show Answer

Q72) In 2017, it was updated to company with the Indian Goods and Services tax requirements. Show Answer

Q73) KK software is one of the tools developed by KK's foundation. Show Answer

Q74) GNUKhata probably hasn't been sufficiently noticed in the land it was born in. Show Answer

Q75) From cash flow statements to profit and loss and balance sheets, Ms Office can do it all. Show Answer

Q76) GNUKhata software helps you keep track of your inventory. Show Answer

Q77) LedgerSMB is a powerful yet simple open source accounting solution. Show Answer

Q78) Notepad has been tailored to small and medium sized businesses. Show Answer

Q79) In LedgerSMB starting from managing invoices to inventory you also get the ability to translate (up to 45 languages supported). Show Answer

Q80) GnuBank is personal and small-business financial-accounting software. Show Answer

Q81) GnuCash allows you to track bank accounts, stocks, income and expenses. Show Answer

Q82) Akaunting is an interesting online accounting software that's available for free. Show Answer

Q83) ___ is one of the most widely used fiancial accounting software. Show Answer

Q84) ___ is a comprehensive business accounting and inventory management software. Show Answer

Q85) ___ provides various facilities like multi-lingual operations, online functions, legally supported reports, etc. Show Answer

Q86) In 2009, Tally Solutions introduced the software ___. Show Answer

Q87) ___ software offers comprehensive business management solution. Show Answer

Q88) In Tally for deleting any ledger, group, voucher or even company ___ key combination is used. Show Answer

Q89) ___ follows the principle of double entry system of book keeping. Show Answer

Q90) In 2017, it was updated to comply with the Indian ___ requirements. Show Answer

Q91) ___ is one of the tools developed by KK's foundation. Show Answer

Q92) ___ probably hasn't been sufficiently noticed in the land it was born in. Show Answer

Q93) From cash flow statements to profit and loss balance sheets, ___ can do it all. Show Answer

Q94) ___ software helps you keep track of your inventory. Show Answer

Q95) ___ is a powerful yet simple open source accounting solution. Show Answer

Q96) ___ has been tailored to small and medium sized business. Show Answer

Q97) In ___ starting from managing invoices to inventory you also get the ability to translate (up to 45 languages supported). Show Answer

Q98) ___ is personal and small-business financial accounting software. Show Answer

Q99) ___ allows you to track bank accounts, stocks, income and expenses. Show Answer

Q100) ___ is an interesting online accounting software that's available for free. Show Answer

Q101) Tally is a comprehensive ___ accounting and ___ management software.
(Choose two correct answers) Show Answer

Q102) Tally provides various facilities like ___, ___& ___, etc.
(Choose three answers) Show Answer

Q103) From ___ to ___ and ___, GNUKhata can do it all.
(Choose three answers) Show Answer

Q104) In LedgerSMB starting from managing ___ to ___ you also get ability to translate up to ___.
(Choose three answers) Show Answer

Q105) GNUCash is ___, ___ & ___ software. Show Answer

Q106) GST stands for Goods and Service Tax. Show Answer

Q107) India was the first country to implement the GST. Show Answer

Q108) GST is an Capital Gain Tax which has replaced many Indirect Taxes in India. Show Answer

Q109) The GST Act came into effect on 1st July 2020. Show Answer

Q110) Goods and Service Tax is one nation, one Tax. Show Answer

Q111) Goods means every kind of movable property other than money and securities. Show Answer

Q112) Services are the activities provided by other people, who include doctors, lawn care workers, dentists, barbers, waiters, online servers, consultants, chartered accountants. Show Answer

Q113) Tax is a compulsory contribution to state revenue, levied by the government. Show Answer

Q114) GST stands for ___ Show Answer

Q115) ___ was the first country to implement the GST. Show Answer

Q116) GST is an ___ Tax which has replaced many Indirect Taxes in India. Show Answer

Q117) The GST Act came into effect on ___ Show Answer

Q118) ___ is one nation, one Tax. Show Answer

Q119) ___ means every kind of movable property other than money and securities. Show Answer

Q120) ___ are the activities provided by other people, who include doctors, lawn care workers, dentists, barbers, waiters, online servers, consultants, chartered accountants. Show Answer

Q121) ___ is a compulsory contribution to state revenue, levied by the government. Show Answer

Q122) GST is one ___, one __. Show Answer

Q123) GSTIN stands for Goods and Services Tax Identification Number. Show Answer

Q124) Harmonized stands for Goods and Services Tax Identification Number. Show Answer

Q125) The Goods and Services Tax Identification Number is a 15 digit PAN based registration number. Show Answer

Q126) HSN stands for Harmonized System of Nomenclature. Show Answer

Q127) Goods and Services Tax, is an internationally accepted coding system developed by World Customs Organisation (WCO) Show Answer

Q128) SAC stands for Services Accounting Code. Show Answer

Q129) Goods and Services Tax, which is issued by CBEC (Central Board of Excise and Customs) to uniformly classify each service under GST. Show Answer

Q130) GSTIN stands for ___ Show Answer

Q131) ___ is the registration number allotted to every registered dealer under GST Act. Show Answer

Q132) The ___ is a 15 digit PAN based registration number. Show Answer

Q133) HSN stands for ___ Show Answer

Q134) ____, is an internationally accepted coding system developed by World Customs Organisation (WCO). Show Answer

Q135) SAC stands for ___ . Show Answer

Q136) ___, which is issued by CBSE (Central Board of Excise and Customs) to uniformly classify each service under GST. Show Answer

Q137) CGST stands for Central Goods and Services Tax. Show Answer

Q138) State Goods and Services Tax imposed on Intra-state supply of goods or services collected by Central Government. Show Answer

Q139) SGST stands for State Goods and Services Tax. Show Answer

Q140) Central Goods and Services Tax imposed on Intra-state supply of goods or services collected by State Government. Show Answer

Q141) IGST stands for Integrated Goods and Service Tax. Show Answer

Q142) Central Goods and Services Tax imposed on Interstate supply or import of goods or services collected by Central Government. Show Answer

Q143) CGST stands for ___ Show Answer

Q144) ___ imposed on Intra-state supply of goods or services collected by Central Government. Show Answer

Q145) SGST stands for ___ Show Answer

Q146) IGST stands for ___ Show Answer

Q147) ___ imposed on Interstate supply or import of goods services collected by Central Government. Show Answer

Q148) The government has proposed a 2-tier tax structure for all goods and services. Show Answer

Q149) GST on Inward Supply of goods and services is known as Output Tax. Show Answer

Q150) Input tax shall be specifically named as Input IGST or Input CGST or Input SGST. Show Answer

Q151) GST on Outward Supply of goods and services is known as Input Tax. Show Answer

Q152) The Output Tax may be specifically named as Output IGST, Output CGST & Output SGST. Show Answer

Q153) The government has proposed a ___ tax structure for all goods and services. Show Answer

Q154) GST on Inward Supply of goods and services is known as ___. Show Answer

Q155) ___ shall be specifically named as Input IGST or Input CGST or Input SGST. Show Answer

Q156) GST on Outward Supply of goods and services is known as ___ . Show Answer

Q157) The ___ may be specifically named as Output IGST, Output CGST & Output SGST. Show Answer

Q158) The government has proposed a 4-tier tax structure for all ___ and ___ .
(Choose two correct answers) Show Answer

Q159) Input tax shall be specifically named as ___ or ___ or ___.
(Choose three correct answers) Show Answer

Q160) The output tax may be specifically named as ___, ___ & ___ .
(Choose three correct answers) Show Answer

Q161) Creation of company is the first step in Computerized Accounting process. Show Answer

Q162) All Ledger accounts have same groups in cComputerized Accounting. Show Answer

Q163) Receipt voucher is used when the cash is accepted. Show Answer

Q164) Cash deposited into bank comes under bank voucher. Show Answer

Q165) Recording a transaction through voucher is called as voucher entry. Show Answer

Q166) Goods sold from Solapur to Hubli is an example of SGST. Show Answer

Q167) GST is focus on one nation one tax. Show Answer

Q168) GSTIN is PAN based registration number. Show Answer

Q169) CGST, SGST and IGST Ledgers are common for goods and services. Show Answer

Q170) Contra voucher is used for ___. Show Answer

Q171) Salary account comes under which of the following head ___ . Show Answer

Q172) In India the GST Act came into effect on ____ . Show Answer

Q173) Sale or purchase out of state involves ___ in invoice. Show Answer

Q174) GSTIN is ___ digit alphanumeric number. Show Answer

Q175) In GSTIN first two digits represents ___ code. Show Answer

Q176) GST is ___ type of tax. Show Answer

Q177) Every voucher maintained its ___ and ___ record.
(Choose two correct answers) Show Answer

Q178) Valid types of vouchers are ___ and ___ .
(Choose two correct answers) Show Answer

Q179) ___ and ___ are ledger accounts can be created under Group Indirect Expenses. Show Answer

Q180) Codes given to Goods and Services under GST are ___ and ___ .
(Choose two correct answers) Show Answer