Tally Quiz

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Tally Your Accounting Knowledge

Test your understanding of accounting principles and practices with our engaging Tally Quiz! This comprehensive quiz covers various topics including asset identification, types of accounts, and key financial concepts.

Multiple choice questions
Assess your accounting skills
Gain insights into financial principles

12 Questions3 MinutesCreated by CalculatingPine73

Identify the nominal account

Machinery account

Building account

Creditor account

Rent expenses account

What type of expenses are paid out of gross profit?

General expenses

Selling expenses

Financial expenses

All of above

Goods returned by customer will be debited to which account?

Sales a/c

Purchase a/c

Return Inward

Not Sure

Accounting is a process of matching

Cash inflows & outflows

Benefits & costs

Revenues & costs

Not Sure

Double entry implies that

Recording two aspects of every transaction

Recording entries in journal

Recording every transaction in books

Not Sure

Cash purchases are recorded in which of the following specialized journals

Sales journal

Purchase journal

Cash payment journal

Not sure

Discount allowed is a kind of deduction from--------

Account payble

Account receivable

Cash account

Discount account

If the trial balance totals do not agree, the difference must be entered in

Petty cash

Nominal account

Suspense account

Capital account

E-way bill is not required for the transportation of

Alcoholic liquor

Ministry of defence goods

Natural gas

All of above

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