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