Tally Payroll Question Answers, Tally Payroll Mock Test
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Tally Payroll Question Answers, Tally Payroll Mock Test. Get yourself certified as a payroll manager take test in the Tally Payroll from caknowledge. Upgrade your skills for better opportunities Now! Tally Online Test, In simple words, payroll means a roll or list of a company’s employees and the amount they are paid which we generally call salary or wages. In Tally, we can maintain payroll details of employees in a way that you cannot even imagine. It is really very good. Right from each and every detail of an employee to their income tax and TDS details, we can maintain everything in payroll in tally ERP 9.
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Question 1 of 10
1. Question
Which of the following is not a classification of employer under FBT?
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HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form an HUF. HUF is taxed separately from its members. A Hindu family can come together and form an HUF. Buddhists, Jains, and Sikhs can also form an HUF. HUF has its own PAN and files tax returns independent of its members.
FBT will not apply when the employer is an individual or an HUF. FBT will not apply to a Trust whose income is exempt u/s 10(23C) or to a Trust registered under the Income Tax Act as a Charitable or a Religious Trust.
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Question 2 of 10
2. Question
Where can we see the working capital figure changing?
Correct
Explanation:-
You can customise the voucher entries in Tally.ERP 9, both the accounting and inventory vouchers, by enabling required options in the Voucher Configuration screen.To change the voucher entry configuration
1. Go to Gateway of Tally > F12: Configure > Voucher Entry . The Voucher Configuration screen appearsVoucher Entry Configuration can change following, affecting working capital –
Option
Functionality
Skip Date field during creation for faster entry?
By default, the cursor skips the Date field during Voucher creation. If you do not want to skip the date field then set this option to No .
Use single entry mode for payment/receipt/contra vouchers?
By default, Tally.ERP 9 displays single entry mode for payment/receipt/contra entry. If you want to display it in double entry mode, then set this option to No .
Use payment/receipt as contra voucher?
Enable this option to use payment and receipt voucher as contra voucher.
Use Cr/Dr instead of To/By during entry?
Enable this option to change To/By to Cr/Dr in the vouchers.
Use cheque printing for contra voucher ?
Enable this option to print the cheques from contra voucher while making the inter bank transfers and cash withdrawals.
Warn on negative cash balance?
By Default, Tally.ERP 9 displays a Negative Cash balance warning Message . If you set it to No , the error message will not be displayed.
Preallocate bills for payment/receipt/journal voucher?
Enable this option to preallocate the bills before specifying the ledger amount.
Allow cash accounts in journal vouchers?
Enable this option to select cash and also bank account in Journal voucher.
Allow expenses/fixed assets in purchase vouchers?
Enable this option to select the expenses and also fixed asset ledger in purchase voucher.
Show inventory details?
By default, Tally.ERP 9 displays inventory details in the voucher entry screen. If you set it to No , the inventory details will not be displayed.
Show table of bills for selection?
By default, pending bills list of a ledger account are displayed in the voucher entry screen. If you set it to No , the pending bills list will not be displayed.
Show bill-wise details?
By default, Bill-wise details of a ledger account are displayed in the Voucher entry screen. If you set it to No , Bill wise details will not be displayed
Show current balances of ledgers?
By default, the ledger current balance up to last voucher entry date are displayed. If you set it to No , the ledger current balance will not be displayed
Show balance as on voucher date?
By default, the ledger current balance up to last voucher entry date are displayed. If you set it to Yes , it will display the ledger balance up to current voucher entry date
Show forex gain/loss as on voucher date?
By default, the Forex Gain/Loss balance up to the last voucher entry date are displayed. If you set it to Yes , it will display the Forex Gain/Loss balance up to current voucher entry date
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Question 3 of 10
3. Question
Where is the suspense account group is defined?
Correct
Explanation:-
A suspense account is an account in the general ledger in which amounts are temporarily recorded. The suspense account is used because the proper account could not be determined at the time that the transaction was recorded. When the proper account is determined, the amount will be moved from the suspense account to the proper account.— Pass entry through journal
— Create it into current liabilities or current assets.In modern accounting, many large corporations use a Suspense Ledger to track the money paid or recovered, the nature of which is not yet known. The most common example is money paid for Traveling Advance whose details will be known only upon submission of the Travelling Allowance bill. Some companies may prefer to open such accounts under Suspense Account.
● Loans and Advances (Asset) group : The Suspense Account is a Balance Sheet item. Any expense account even if it has ‘suspense’ in its name, it should be opened under Revenue group like Indirect Expenses and not under Suspense Account group.
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Question 4 of 10
4. Question
Net salary pay head is affected by ___________.
Correct
The gap between gross salary & net salary is called as deductions. EPF, Income Tax and any other such things are deductions. Gross salary is the salary to be paid to you without deduction , net salary means the amount due after deducting your recoveries like insurance premium, provident fund, health insurance etc.
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Question 5 of 10
5. Question
Variable pay heads are related to ____________.
Correct
The salary components constituting an employee’s pay structure are Pay Heads. A pay head may be a benefit, or a deduction from the salary. The value of these pay heads could be fixed or variable for each payroll period.
For example, Basic Pay is a fixed pay component, whereas Variable Pay and Bonus are variable components.
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Question 6 of 10
6. Question
Which key combination is used for Payroll voucher creation?
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User Alt+F1 to go to Voucher Creation/Alteration screen and the shortcut key is common across Accounting, Inventory, Order, and Payroll vouchers.
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Question 7 of 10
7. Question
Arrange the following steps in correct order used in generating payslip. (I) Create Employee Master (II) Create Pay Head (III) Create Salary Details (IV) Generate Payslip (V) Process Payroll
Correct
Explanation:-
The Payroll process is a five-step procedure in Tally.ERP 9.
Step 1: Create Employee Masters. Create the employee masters, add employee details.
Step 2: Create Payroll Masters.
Step 3: Create Pay Heads.
Step 4: Create Salary Details.
Step 5: Process Payroll and Generate Pay Slip.Incorrect
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Question 8 of 10
8. Question
We record interest received, commission received or rent received ______________________ in Tally.
Correct
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Question 9 of 10
9. Question
In tally, number of classification for employees are __________.
Correct
Explanation:-
The Employee Master in Tally.ERP 9 can be used record all employee-related information. In addition to general information, you can also enter Payment, Statutory, Expat and Contract details of employees. To enter Statutory related information in the Employee Master, enable the option Show Statutory Details in the Payroll Configurations screen.The Employee Master in Tally.ERP 9 can be used record all employee-related information. In addition to general information, you can also enter Payment, Statutory, Expat and Contract details of employees. To enter Statutory related information in the Employee Master, enable the option Show Statutory Details in the Payroll Configurations screen.
Creating Single EmployeeTo create an Employee under the Employee group
1. Go to Gateway of Tally > Payroll Info. > Employees > Create (under Single Employee ).
2. Enter the Name of the employee. By default, the system displays the same value in the Display name in reports as .
3. Modify the Display name in reports as , if required.
4. Select the Employee Group in the field Under.
5. Enter the Date of joining.
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Question 10 of 10
10. Question
A pay sheet is a matrix report with category, group and employees cascading in rows and ____________ appear in column. The default report contains all _____________ details for a given month or period with a number of options to configure appearance of rows and columns.
Correct
Explanation:-
Pay Sheet is a matrix report with category, groups and employees cascading in rows, and Pay Heads appears as columns. The default report contains all earnings and deduction details for a given month or period with a number of options to re-configure the appearance of rows and columns. Format of the pay sheet report may be configured to serve as a Salary/Wage register as required by the organization. The selection of data can be filtered based on a given category or group of employees.Incorrect