CFAS Exam MCQs | Youth Computer Certificate in Financial Accounting Practice Questions Set-9

Master CFAS Set-9 covering company features invoked by F11, CST central sales tax, stock journal stock status display, duties & taxes group, ECC excise control code, enable excise duty under F3, enable fringe benefit tax under F3, enable MCA report under F3, ERP enterprise resource planning, excise duty two types true, ex-ngn maximum financial duration 18 months, sundry creditors under current liabilities, income & expenditure statement instead of P&L true, allow component list details BOM for stock item, allow zero valued entries under accounting & inventory and BOM bill of materials.

Company Features CST Currency Symbol Font Size Delivery Note Stock Journal Duties & Taxes ECC Excise Duty FBT MCA Report ERP Ex-NGN Duration Sundry Creditors Create Charges Income Statement BOM Zero Entries Cheque Printing

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181. Closing Stock Ledger is defined under________

  • a) Loan(Liability)
  • b) Stock-in-hand
  • c) Suspense a/c
  • d) Secured Loans
Answer: B - Closing Stock Ledger is defined under Stock-in-hand group in Tally/Ex-NGN.

182. Columns Dialog Box 2003 can be opened from________

  • a) Format menu, Columns submenu
  • b) Double click on column space in ruler
  • c) Press Alt + O + C
  • d) All of these
Answer: D - Columns dialog box can be opened through all these methods in MS Word 2003.

183. company any features invoked by pressing________

  • a) F11
  • b) F12
  • c) alt + F12
  • d) Alt + F11
Answer: A - F11 is used to invoke Company Features in Tally for configuration settings.

184. Copy and Xcopy are same in the sense________

  • a) Both are internal commands of DOS
  • b) Both are external commands of DOS
  • c) Both can be used to copy file or group of files
  • d) Both a and b
Answer: C - Both Copy and Xcopy commands are used to copy files or groups of files in DOS.

185. Create Companyoption Is Under________

  • a) DISPLAY
  • b) COMPANY INFO.
  • c) NONE OF THESE
  • d) GATEWAY OF TALLY
Answer: B - Create Company option is available under COMPANY INFO menu (Alt+F3 from Gateway of Tally).

186. Cst Stands For________

  • a) Central Sales Tax
  • b) Corporate System Of Tax
  • c) Central Service Tax
  • d) None Of These
Answer: A - CST stands for Central Sales Tax, a tax on inter-state sales of goods.

187. Currency Symbol Arise Automatic________

  • a) TRUE
  • b) FALSE
  • c) BOTH
  • d) NONE
Answer: A - TRUE - Currency symbol appears automatically based on company configuration in Tally.

188. Default font size in MS word is________

  • a) 10
  • b) 11
  • c) 12
  • d) 14
Answer: B - Default font size in MS Word is 11 points (Calibri body).

189. Delivery Note Voucher________

  • a) Alt + F8
  • b) F4
  • c) Alt + F6
  • d) F5
Answer: A - Alt + F8 is the shortcut key for Delivery Note voucher in Tally.

190. During Stock Journal Can We Display Stock Status?

  • a) YES
  • b) NO
  • c) BOTH
  • d) NONE
Answer: A - YES - Stock status can be displayed during Stock Journal entry in Tally.

191. Duties & Taxes Is The Name Of________

  • a) Ledger
  • b) Group
  • c) Reports
  • d) Features
Answer: B - Duties & Taxes is a predefined group in Tally for tax ledgers.

192. E.C.C Is________

  • a) Excise Control Code
  • b) Electronic Contol Code
  • c) Excise Commissioner Code
  • d) NONE
Answer: A - ECC stands for Excise Control Code, a registration number for excise purposes.

193. Enable Excise Duty Is Under________

  • a) F1
  • b) F2
  • c) F3
  • d) NONE
Answer: C - Enable Excise Duty is under F3 (Statutory & Taxation Features) in Tally.

194. Enable Fringe Benefit Tax Option Is Under________

  • a) F1
  • b) F2
  • c) F3
  • d) NONE
Answer: C - Enable Fringe Benefit Tax (FBT) is under F3 (Statutory & Taxation Features) in Tally.

195. Enable Mca Report Is Under________

  • a) F1
  • b) F2
  • c) F3
  • d) NONE
Answer: C - Enable MCA (Ministry of Corporate Affairs) Report is under F3 (Statutory & Taxation Features).

196. Erp Stands For________

  • a) Electricity Resourses Plant
  • b) Enterprises Resourses Part
  • c) Enterprises Resourses Planning
  • d) None Of These
Answer: C - ERP stands for Enterprise Resource Planning, integrated management software.

197. Excise Duty Is Two Types________

  • a) TRUE
  • b) FALSE
  • c) BOTH
  • d) NONE
Answer: A - TRUE - Excise Duty has two types: Basic Excise Duty and Special Excise Duty.

198. Ex-NGN does support maximum financial duration of a company ________

  • a) 12 months
  • b) 18 months
  • c) 24 months
  • d) None of these
Answer: B - Ex-NGN supports maximum financial duration of 18 months for a company.

199. From under which group you have to create sundry creditors subgroup?

  • a) Current Liabilities
  • b) Assets
  • c) Liablilities
  • d) Fixed assets
Answer: A - Sundry Creditors is created under Current Liabilities group in Tally.

200. From which Menu you can create charges________

  • a) Edit
  • b) Activities
  • c) Setup
  • d) View
Answer: C - Charges are created from Setup menu in Ex-NGN.

201. We Can Display Income & Expenditure Statement Instead Of P/L A/C.

  • a) TRUE
  • b) FALSE
  • c) BOTH
  • d) NONE
Answer: A - TRUE - Income & Expenditure statement can be displayed instead of P&L A/c for non-trading concerns.

202. Allow Component List Details (Bill Of Materials) Option Is Activated For________

  • a) Ledger
  • b) Cost Centre
  • c) Stock Item
  • d) Stock Group
Answer: C - BOM (Bill of Materials) is activated for Stock Items in Tally.

203. Allow Zero Valued Entries Feature Is Exist In _________ Feature.

  • a) Inventory & Statutory
  • b) Accounting & Inventory
  • c) Accounting & Statutory
  • d) Inventory & Tally.Net
Answer: B - Allow Zero Valued Entries is available under both Accounting Features (F1) and Inventory Features (F2).

204. BOM stands for _________ .

  • a) Bunch of Materials
  • b) Bill of Manufacturing
  • c) Book of Materials
  • d) Bill of Materials
Answer: D - BOM stands for Bill of Materials, listing components for manufacturing.

205. Enabled Cheque Printing Is Exist Under ________ Feature.

  • a) Inventory feature
  • b) Accounting feature
  • c) Statutory & Taxation
  • d) Tally.Net feature
Answer: B - Enable Cheque Printing is available under Accounting Features (F1) in Tally.
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