Chapter 10: Computer In Accounting

Select the most appropriate alternative from the given below and rewrite the statement.

The primary document for recording all financial transactions in Tally is the_______________

  • Journal
  • Trial sheet
  • Voucher
  • File

This displays the balance day-wise for a selected voucher type

  • Record Book
  • Ledger book
  • Journal book
  • Daybook

Fixed Deposit A/c comes under____________group.

  • Investments
  • Current Liability
  • Bank A/c
  • Current Asset

Give the word term or phrase which can substitute the following statement:

The details of Bills receivable are maintained in this record.

Sundry Debtors

Tally software is classified into this category

Mercantile

The short key used to save or accept the information.

Ctrl + A

It is a damaged software, cracked, nearly fully functional.

Pirated Software

The process by which all the calculations are automatically done by the accounting software.

Automation

State whether the following statement is true or false with reason :

Alt + D are the short keys for delete voucher entry.

Options

True False

This statement is True. To delete voucher entry, people use Alt + D key

In Tally F6 Function key is for payment voucher.

Options

True False

This statement is False. In Tally, F6 Function key is useful for receipt vouchers.

Legal software is fully functional software without any restriction.

Options

True False

This statement is True. The Bases of the legal software are fully functional, safe and legal, so one can use this kind of software without any hesitation and restriction.

Salary Account comes under Indirect Expenses.

Options

True False

This statement is True. When the expenses are made for purchase of goods, and for manufacturing process, they are known as direct expense. Salary does not fall in that category and so it comes under indirect expense category.

Accounting software may not be customized to meet the special requirement of the user.

Options

True False

This statement is False. Customized Accounting software is prepared to meet the special requirement of the user which is not readily available in the market

Answer in One Sentence.

What is CAS?

CAS means Computerized Accounting System which helps business firms to implement accounting processes and makes it user friendly with automation.

Write the steps to create a ledger account in tally?

Steps to create ledger account in tally are as follows :
  1. From Gateway of Tally Screen, click on account info.
  2. Path gateway to Tally – Accounts Info – Ledgers – Single ledger – Choses create.

How to view reports in tally?

For viewing accounting reports in accounting software click on report option and select the Display option.

Explain the various types of voucher?

Following are the various voucher types :
  1. F4 Contra voucher – For cash deposited in the bank and cash withdrawn from bank, Transfer from one cash A/c to other Cash A/c and Bank to Bank transfer
  2. F5 Payment voucher – For all types of payments are recorded through this voucher type (Cash and Bank) Cash or Bank
  3. F6 Receipt voucher – For Cash and Bank receipts
  4. F7 Journal voucher – For non-cash transactions
  5. F8 Sales voucher – For cash as well as credit sales
  6. F9 Purchase voucher – For cash as well as credit purchase.

Write the steps to create a company?

Following are the steps to create a company :
  1. After entering into Accounting software Tally, double click on the option, create company, under company information. Then follow the navigation path. Gateway of Tally > Company Info > Create Company.
  2. Fill the details in the company creation form, displayed on the screen – Company creation window.

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Difficult Words & Meanings

  • Voucher: A document that supports and records a financial transaction. (Easy: A slip of paper that shows proof of a money transaction.)
  • Daybook: A book where business transactions are recorded daily as they happen. (Easy: A business diary for daily money activities.)
  • Ledger: The main accounting book where transactions are summarized into different accounts. (Easy: The main record book for all financial accounts.)
  • Fixed Deposit: Money deposited in a bank for a fixed period to earn higher interest. (Easy: Savings locked in a bank for a set time for more interest.)
  • Investments: Putting money into something with the hope of making a profit. (Easy: Using money to make more money.)
  • Current Liability: Debts that a business must pay within one year. (Easy: Short-term debts the business owes.)
  • Current Asset: Things a business owns that can be converted into cash within one year. (Easy: Business belongings that can quickly become cash.)
  • Bills Receivable: Money owed to a business by customers for goods/services bought on credit. (Easy: IOUs from customers.)
  • Sundry Debtors: Various customers who owe money to the business. (Easy: Different people who need to pay the business.)
  • Mercantile: Relating to trade, commerce, or business activities. (Easy: Related to buying and selling.)
  • Pirated Software: Illegally copied or distributed software. (Easy: Stolen computer programs.)
  • Automation (in accounting): Using software to perform accounting tasks automatically. (Easy: Letting computers do accounting work.)
  • CAS (Computerized Accounting System): An accounting system that uses computers and software for financial record-keeping. (Easy: Doing accounts using computers.)
  • Gateway of Tally: The main menu or starting screen in Tally accounting software. (Easy: The main dashboard in Tally.)
  • Contra Voucher: A voucher used for transactions involving cash and bank, or between bank accounts. (Easy: A slip for moving money between your own cash and bank.)
  • Indirect Expenses: Business costs not directly linked to producing a product (e.g., office rent, salaries). (Easy: General running costs of a business.)
  • Financial Transactions: Any business activity that involves an exchange of money or affects finances. (Easy: Any money-related event in a business.)