100 Tally Prime & Accounting Basics Interview Questions and Answers (For Freshers)

Section A: Basic Accounting Concepts

1. What is accounting?
   Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions.
2. What are the basic accounting principles?
   Examples: Conservatism, Consistency, Going Concern, Matching Principle, Accrual Principle.
3. What is the accounting equation?
   Assets = Liabilities + Owner’s Equity
4. What are assets?
   Resources owned by a business that provide future economic benefits.
5. What are liabilities?
   Obligations of a business that it must pay in the future.
6. What is equity?
   Owner’s claim on the business after liabilities are subtracted from assets.
7. What is debit and credit?
   • Debit: Left side of an account, represents increase in assets or expenses.
   • Credit: Right side, represents increase in liabilities, income, or equity.
8. What is a journal entry?
   Recording of a financial transaction in the accounting books using debits and credits.
9. What is a ledger?
   Collection of all accounts showing transactions and balances.
10. What is trial balance?
    A statement showing total debits and credits of all accounts to verify accuracy.
11. What is double-entry bookkeeping?
    Every transaction affects at least two accounts: debit one account, credit another.
12. What are types of accounts?
    Real Accounts, Personal Accounts, Nominal Accounts
13. What is the difference between capital and revenue expenditure?
    • Capital: Benefits extend beyond one accounting period.
    • Revenue: Benefits consumed within the same period.
14. What is accrual accounting?
    Recording income and expenses when they are earned/incurred, not when cash is exchanged.
15. What is cash accounting?
    Recording transactions only when cash is received or paid.
16. What is depreciation?
    The reduction in the value of an asset over its useful life.
17. What are prepaid expenses?
    Payments made in advance for future expenses.
18. What are accrued expenses?
    Expenses incurred but not yet paid.
19. What is a bank reconciliation statement?
    A statement to match company books with the bank statement.
20. What is petty cash?
    Small cash fund used for minor business expenses.

Section B: Tally Prime Basics

21. What is Tally Prime?
    Tally Prime is an accounting software used to record, manage, and report financial transactions.
22. What is the difference between Tally ERP 9 and Tally Prime?
    Tally Prime has a simplified interface, easier navigation, and faster features compared to ERP 9.
23. What are ledgers in Tally?
    Accounts created to record financial transactions (e.g., Cash, Sales, Purchases).
24. What is a company in Tally?
    A set of books of accounts created for an organization.
25. What is the shortcut to create a new company in Tally Prime?
    Alt + F3 → Create Company
26. What is a voucher in Tally?
    A document recording a transaction (e.g., Payment, Receipt, Journal).
27. What is the shortcut to create a ledger in Tally?
    Alt + C in the ledger creation screen.
28. What are the types of vouchers in Tally?
    Payment, Receipt, Contra, Journal, Purchase, Sales
29. What is a Contra Voucher?
    Used to record cash/bank transfers within the company.
30. What is a Payment Voucher?
    Used to record cash or bank payments.
31. What is a Receipt Voucher?
    Used to record cash or bank receipts.
32. What is a Journal Voucher?
    Used to record non-cash transactions like depreciation or adjustments.
33. What is a Purchase Voucher?
    Used to record purchases of goods/services.
34. What is a Sales Voucher?
    Used to record sales of goods/services.
35. What is TDS in Tally Prime?
    Tax Deducted at Source – Tally can automatically calculate and generate TDS reports.
36. What is GST in Tally Prime?
    Goods and Services Tax – Tally Prime can calculate GST, create invoices, and generate returns.
37. What are inventory items in Tally?
    Goods or services tracked in the system (e.g., raw materials, finished goods).
38. What are stock groups in Tally?
    Categories to organize inventory items (e.g., Raw Materials, Finished Goods).
39. What are stock categories in Tally?
    Subdivisions of stock items for better reporting (e.g., Electronics, FMCG).
40. What is a stock item?
    Individual product or material tracked in Tally.
41. What is a unit of measurement in Tally?
    Units used to quantify stock (e.g., Kg, Liter, Pieces).
42. How do you enable GST in Tally Prime?
    Through F11: Features → Enable GST → Enter GST details.
43. What are accounting reports in Tally?
    Balance Sheet, Profit & Loss, Trial Balance, Cash Flow, Ratio Analysis.
44. What is a Day Book in Tally?
    Record of all daily transactions in chronological order.
45. What is a Ledger Report in Tally?
    Shows all transactions for a specific ledger account.
46. What is a Group Summary in Tally?
    Consolidated report of balances in all ledger groups.
47. What is a Cost Centre in Tally?
    Used to track expenses and income by department, project, or branch.
48. What is a Cost Category in Tally?
    A category under which multiple cost centers can be grouped.
49. What is a Budget in Tally Prime?
    Plan for income and expenses to track financial performance.
50. How do you take a backup in Tally Prime?
    Alt + F3 → Company → Backup → Select path → Backup.
51. How do you restore a backup in Tally Prime?
    Alt + F3 → Company → Restore → Select backup path → Restore.
52. What is a GST Invoice in Tally?
    Invoice generated in Tally with GST calculation for sales or purchases.
53. What is a Sales Order in Tally Prime?
    Record of confirmed sales before delivery.
54. What is a Purchase Order in Tally Prime?
    Record of confirmed purchase before receiving goods.
55. What is a Payment Advice in Tally?
    Instructions for making payments to suppliers or vendors.
56. What is an Outstanding Report in Tally?
    Shows pending payments or receipts for a ledger or party.
57. What is a Bank Reconciliation in Tally Prime?
    Matching company cash/bank records with bank statements.
58. What is Multi-Currency in Tally Prime?
    Tally allows transactions in multiple currencies and automatic conversion.
59. What is Reversing Journal in Tally?
    Automatic journal entry that reverses a previous entry in the next accounting period.
60. What is a Cost Tracking Report in Tally?
    Shows income/expenses for projects, branches, or departments.

Section C: Accounting & Tally Integration Questions

61. How do you record a cash sale in Tally?
    Use Sales Voucher → Select cash ledger → Enter stock item → Save.
62. How do you record a credit sale in Tally?
    Use Sales Voucher → Select party ledger → Enter stock item → Save.
63. How do you record a cash purchase in Tally?
    Use Purchase Voucher → Select cash ledger → Enter stock item → Save.
64. How do you record a credit purchase in Tally?
    Use Purchase Voucher → Select supplier ledger → Enter stock item → Save.
65. How do you record bank deposits in Tally?
    Use Bank Ledger → Receipt Voucher → Select bank account → Enter amount.
66. How do you record bank withdrawals in Tally?
    Use Payment Voucher → Select bank account → Enter amount.
67. How do you create a recurring voucher in Tally?
    Use Voucher Type → Enable Recurring → Set frequency.
68. How do you record salary payment in Tally?
    Use Payment Voucher → Select Salary Ledger → Select Bank/Cash → Enter amount.
69. How do you record depreciation in Tally?
    Create Journal Voucher → Select Asset Ledger → Debit Depreciation → Credit Asset.
70. How do you track expenses by department in Tally?
    Use Cost Centre → Allocate expenses → Generate reports.
71. How do you check GST reports in Tally?
    Gateway → Display → Statutory Reports → GST → Select report type.
72. How do you adjust advance payment in Tally?
    Use Journal Voucher → Debit/credit advance ledger → Adjust in invoice.
73. How do you record loan received in Tally?
    Payment Voucher → Bank Ledger → Loan Ledger → Save.
74. How do you record loan repayment in Tally?
    Payment Voucher → Bank Ledger → Loan Ledger → Interest Ledger → Save.
75. How do you handle discounts in Tally?
    Sales/Purchase Voucher → Enter Discount Ledger → Enter discount amount/percentage.
76. What is a GST return in Tally?
    Report generated from Tally for filing GST with tax authorities.
77. What is the difference between Tally Prime and Excel for accounting?
    Tally is automated, real-time, error-free; Excel is manual, requires formulas.
78. How do you create multiple company accounts in Tally?
    Alt + F3 → Create multiple companies with separate books.
79. How do you generate a Profit & Loss account in Tally?
    Display → Statement of Accounts → Profit & Loss A/c → Select period.
80. How do you generate a Balance Sheet in Tally?
    Display → Statement of Accounts → Balance Sheet → Select period.
81. How do you track receivables in Tally?
    Display → Outstanding → Receivables → Select party/ledger.
82. How do you track payables in Tally?
    Display → Outstanding → Payables → Select party/ledger.
83. How do you print vouchers in Tally?
    Gateway → Display → Day Book → Select voucher → Print.
84. How do you take a stock summary report in Tally?
    Display → Inventory Info → Stock Summary → Select stock item/group.
85. How do you handle multiple warehouses in Tally?
    Enable Inventory Features → Create multiple Godowns → Allocate stock.
86. How do you handle currency conversion in Tally?
    Enable Multi-Currency → Enter currency rates → Record transactions.
87. What is a Day Book report in Tally?
    Shows all vouchers posted on a daily basis.
88. How do you backup your Tally data?
    Alt + F3 → Company → Backup → Select folder → Save.
89. How do you restore a company in Tally?
    Alt + F3 → Company → Restore → Select backup → Restore.
90. What is stock valuation in Tally?
    Method to value inventory: FIFO, LIFO, Average, or Cost Price.
91. How do you reconcile bank statements in Tally?
    Display → Bank Reconciliation → Select bank ledger → Match transactions.
92. How do you handle input and output GST in Tally?
    Create GST ledgers → Record sales/purchase → Tally calculates tax automatically.
93. What are different voucher types in Tally Prime?
    Payment, Receipt, Contra, Journal, Sales, Purchase, Credit Note, Debit Note.
94. How do you create a new ledger group in Tally?
    Gateway → Accounts Info → Groups → Create → Enter group details.
95. How do you allocate expenses to multiple departments in Tally?
    Use Cost Centres → Allocate expenses → Generate department-wise reports.
96. What is Tally Vault?
    A password protection feature for company data.
97. What is the difference between ledger and group in Tally?
    • Ledger: Individual account.
    • Group: Collection of ledgers with similar characteristics.
98. How do you record advance received from a customer in Tally?
    Receipt Voucher → Customer Ledger → Advance Ledger → Save.
99. How do you handle returns in Tally?
    Use Credit Note for sales return and Debit Note for purchase return.
100. What is the importance of Tally in accounting jobs?
     Automates bookkeeping, reduces errors, generates reports, tracks GST, and helps in decision-making.

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