Question

State the statements are True or False.

1) Alt+F1 are the short key for Company Information menu.
2) Ctrl+B is used to activate the calculator
3) F5 Function key is for Receipt Voucher.
4) Alt+F1 is used to delete the specific information.
5) Fuel and Diesel comes under Indirect Expense.
6) Duties and Taxes come under the group indirect expenses.
7) Computer Accounting System is used for recording the financial transaction.
8) Computer Accounting System is Single entry as well as Double entry system.

Answer 1

(1) False

Explanation:
Alt + F1 is the key combination that is used to close a company or to view a detailed report, whereas Alt+F3 is the short key combination that is used to access the Company Information menu.

Note: As per the answers mentioned in the book, this statement holds true. However, it should be false. This is because Alt + F3 (and not Alt + F1) is the short key for Company Information Menu.

(2) False

Explanation:

Ctrl + N is used to activate the calculator in Tally. Ctrl + B is used to select the budget in Tally.

(3) False

Explanation:
F6 is the keyboard shortcut that is used for recording Receipt Vouchers in Tally, whereas F5 is used for recording Payment Vouchers in Tally.

(4) False

Explanation:
Alt + D is used to delete specific information in Tally. Alt + F1 is used to close a company in Tally or to view a detailed report.

Note:
The answer provided in the book is incorrect as Alt+F1 is used to close a company, whereas to delete a specific information Alt+D key is used.

(5) False

Explanation:
Those expenses that are directly related to production of goods are termed as direct expenses. Thus, fuel and diesel, which is used for transporting raw materials from one place to another, are grouped under direct expenses and not indirect expenses.

(6) False

Explanation:
Duties and taxes come under the Current Liabilities group in Tally. Duties and taxes are the sub-groups under the head of Current Liabilities. The sub-groups consist of various ledgers such as TDS, Service Tax etc.

(7) True

Explanation:
Computer Accounting System involves the use of accounting software to record the financial transactions of a business. It is an accounting information system that processes the financial transactions and events in accordance with the Generally Accepted Accounting Principles (GAAP).

(8) True

Explanation:
Computer Accounting System allows the user to record entries using both the accounting systems- namely, Single-Entry and Double-Entry Systems. For example, Tally allows us to record entries in single-entry mode via configuration settings.