Go through this Computerized Accounting Environment – CS Foundation Fundamentals of Accounting and Auditing Notes will help students in revising the entire subject quickly.
Computerized Accounting Environment – CS Foundation Fundamentals of Accounting Notes
Introduction:
- Computerized Accounting System and its awareness among professional has become a necessity in the globalised environment.
- The manual process is more time-consuming cumbersome and exposed to human error.
- The shift to computerised accounting systems has revolutionized the way businesses are managed.
- They have empowered organizations to project accurate information of financial performance.
Important features of Computerized Accounting System.
- Simple and integrated
- Accuracy and speed
- Scalability
- Instant Reporting
- Security
- Quick Decision Making
- Reliability
Introduction to TALLY:
Tally is most popular software for accounts and inventory management. Latest version of Tally has lets of advanced features like better data migrating, fast data speed, payroll management, TDS, TCS, Job costing and point of sale invoicing etc.
Function Key Combination:
| Key | Functionality | Available Screen |
| F1 | To select a Company | At all masters menu screen |
| F1 | To select the Accounts Button | At the Accounting voucher creation and alteration screen. |
| F1 (Alt + F1) | To select the Inventory | At the inventory/payroll/ voucher creation and alteration screen. |
| F1 (Ctrl + F1) | To open payroll vouchers to after | At the Accounting/ inventory/ voucher creation or alteration screen. |
| F2 | To change the current date | At almost all screen in TALLY- ERP9. |
| F3 | To select the company | At almost all screens in TALLY. ERP9. |
| F4 | To open contra voucher | At Accounting/Inventory voucher creation and alteration screen. |
| F5 | To open payment voucher | At Accounting/ Inventory voucher creation and alteration screen |
| F6 | To open receipt voucher | At Accounting/ inventory voucher creation and Alteration screen. |
| F7 | To open journal Voucher | At Accounting/inventory voucher creation and alteration screen. |
| F8 | To open sales voucher | At Accounting/ inventory voucher creation and alteration screen. |
| F9 | To open purchase voucher | At Accounting/ inventory voucher creation and alteration screen. |
| F10 | To open reversing journal voucher | At Accounting/inventory/payroll voucher creation and Alteration screen. |
| F11 | To select the functions and features screen | At almost all screen in Tally ERP9. |
| F12 | To open configure screen | At almost all screen in TALLY ERP9. |
TALLY ERP 9 shortcut special keys combination:
- These are most important short cut keys to speed up the work in Tally.
- Duplication of a voucher is one of the most used short cut key in this section.
- ALT + C is used to create secondary ledger creation while you are working with TALLY.
Special Keys Combination:
| Key | Functionality |
| ALT + D | 1. To delete a voucher / 2. To delete a master / 3. To delete a column in any columnar report. |
| ALT + E | To export the report in ASCII, HTML or XML format |
| ALT + I | 1. To insert a voucher/ 2. To toggle between item and accounting invoice |
| ALT + L | To select the language configuration |
| ALT + K | To select the keyboard configuration. |
| ALT + 0 | To upload the report at your website. |
| ALT + L | To select language for TALLY ERP9 interface. |
| ALT + M | To E- mail the Report |
| ALT + N | To view the report in automatic columns. |
| ALT + P | To print the report |
| ALT + R | To remove a line in a report |
| ALT + S | To bring back a line you removed using ALT + R |
| ALT + U | To retrieve the last line which is deleted using ALT + R |
| ALT + V | From invoice screen to bring stock journal screen |
| ALT + X | To cancel a voucher is Day Book/list of vouchers. |
| ALT + R | To register Tally |
| CTRL + A | To accept a form / whenever you use this key combination that screen or report gets accepted as it is. |
| CTRL + B | To select the Budget |
| CTRL+ALT+B | To check the company statutory Details |
| CTRL + C | To select the cost centre. |
| CTRL + E | To select the currencies. |
| CTRL + G | To select the Group |
| CTRL + H | To view the support centre. |
| CTRL + I | To select the stock Items. |
| CTRL + ALT+I | To import statuary masters. |
| CTRL + K | To login as Remote TALLY. NET USER. |
| CTRL + L | To select the Ledger |
| CTRL + 0 | To select the Godowns. |
| CTRL + Q | To abandon a form |
| CTRL + R | To repeat narration in the same voucher type. |
| CTRL + ALT + R | Rewrite data for a Company. |
Key Combination Used For Navigation:
| Windows | Functionality | Availability |
| Page up | Display previous voucher during voucher entry /alter | At voucher entry and alteration screen |
| Page Down | Display next voucher during voucher entry/ alter | At voucher entry and alteration screen |
| ENTER | To accept anything you type into a field. | You have to use this key at most asseas in TALLY. At the receivables report. |
| ESC | To accept or voucher or master | At almost all screens in TALLY. |
| SHIFT | To get a report with further details of an item in a report. | At voucher Register screen and trial balance report. |
| ENTER | To remove what you typed into a field. | In almost all Reports. |
| SHIFT + ENTER | To come out of a screen. To indicate you do not want to accept a voucher or master. | At voucher entry.
At all reports. |
ERP:
1. Enterprise resource planning (ERP) software deals with accounting transactions such as payroll, accounts receivable, accounts payable, and trial Balances.
2. ERP software is a resource management system, tracking tangible and intangible assets, materials, human resources and financial resources.
3. It also covers intangible like human work hours, product life cycles, performance units and customer relations.
4. Some of the popular ERP accounting package are being mentioned here.
- Sage 300
- Microsoft Dynamic NAV
- SAP Business one
- Epicor 9 (formerly vantage)
- Microsoft Dynamics G.P.
- Macola ES (Exact software)
- Sage 100
- Net suite
- Sys Pro
- Sage X3
SAP Business One
1. It is one of the most widely used and popular accounting package.
2. ‘SAP Business One’ offers fully integrated financial and banking functionality for complete, across the board tracking, management, reporting, and control of all key financial and accounting processes.
3. Important functions of SAP Business one are being mentioned here.
- Accounting.
- Journal entries.
- Journal Vouchers.
- Posting templates.
- Recurring Postings.
- Reversing Journals.
- Exchange rate differences.
- Financial report templates.
- Budgets.
- Profit center definition.
- Distribution rule definitions.
- Profit centre report.
Computerized Accounting Environment MCQ Questions
In each of the following one of them is correct. Indicate the correct answer:
1. Which is not the feature of computerized Accounting System.
(a) Simple and integrated
(b) Non-secure
(c) Accuracy and speed
(d) Instant Reporting.
Answer:
(b) Non-secure
2. Quality Report is real time can be generated because of:
(a) Speed and accuracy
(b) Security
(c) Quick Decision Making
(d) Reliability
Answer:
(a) Speed and accuracy
3. Which is the most popular software for accounts and inventory management.
(a) MICRO Soft
(b) TALLY
(c) Windows XP
(d) Windows 8
Answer:
(b) TALLY
4. _______ process is more time -consuming, cumbersome and exposed to human error.
(a) Mechanical Process
(b) Technical Process
(c) Computerised Process
(d) Manual Process
Answer:
(d) Manual Process
5. Full form of ERP:
(a) Entrepreneurship resource planning
(b) Enterprise research planning
(c) Enterprise resource planning
(d) Entrepreneurship research planning.
Answer:
(c) Enterprise resource planning
6. Functions of SAP are:
(a) Accounting
(b) Journal Entries,
(c) Journal Vouchers
(d) All of these
Answer:
(d) All of these
7. Which shortcut Keys are used to enter a stock journal in tally?
(a) F7
(b) Control + F7
(c) Alt + F7
(d) Shift + F7
Answer:
(c) Alt + F7
8. How many types of uses are present in tally?
(a) 1
(b) 2
(c) 3
(d) 4
Answer:
(c) 3
9. We can create multiple users in TALLY activating.
(a) Tally Audit
(b) Use security control
(c) Both (a) and (b)
(d) None
Answer:
(b) Use security control
10. TALLY package is developed by _______.
(a) Peutronics Co.
(b) Coral software
(c) Tally solutions
(d) Vedalia software
Answer:
(c) Tally solutions
11. Which shortcut key is used in TALLY to print any repon.
(a) Ctrl + P
(b) Shift + P
(c) Alt + P
(d) Alt + ctrl + P
Answer:
(c) Alt + P
12. Which shortcut key is used to shut opened company in Tally?
(a) Fi
(b) Alt + Fi
(c) F3
(d) Alt + F3_______
Answer:
(b) Alt + Fi
13. Which shortcut key is used to change current period in Tally.
(a) F2
(b) Alt + F2
(c) F3
(d) Alt + F3
Answer:
(b) Alt + F2
14. ‘Inventory books’ is used to view.
(a) Stock items
(b) Both A and B above
(c) Group summary
(d) None.
Answer:
(b) Both A and B above
15. To change current Data from Gateway of Tally press the key _______.
(a) F1
(b) F5
(c) F2
(d) F9
Answer:
(c) F2
16. Which reports are prepared monthly in Tally?
(a) Profit & Loss A/c
(b) Balance sheet
(c) Trial Balance
(d) Cash flow of fund flows
Answer:
(c) Trial Balance
17. Which is not a ERP accounting package?
(a) Sys Pro
(b) Sage 300
(c) Sage 100
(d) Sage X4
Answer:
(d) Sage X4
18. _______ is one of the most widely used popular accounting package.
(a) SAP Business one.
(b) ERP
(c) PDF
(d) None of these.
Answer:
(a) SAP Business one.
19. Which key is pressed to post entries in double entry accounting system intended of single entry system in Tally ERP of?
(a) F11
(b) F12
(c) Alt + F11
(d) Alt + F12
Answer:
(b) F12
20. Which of the following file is usually used a master file?
(a) Inventory subsidiary
(b) Cash Receipts
(c) Cash disbursement
(d) Payroll transactions
Answer:
(a) Inventory subsidiary
21. What is the advantage of computer based transaction processing system?
(a) Does not require as stringent a set of internal controls.
(b) Will produce a more accurate set of financial statements.
(c) Eliminates the need to reconcile control accounts and subsidiary ledgers.
(d) Will be more efficient at producing financial statements.
Answer:
(d) Will be more efficient at producing financial statements.
22. To create purchase order press _______.
(a) Alt + F4
(b) Ctrl + F4
(c) F4
(d) None of these
Answer:
(a) Alt + F4
23. Which of the following user type can view audit list?
(a) Tally vault
(b) Owner
(c) Data Entry
(d) Administrator
Answer:
(d) Administrator
24. For selecting purchase voucher which function key is selected?
(a) f 2
(b) f 4
(c) f 9
(d) f 7
Answer:
(c) f 9
Shortcut key for selecting purchase voucher is f9 in Tally.
25. Which short cut key is used to change current period in Tally.
(a) f 1
(b) Alt + f 2
(c) f 2
(d) Alt + f 3
Answer:
(b) Alt + f 2
To change current period in tally, shortcut key Alt + f 2.
26. ERP not contain all accounting software:
(a) True
(b) False
(c) Partly true
(d) Partly false
Answer:
(b) False
ERP: Enterprise Resource Planning contains all accounting software relating to operation of an enterprise. Thus, the statement is false.
27. Functions of SAP:
(a) Accounting
(b) Journal Entries
(c) Journal Vouchers
(d) All of these
Answer:
(d) All of these
SAP: Systems Applications and products in data processing comprises all accounting activities (journal entries, vouchers, sale proceeding etc.) hence, option (d) is correct.
28. ERP stands for:
(a) Entrepreneurship Resource Planning
(b) Enterprise Resource Planning
(c) Electronic Resource Planner
(d) None of the above.
Answer:
(b) Enterprise Resource Planning
ERP stands for Enterprise Resource Planning
29. Which shortcut key is used to change current period in Tally _______.?
(a) F1
(b) Alt + F2
(c) F2
(d) Alt + F3
Answer:
(b) Alt + F2
To change current period in Tally, shortcut key Alt +F2
30. _______ key helps to select a company in Tally.
(a) F2
(b) F3
(c) F4
(d) F5
Answer:
(b) F3
The key ’F3′ is help to select the company and is available at almost all screen in Tally ERP9.
31. Which of key combination is used for receipt voucher _______.
(a) F9
(b) F6
(c) F3
(d) None of the above
Answer:
(b) F6
F6 is the key combination is used for receipt voucher.
32. _______ is most popular software for accounts & inventory.
(a) SAP business one
(b) Tally
(c) Both ‘a’ and ‘b’
(d) None of these
Answer:
(b) Tally
Tally is the most popular software for accounts and inventory management. Latest version of tally has lots of advanced features like better data migrating, fast data speed, payroll, management etc.
33. Display previous voucher during voucher entry/alter.
(a) Pg. Up
(b) Pg. Down
(c) Pg. Next
(d) Pg. Previous
Answer:
(a) Pg. Up
Key combination used for navigation in which ‘Page UP’ is used to display previous voucher during voucher entry/ alter.
34. What is the use of ERP?
(a) Tracking tangible and intangible assets
(b) Resource management system
(c) Factoring human work hours
(d) All of the above
Answer:
(d) All of the above
ERP software is a resource management system, tracking tangible and intangible assets, materials, human resources, and financial resources. ERP software covers a range of functionality not generally offered by accounting software, often factoring in intangibles like human work hours, product life cycles, performance units, and customer relations.
35. ERP and Tally are save _______.
(a) Yes
(b) No
(c) Can’t say
(d) Partly yes
Answer:
(b) No
Tally is not a full scale ERP System, it is called ERP because the company named it ERP. ERP system are huge business management software with function defined for virtually everything a business needs.
36. Which key is used for memorandum of voucher _______?
(a) F5
(b) F6
(c) F10
(d) F8
Answer:
(c) F10
F10 is the key used for memorandum of vouchers.
37. Which key is used for Selecting Bale Voucher _______
(a) F2
(b) F8
(c) F7
(d) F4
Answer:
(b) F8
‘F8’ is a key which is used for selecting sale voucher.