[amp_mcq option1=”29″ option2=”31″ option3=”25″ option4=”34″ correct=”option1″]
The correct answer is A. 29.
Tally Prime has 29 inbuilt Accounts groups by default. These groups are:
- Assets
- Liabilities
- Equity
- Income
- Expense
- Other Income
- Other Expense
- Capital
- Current Assets
- Non-Current Assets
- Current Liabilities
- Non-Current Liabilities
- Share Capital
- Reserves and Surplus
- Profit and Loss Account
- Purchases
- Sales
- Cost of Goods Sold
- Sales Returns
- Purchase Returns
- Discount Received
- Discount Allowed
- Wages
- Salaries
- Rent
- Taxes
- Insurance
- Depreciation
- Interest
- Audit Fees
- Legal Charges
- Advertisement
- Stationery
- Postage and Telephone
- Travelling
- Conveyance
- Repairs and Maintenance
- Printing and Stationery
- Advertisement
- Sundry Expenses
- Cash in Hand
- Cash at Bank
- Sundry Debtors
- Sundry Creditors
- Bills Payable
- Bills Receivable
- Prepaid Expenses
- Accrued Income
- Accrued Expenses
The inbuilt Accounts groups are used to classify transactions in Tally Prime. This makes it easier to track and analyze your financial data.
For example, if you sell goods on credit, you would record the transaction in the Sales account. The Sales account is a member of the Income group. This means that the transaction will be included in the Income statement, which shows your company’s revenue.
Similarly, if you purchase goods on credit, you would record the transaction in the Purchases account. The Purchases account is a member of the Expense group. This means that the transaction will be included in the Profit and Loss statement, which shows your company’s expenses.
The inbuilt Accounts groups can be customized to meet your specific needs. You can add new groups, delete existing groups, and change the names of groups. You can also add new accounts to existing groups.
To customize the inbuilt Accounts groups, go to Gateway of Tally > Accounts Info > Accounts Groups.