Question

Tally provides a set of predefined groups based on traditional methods of Accounting. (State True or False)

Answer 1

Tally provides a set of predefined groups based on traditional methods of Accounting. (State True or False)

Answer: It is True Statement.

Answer 2

Answer:

‘Tally provides a set of predefined groups based on traditional methods of Accounting’ is a TRUE statement.

Explanation:

Usually, the Tally. ERP 9 holds list of groups known as predefined groups. In this tally version, there are almost ‘28 pre-defined groups’ from where 15 are the primary groups and 13 are the sub groups.

Some of the predefined sub groups are bank accounts, cash-in-hand, duties and taxes, provisions, secured loans, stock-in-hand, sundry creditor, unsecured loans, Bank OD/ AC, reserves and surplus, ‘loans and advances’, and so on.