MCQ SECTION 2
.pdf
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Extension Services Management Academy Garhi Dopta, Muzaffarabad, AJK**We aren't endorsed by this school
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ACCIO GF
Subject
Accounting
Date
Jan 3, 2025
Pages
6
Uploaded by BarristerIronNightingale43
1.Bank accounts in ERPNext require at least one group of type “Bank” in the Chart of Accounts (CoA). True2.Capital Work in Progress accounts are used for depreciation of fixed assets. False3.Cost of Goods Sold accounts record the accumulated costs of manufacturing or purchasing products sold by a company. True4.A fixed asset account is used to maintain the cost of fixed assets. True5.: Tax accounts in ERPNext include VAT, GST, and TDS. True6.Temporary accounts are used to manage incomes, expenses, and adjustments when shifting to ERPNext mid-year. True7.The default bank account is fetched first from the Company default account when making Payment Entries in ERPNext. True8.The Mode of Payment default account is prioritized over the Customer/Supplier default bank account in ERPNext. True9.. Manual selection is the first option to fetch the default bank account in Payment Entries. False10.The Customer/Supplier default bank account is fetched before the Company default account in ERPNext. False11.A Chart of Accounts in ERPNext is organized numerically, with major categories and subcategories following the same starting number. True12.When using the Chart of Accounts Importer, existing transactions in the selected company are automatically adjusted to fit the new Chart of Accounts. False13.You can edit both the account name and number directly from the Chart of Accounts page in ERPNext. True14.You need to click “Attach” to upload the template when using the Chart of Accounts Importer. True15.After importing, you can verify the created accounts by going to the Chart of Accounts page for the selected company. True16.Before creating and using an item, it is recommended to set up an Item Group, a Warehouse, and a Unit of Measure (if required). True17.A quotation in ERPNext includes details about the recipient, items, taxes, and the validity of the contract. : True18.The sales flow in ERPNext begins with a Sales Invoice and ends with a Quotation.19.Answer: False (It begins with a Lead and ends with a Payment Entry.)20.Before creating a quotation, it is necessary to have a Customer, Lead, and Item created in the system.21.Answer: True
Multiple Choice Questions (MCQ):1. What is a “Request for Quotation” in ERPNext?a) A document sent to customers asking for paymentb) A document sent to suppliers asking for a quotation for itemsc) A document used for tracking inventoryd) A document used to process sales invoicesAnswer: b2. Before creating a Request for Quotation, which of the following must be created?a) Purchase Orderb) Supplier and Itemc) Warehouse and UOMd) Payment EntryAnswer: b3. What happens if you enable the “Send Attached Files” checkbox in a Request for Quotation?a) It sends files to the warehouse managerb) It attaches files to the supplier’s quotation emailc) It saves the files locally on the system
d) It adds the files to the purchase orderAnswer: bQuestions:1. What does the number "1" in the diagram represent?a) Purchase Invoiceb) Payment Entryc) Purchase Receiptd) Request for QuotationAnswer: b) Payment Entry2. What does the number "2" in the diagram represent?a) Purchase Orderb) Purchase Invoice
c) Payment Entryd) Supplier QuotationAnswer: b) Purchase Invoice3. What does the number "3" in the diagram represent?a) Material Requestb) Supplier Quotationc) Purchase Orderd) Request for QuotationAnswer: a) Material RequestMultiple Choice Questions:1. What is NOT included in the details of a Quotation in ERPNext?a) Recipient of the Quotationb) Applicable Taxesc) Monthly Payment Pland) Time of DeliveryAnswer: c) Monthly Payment Plan2. In the sales flow diagram, which step directly follows the Quotation?a) Sales Invoiceb) Sales Orderc) Payment Entryd) Delivery NoteAnswer: b) Sales Order
3. What is the prerequisite before creating a Quotation in ERPNext?a) Having an active Purchase Orderb) Creating a Customer or Leadc) Generating a Sales Invoiced) Setting up a WarehouseAnswer: b) Creating a Customer or Lead4. Which order type is NOT an option when creating a Quotation in ERPNext?a) Salesb) Maintenancec) Rentald) Shopping CartAnswer: c) Rental5. Where can you fetch items directly into a Quotation from?a) Customer Detailsb) Opportunityc) Delivery Noted) Payment EntryAnswer: b) Opportunity