Tally Financial Accounting Certificate (TFAC)

Tally Financial Accounting Certification (TFAC)

Scope and Objective of TFAC
Finally, a test that tests you on what you need to know to get the job done. If you have a working knowledge of accounting, then all you need are a few days of practice. You can get hands on training in Tally and be ready to take the test. The Tally Financial Accounting Certification is a 90 minute online test. It consists of multiple choice questions that test your knowledge on business accounting and business environment, using Tally. The TFAC looks beyond ‘accounting on computers’ and makes you a thorough finance and accounting professional.

The following questions will give you a glimpse of the kind of test you have to prepare for:

1. The ‘Sales Order Outstanding’ screen by default will show the report as on last date of voucher.
a) True
b) False

2. After service tax is enabled for a company, entering the service tax master details is not compulsory as it does not affect the voucher entries.
a) True
b) False

3. While entering a ‘Purchase Account Invoice’, in the ‘party’s account name’ field, the pop-up list does not display:
a) Sundry Creditors Ledger
b) Purchase Ledger
c) Branch/Divisions Ledger
d) Bank & Cash Ledgers Test Format

You need to answer 60 such questions in 90 minutes. That gives you more than a minute per question. We designed the current test format, after extensive research to derive the right ratio of time and number of questions, the right number of questions per topic and the right type of questions. That’s how we’ve ensured that the test composition gives you a fair chance at both completing the test and truly doing justice to your knowledge of accounting on Tally. Tally as an accounting software is operated within the domain of accounting principles and the environment specific to each country. Therefore, the test is divided into 2 sections – Business Accounting and Business Environment. The Business accounting section tests you on basics of accounting and basic and advanced inventory. As the title suggests, business environment takes into account how your business would be affected by taxation and the economic and legal environments of the country you operate in. You can attempt each of the sections and in fact even the questions, in any order you choose. This allows you to spend time on the questions you think you can solve and leave the difficult ones for later. You can review the entire set of attempted and unattempted questions, so even if you skip questions, it’s easy to go back to the unattempted ones. You can also reattempt questions. Althought the best strategy would be to attempt a question only once and be sure about the answer. The test engine only accepts your last attempt as the final answer. There is no negative marking for wrong answers. This ensures that you are tested on what you know and not penalised for what you haven’t learnt well.
All questions are multiple choice questions and are in the form of ‘fill in the blanks’, ‘True or False’, and ‘Yes or No’.