Accounting Software Practice Exam

About Accounting Software
Accounting software is an invaluable resource for modern businesses. Software allows detailed tracking of financial transactions and near-instantaneous reporting and analysis. Before accounting software, these tasks had to be performed by hand, using large transaction journals.

Ad hoc reporting was generally impractical due to the labor involved in consolidating the manual entries. Accounting software automates these tasks, reducing the costs of accounting and allowing better financial decision-making through timely reporting.

Accounting software also allows for the storing of numerous amounts of data without having to take up physical space. This results in companies needing less office space because they no longer need large file rooms to store binders of data. Less office space allows for cost savings.

Why is Accounting Software important?
Simple accounting software is important for tracking the success of your business. It allows users to store all the information that gives a clear picture of the business financial health. The software can easily manage book keeping and allows monitoring costs and revenues to maximize profit margins.

It provides the benefits
•    Simplify accounts
•    Save Cost - The accounting software reduce the costs related to printing and distribution of documents.
•    Transparency - Accountancy system avoids costly and recurring human errors.
•    Accurate forecasting - Without a proper accounting system, detailing on the patterns and trends of financial performance would take ages to complete.
•    Productivity - It makes day-to-day tasks of companies look easier, and collects, organize, and analyze their outcomes.
•    Complying with tax laws - Most accounting software automatically complies with taxation laws as part of its internal structure, so the businesses can avoid penalties and other consequences on defaults.
•    Maintaining customer relationships - The accounting systems provide effective billing and invoicing, and prevent all sorts of delays and miscommunication.
•    Data security - Accounting systems prevent accounting from being jeopardized by theft by providing passwords and administration IDs and setting up as who can view what.

Who should take the Accounting Software Exam?
•    Accounting or Finance professionals
•    Business owners
•    Entrepreneurs
•    Anyone who wants to assess their Accounting Software skills
•    Accounting or Finance managers and senior executives
•    Accounting or Finance consultants
•    Professionals working in outsourced companies responsible for Accounting Software
•    Any professional with skills and knowledge on Accounting Software
•    Anyone interested in Accounting Software
•    Students

Knowledge and Skills required for the Accounting Software

Specific skills are needed to excel in career of accounting software which includes analytical bent of mind and quick learning skills.

Accounting Software Practice Exam Objectives

Accounting Software exam focuses on assessing your skills and knowledge in accounting basics, accounting transactions and Tally ERP9

Accounting Software Practice Exam Pre-requisite

There are no prerequisites for the Accounting Software exam. Candidates who are well versed  in financial accounting can easily clear the exam.

Accounting Software Certification Course Outline
1. Basic Accounting Principles and Framework
1.1. Learning to Understand Accounting
1.2. Assumptions, Principles, and Conventions of Accounting
1.3. Global Standards for Accounting

2. The Accounting Equation and Financial Statements
2.1. The Accounting Equation
2.2. Double-entry, Debits, and Credits
2.3. Understanding Financial Statements

3. The Accounting Cycle and Accrual Accounting
3.1. The Accounting Cycle
3.2. Chart of Accounts
3.3. Cash and Accrual Accounting

4. Accounting Transactions and Books of Account
4.1. General Journals and Special Journals
4.2. General Ledgers and Subsidiary Ledgers
4.3. Posting Accounting Transactions

5. Tally ERP 9


Exam Format and Information
Certification name – Accounting Software Certification
Exam duration – 60 minutes
Exam type - Multiple Choice Questions
Eligibility / pre-requisite - None
Exam language - English
Exam format - Online
Passing score - 25
Exam Fees  - INR 1199