Question

In an accounting software how many pre-defined account groups exist? State their further division with reference to number and type.

Hint:

Account groups classify and organize ledger accounts logically.

Answer 1

There are 28 pre-defined account groups in Tally.
Division:
- Primary Groups: 15
- Sub-Groups: 13
Type-wise Classification:
- Capital & Liabilities: e.g., Capital Account, Loans
- Assets: e.g., Fixed Assets, Current Assets
- Income: e.g., Sales, Direct Income
- Expenses: e.g., Purchases, Indirect Expenses
% Quick tip