Select one option from below. Press ______ to change the method of stock valuation in the stock summary report in Tally Prime.
A. F9
B. F8
C. F7
D. F6
Answer (2)
In Tally Prime, a popular accounting software, users have the option to change the method of stock valuation directly from the stock summary report. Changing the stock valuation method can impact how inventory costs and profits are calculated, which is essential for precise financial reporting.
To perform this action, the user presses the 'F7' key. Hence, the correct answer from the given options is:
(C) F7
When you press F7 in the stock summary, Tally Prime allows you to choose different stock valuation methods. These methods may include FIFO (First In, First Out), LIFO (Last In, First Out), Average Cost, and others, each having its distinct way of reporting inventory costs.
Here's a step-by-step explanation of how to change the method of stock valuation in Tally Prime:
Access the Stock Summary Report : From the main Tally Prime interface, navigate to the Gateway of Tally and choose the option to view Reports.
Select Stock Summary : In the Reports section, find and select 'Stock Summary' to view the current inventory valuation.
Press F7 : Once in the Stock Summary, press F7 on your keyboard. This action will prompt Tally to display the stock valuation method options.
Choose a New Valuation Method : A list of different valuation methods will appear. Select the one you desire to implement for your inventory.
Apply the Change : Confirm your selection to apply the change. Now, your inventory will be valued using the new method you selected.
The flexibility to alter the valuation method is crucial for organizations to comply with accounting policies or adapt to new financial strategies.
In Tally Prime, you can change the stock valuation method by pressing the 'F7' key while in the Stock Summary report. This allows access to multiple valuation methods such as FIFO and LIFO. Therefore, the correct answer is (C) F7.
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