Tally-Interview-Questions-and-Answers

Tally Interview Questions and Answers

Last updated on 25th Sep 2020, Blog, Interview Question

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Tally is powerful accounting software, which is driven by a technology called concurrent multi-lingual accelerated technology engine. Tally provides a comprehensive solution around accounting principles, inventory and data integrity. … Tally also has features encompassing global business.

1. How would you briefly define Tally?

Ans:

A tally is accounting software used by professionals for tax, billing, inventory, and compliance.

It was developed by Tally Solutions, an Indian company with its headquarters in Bangalore.

2. What does ERP in Tally ERP stand for?

Ans:

ERP stands for enterprise resource planning. Tally can also be defined as an enterprise resource planning software.

ERP systems or software are used to track business resources like capital and production capacities as well as commitments like purchase orders and payroll.

Since Tally manages such functions for retail or other enterprises, it is called Tally ERP.

3. What is Tally primarily used for?

Ans:

Tally serves a lot of purposes for the financial management of a business. Its main functions include basic accounting, costing, administering payroll, budgeting, and calculating interest.

Tally also helps with functions like filing tax returns, preparing balance sheets and profit/loss statements, calculating GST, fund flow statements, etc.

It can synchronize and manage data like this across multiple locations.

4. What does Tally ERP 9 do?

Ans:

Tally ERP 9 is an accounting software following in the tradition of previous versions of Tally.

It manages financial functions for businesses and other organizations. It maintains ledgers, invoices, budgets and includes other salient features.

5. How would you compare Tally ERP 9 with Tally 7.2?

Ans:

Tally ERP 9 is a newer version of the program, which has succeeded Tally 7.2.

Both programs perform the essential functions of managing finances, including accounting, reporting, and inventory.

However, Tally ERP 9 has added features like payroll management, TDS calculation, and GST which makes it a better fit for current accountants.

6. What are some of the new features which Tally ERP 9 comes with?

Ans:

Tally ERP 9 has a couple of new useful features for tax and easier management of data.

It enables tax audit functions, entering GST in invoices, facilitates TDS functions, VAT, XBRL, payroll and salary, and excise for manufacturers.

It also makes work easier by notifying users of credit limits, assigning a unique ID to number and sequence vouchers, and including the choices to print bank details, emailing reports to beneficiaries, and even connecting remotely.

7. What is a group in Tally ERP 9?

Ans:

A group in Tally is a collection of ledgers of the same kind.

For instance, a group may include common operating costs like bills for electricity, phones, travel, etc, incurred by a business.

Tally has 28 groups by default, 15 of which are called primary groups, while the rest are subgroups.

8.What are the types of ledgers which Tally ERP 9 lets you make?

Ans:

Tally allows one to generate multiple types of ledgers, namely the ones for sales/purchase, income and expense, party ledger, tax ledger, bank account, and current liabilities.

9. Mention the predefined ledgers which are available in Tally ERP 9.

Ans:

The tally includes predefined ledgers for cash and profit/loss statements.

Cash ledgers can be created under the group for cash-in-hand, and profit and loss ledgers can be created under the primary group.

10.Which types of vouchers can you create on Tally?

Ans:

Tally ERP 9 lets one create many vouchers namely contra voucher, payment, receipt, journal, sales and invoice, credit note, debit note, purchase, reversing journals and memo.

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11. What is reversing journals for?

Ans:

Reversing journals is a specific entry in Tally which is reversed automatically after the date of issue.

12. What is a contra voucher and what is the Tally shortcut for it?

Ans:

A contra voucher is one that details the transfer of funds from a bank account to a cash account and/or vice versa.

The shortcut for it is F4.

13.What is the use of Tally vault?

Ans:

Tally Vault is a security feature used to protect company details by encrypting data.

It uses a password secured by an algorithm, so when you select the company from the menu, the details show up as asterisks (*****).

The data is decrypted only with a valid password. Thus, those details cannot be easily accessed and confidentiality can be maintained.

14. What would one need to connect remotely to Tally ERP 9?

Ans:

Tally ERP 9 allows remote connectivity which can be established if there are a working internet connection and a licensed version of Tally ERP 9 with a Tally.NET subscription on both the customer end and at the remote location.

Besides this, a valid User ID and password are required so remote users can be validated and they can access the program from their remote location.

15. How confident are you about your Tally accounting skills?

Ans:

This question can be asked to test not just how well you know the program but how self-confident you are as a professional.

While answering this, mention how you learned Tally – whether through a Tally online course, a classroom course or on your own using other resources, how experienced you are in using the program, and any examples or positive testimonials from your previous jobs/employers.

Take care to display your skill and knowledge of the program instead of just boasting about your abilities.

16. How will you add to our business as an accountant?

Ans:

For this answer, mention your strengths as an accountant, especially about Tally accounting.

Convince the interviewer/employer of your skills with the program, understanding of their business, and of all the services you bring to the table as a Tally professional hired by the business.

Whether it is an individual businessman or a large-scale operation, you should be able to put across clearly how your Tally accounting skills will benefit them.

17. Where Tally can be used?

Ans:

Tally is a software for accounts and inventory management, which is used for performing many functions like

  • Performing all basic accounting functions
  • Estimating job costing
  • Storing details and managing inventory items
  • Managing payroll
  • Filing tax return, managing profit, and loss statement, preparing a balance sheet, VAT forms, trial balance, cash-flow report, etc.
  • Maintaining budget scenarios
  • Calculating interest on the outstanding amount
  • Managing data over different locations and synchronize it

18. Mention what is the difference between Tally ERP 9 and Tally 7.2?

Ans:

Tally 7.2              Tally ERP 9      
It is an integrated solution that provides a function related to accounting, reporting and inventoryThis version includes VAT (Value Added Tax) functionality, Licensing and Tax deduction at sourceIt is widely used because of simplifying VAT, Service Tax and TDS formalitiesIt provides two licensing, Single User Licensing and Multi User LicensingIt is an upgraded version of Tally 7.2, and provides many features like TDS, Payroll management, Excise for dealers, etc.This version includes handling of POS invoicing, Statutory and Taxation, Payroll, Multi-lingual support, etc.It is more popular because of providing advanced inventory management and simplifying accountingIt is available in two edition Tally Silver (Single User Edition) and Tally Gold (Multi-User Edition)

19.  Mention what features are available in Tally ERP 9 for Accounting?

Ans:

For Accounting Tally ERP 9 offers

  • Outstanding Management
  • Cost/Profit Centers Management
  • Invoicing
  • Budget/Scenario Management
  • Other features like Cheque Printing, etc.

20. Mention what are the functional enhancement or features included into Tally ERP 9?

Ans:

  • E-mailing option:Users can send accounting reports to multiple recipients along with an additional facility like Net-banking and Printing in various format is provided.
  • Accounting Voucher:A new type of numbering feature is added to the voucher, it ensures that the voucher are numbered sequentially
  • Print Bank Transaction Details:It provides an option to take the print of bank details on formal receipt
  • Credit Limits:The Credit Limit control set for a party ledger will not be applied on sales order. A warning or alert message will pop up on the credit limit, and user can still save the voucher
  • CST:Even in a simple format the CST form details entered in the invoice will get printed
  • Excise for Manufacturers:All details related to buyers and suppliers can be displayed in the voucher also daily stock register can be maintained according to date wise, multi items types and Tariff wise
  • Inventory Vouchers:For inventory section, you can now mention the Godown address and also print the name
  • Payroll: New TALLY ERP 9, enables processing of salary according to the National Pension Scheme
  • Service Tax: Under journal vouchers, the taxable amount, taxable percentage and notification number will be shown in the service tax details. Auto adjustment of service tax payable can be done against service tax input credit and cenvat
  • VAT Option: Recording multiple items with different VAT rates is possible by configuring the setting of “Default Accounting Allocations for Selected Item In Invoice.”
  • Tax Audit:Form like 3CB, 3CD and 3CA have been updated as per the requirements of CBDT
  • XBRL: The document is constrained to only those companies that have the nature of the report set to consolidated

21. Mention what are the shortcuts for Voucher Creation and Alteration Screen in Tally ERP 9?

Ans:

Tally ERP 9, allows to create a master (ledger, stock item) on the voucher by the shortcut Alt+C.

To modify any master item on a voucher, we have to select the specific ledger on the sales voucher screen and press Ctrl+Enter.

22. Mention the shortcut to repeat the narration on a voucher.

Ans:

For repeating the narration on any voucher we should press Ctrl + R.

23. Mention the types of vouchers? Also give the shortcut for creating these vouchers?

Ans:

Types of vouchers that can be created in Tally ERP 9 are: –

  • Contra Voucher – (F4): It points the transfer of funds from a bank account to the cash account or cash account to a bank account, or in a different bank account of different banks.
  • Payment Voucher – (F5): It explains the historical payments on each account like payment of salary, rental, etc.
  •  Receipt Voucher – (F6): Describes the transactions that relate to payments received.
  • Journal Voucher – (F7): It maintains the expenses to maintain the organization’s running costs.
  • Sales/Invoice Voucher – (F8): This voucher describes the sales made, it displays the sale invoice
  •  Credit Note Voucher – (Ctrl+F8): Entry to this voucher is made when a customer returns the products which weren’t correctly dispensed.
  • Purchase Voucher – (F9): Voucher made for items purchased for running the business like raw materials, etc.
  • Debit Note Voucher – (Ctrl+F9): Voucher for keeping records when goods are returned to suppliers due to damaged goods.
  • Reversing Journals – F10: It is a special entry that gets automatically reversed after the date of the issue.
  • Memo Voucher – (Ctrl+F10): This voucher marks the unknown expense at a moment of time which can be converted to actual sale voucher, or can be deleted.

24. Mention the shortcut to retrieve the last line which is removed in Tally ERP 9?

Ans:

The shortcut to retrieve the last removed line is Ctrl+U.

25. Mention the information preserved by Tally ERP 9 after creating  a company.

Ans:

Directory of Tally ERP 9 stores the path to the folder where the data will be stored.

26. Mention what is the shortcut to recall the last narration saved for the first ledger in the voucher?

Ans:

The shortcut to recall the last narration stored for the first ledger in the voucher is Alt+R.

27. Explain trial balance and the process to check the trial balance in Tally ERP 9?

Ans:

Trial Balance is mainly a synopsis of all the ledger balances and checks whether the mathematical accuracy and the information is right and balanced. It is a way to verify that the journal entries are correctly posted in the general ledger. In trial balance, the total of all debt balances should be equal to the total of all the credit balances.

28. Explain the default configuration of Tally ERP 9 provided for Balance Sheet?

Ans:

Balance Sheet in Tally ERP 9 displays two different columns with Liabilities and Assets.  The balance sheet also displays the closing balances of all the primary groups and capital accounts along with the net profit for the specified period as required by the organization.

29. How can the Books of Accounts in Tally ERP 9 be viewed?

Ans:

To view the Books of Accounts on Tally ERP 9, we should press D at the entry of Tally ERP 9 to pull the Display menu.

On the display menu, we have to press A to bring up the Accounts Books menu.

30. Who Created Rally Tally?

Ans:

Will Riley, a graduate student in the Digital Media program at Georgia Tech, created a rally tally to encourage and facilitate civic participation in community life.

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31. Why Do A Certification On Tally?

Ans:

The Tally Certification is a simple and effective way to demonstrate mastery of Tally Helps employers identify and hire. Contributes to your professional image, profile, credibility, and career opportunities.

32. What Is The Total Point Tally For The Prospectus?

Ans:

The total possible points are 156.

33. What Is a Tally Data Migration Tool And How Does It Help?

Ans:

The Tally Data Migration Tool helps in migrating the data from Tally 7.2 to Tally 8.2. This works with the Tally 8.1 exe and allows you to migrate company data (Masters, Vouchers and Reports). This tool also allows the migration of TCP (Tally Compliant Product) files.

34.  Why Are Customer Signatures And Phone Numbers Required On Tally Sheets?

Ans:

SARCAN Recycling, like any other private enterprise in Saskatchewan, must provide documentation of its business activities to the government. Customer signatures and phone numbers on our tally sheets prove that we have provided refunds in the event that SARCAN is subject to a financial audit.

35. How Can I Access My Goal Tally?

Ans:

Participants can access their daily total goal tally via in Contact or any FNB branch.

36. What Is Tally 8.1 Silver/single User Licensing?

Ans:

Tally 8.1 Silver/Single-user Licensing allows installation of Tally on a SINGLE computer, with an option of activating it Online or Offline. You can use the same Tally 8.1 Silver/Single user license on another computer, by surrendering the license activated on the first computer and reactivating it on the other. An Offline user can take the request file generated by Tally 8.1, to a computer with Internet connectivity and activate the license.

37. Mention what happens to a company’s “Cash Account”if it borrows money from the bank by signing a note payable?

Ans:

Due to double entry, the “cash account” will increase as such the liability account increases.

38. Mention which account is responsible for interest payable?

Ans:

Account which is responsible or affected by the interest payable is “Current liability account”

39. Mention what is reversing journal entries?

Ans:

Reversing journal entries are entries made at the beginning of an accounting period to cancel out the adjusting journal entries made at the end of the previous accounting period.

40. Mention where do generally accruals appear on the balance sheet?

Ans:

Accrued expenses usually tend to be extremely short-term. So you would record them within the “current liabilities section” of the balance sheet.

41. List out some of the accrued expenses and the accounts in which you would record them?

Ans:

Wage accrual is entered with a credit to the “wages payable account”

Interest accrual is entered with a credit to the “interest payable account”

Payroll tax accrual is entered with a credit to the “payroll taxes payable account”

42. Deferred taxation is a part of which equity?

Ans:

Deferred taxation is a part of owner’s equity.

43. Mention what the investment of personal assets by the owner will do?

Ans:

The investment of personal assets by the owner will increase total assets and increase owner’s equity.

44.What is the equation for Acid-Test Ratio in accounting?

Ans:

The equation for Acid-Test Ratio in accounting

Acid-Test Ratio = (Current assets – Inventory) / Current Liabilities

45.  List out things that fall under intangible assets?

Ans:

Things that fall under intangible asset are,

  • Patents
  • Copyrights
  • Trademarks
  • Brand names
  • Domain names, and so on.

46. Mention what is trial balance in accounting?

Ans:

In accounting, trial balance is an accounting report that lists the balances in each of an organization’s general ledger accounts. This is done at the end of posting journal entry to ensure that there are no posting errors.

47. How Much Of This Revenue Goes Towards The Eu Budget?

Ans:

VAT is part of the own resources of the EU budget, and Member States pay a small percentage of their total VAT receipts to the EU. Currently, this contribution from Member States is based on a rate 0.3% of the national harmonised VAT base, with temporary reduced rates over 2007-2013 of 0.225% for Austria, 0.15% for Germany and 0.1% for the Netherlands and Sweden.

In 2010 it represented 14 billion Euro.

48. Why Is There An Eu Minimum Vat Rate?

Ans:

A minimum EU VAT rate was established to coincide with the creation of the EU Single Market, which meant that fiscal controls at internal borders were no longer carried out. This minimum rate helps to avoid substantial variations in Member States’ VAT rates which could lead to distortions of competition between high and low rate countries and put the smooth functioning of the Single Market at risk. The minimum level for the VAT rate has been fixed at 15% since 1992, with regular review of this rate. Member States are free to set their own rate at or above this minimum.

49. What Problems Do Businesses Face Under The Current System?

Ans:

Businesses that want to operate cross-border within the EU face additional VAT obligations and must apply special VAT rules which do not affect businesses working only at domestic level.

This creates higher compliance costs and administrative burdens for businesses working in more than one Member State, and can act as a deterrent for businesses (in particular SMEs) from taking full advantage of the Internal Market.

50. What Are The Next Steps After The Vat Green Paper?

Ans:

The Green Paper on the future of VAT launches a wide consultation process with all stakeholders on the current VAT system and the possible ways to strengthening and improve it. The consultation will continue until 31 May 2011.

On the basis of the feedback received, the Commission will draw up a Communication before the end of 2011, setting out the priorities for a future VAT Strategy.

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51. Question 1. What Is Gst?

Ans:

GST is the path-breaking initiative which was taken By Indian Government in the latest Indian business scenario. It is what the government says like one Nation one tax one market.

52. From The Existing Tax Regime, How Do You Think The Transition Would Occur, To Gst?

Ans:

Abruptly the old taxes would be halted on the last day, and the next day the GST you would be living. These two concepts are such that they will create a lot of chaos, and confusion. So now to start with transition provision the migration of the existing taxpayers, whether it be Vat or central excise and be it service tax, it’s already under the process since last 3 to 4 months.

53. What Would Be The Impact Of Gst On Supplies And Sales Perspective?

Ans:

In GST, there is a factor for time and place of supplier of goods also. Now there will also be a concept of reverse start mechanism in goods as well, where the supplier of the goods and the receiver of the goods must pay taxes.

54. How Procurement Of Goods And Services Will Be Impacted In The New Gst Regime?

Ans:

Procurement itself is a complicated process in GST. Primary leave all the inward materials has to be accompanied by an invoice and the same is valid in GST regime also. Now there is a big process behind invoicing, as soon as you receive invoices for materials in your organisation you are supposed to upload that information on the GST network.

55. What Is Isd In Terms Of Gst?

Ans:

ISD means input service distributor, ISD is taken out from Central Excise and service tax and is a new concept for state legislation, as Earlier it was in Central Excise and service taxes. ISD concept will be used in place of centralized registration as the same has been scrapped in GST.

56. How Gst Is Going To Impact Every Other Aspect Of Business?

Ans:

Every aspect of business will get affected by GST like sales and distribution, Finance, accounts payable, bill passing team, Supply Chain, Logistics, IT and ERPs also.

57.What Will Be The Impact Of Gst On Sezs?

Ans:

As Per Chapter 8 of model IGST law the supply of sale of a SEZ. developer will be Zero rated. SEZ units will be treated as interstate suppliers.

58. As Finance Team Suggested That Month Of April May Not Be A Good Month For Starting The Implementation, Due To Their Unavailability. Should We Start Now Only With The GroundWork?

Ans:

It is not only the GST implementation in the system it also requires the process to be addressed and then the process need to be tested and lot of trainings need to be provided to the users.

59. What Is Tan?

Ans:

TAN i.e. Tax Deduction and Collection Account Number is a 10 digit alphanumeric number required to be obtained by all persons who are responsible for deducting tax at source or collecting tax at source. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan, TDS/TCS certificates, Annual Information Return and other documents as may be prescribed.

60. Who Must Apply For Tan?

Ans:

Every person liable to deduct tax at source or collect tax at source is required to obtain TAN. However, a person required to deduct tax under section 194IA (*) can use PAN in place of TAN as such a person is not required to obtain TAN.

(*) Section 194IA provides for deduction of tax at source from payment on transfer of certain immovable property other than agricultural land.

61. Service Tax Report can be seen from  

Ans:

Display > Statutory Reports

62. Shortcut used for the sales order

Ans:

Alt+F5

63.To view the sales report

Ans:

Display > Statements of Accounts > TDS Outstanding > TDS Computation

64. What is the utility of Tally Vault Password?

Ans:

It will not show the Company Name in the Company Select List

65. To see the report of Unconventional vouchers go to  

Ans:

Display – Exception Reports

66. We can show Bill wise details of Debtors and Creditors by activating

Ans:

Maintain Bill wise Details

67. Optional Voucher is one type of

Ans:

Unconventional Voucher

68. At the time of Branch Transfer, Sales ledger is created under which Vat/Tax Class?

Ans:

Consignment/ Branch Transfer Outward

69. To use Dr/Cr instead of To/By during Voucher entry or vice versa, Press

Ans:

F11

70. To see reports of Job Work Analysis

Ans:

Display Statement of a/cs Job Work Analysis

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71. Alias represents

Ans:

  • Short name
  •  Nick name
  • Code name

72. To activate Job Costing which options require to be activated?

Ans:

  • Maintain Cost Centre
  • B. Use Cost of centre for Job Costing

73. Explain how you can view profit and loss statements in Tally ERP 9?

Ans:

In order to view the profit and loss statement, we should press F1: Detailed which will display the data based on the default primary groups. With every transaction/voucher that has been entered instantly.

74. How can we generate the schedule VI profit and loss account using an auditors edition of Tally ERP 9?

Ans:

In order to generate the schedule – VI balance sheet using an auditor’s edition of Tally ERP 9, we are required to go to the gateway of Tally – Audit & Compliance – Financial Statements – Profit & Loss account. After that we should Press Ctrl+3 to load the previous year’s company to generate the Schedule VI profit & loss account with two year’s data.

75. What is the shortcut to cancel a day book or list of vouchers in Tally ERP 9?

Ans:

In Tally ERP 9, ALT+X is the shortcut to cancel a day book or list of vouchers.

76. What is the shortcut to filter the information based on the monetary value almost from all report screens in Tally ERP 9?

Ans:

You can use the shortcut Alt+F12, to filter the information based on the monetary value in Tally ERP 9.

77. Revenue Account also known by the name of?

Ans:

Nominal Account

78. Why is the Tally vault’ used?

Ans:

For Security mechanism

79. Question 38. Are There Any Charges To Be Paid For Obtaining The Pan?

Ans:

The applicant has to pay a fee of Rs. 93 + Service Tax as applicable, per PAN application. In case, the PAN card is to be dispatched outside India then the fee for processing PAN application is Rs. 864 (Rs. 93 application fees and Rs. 771 dispatch charges)/- will have to be paid by applicant.(plus service tax as applicable).

80. Is There Any Tatkal Facility For Allotment Of Pan?

Ans:

No

81. Can An Application For Pan Be Made On Plain Paper?

Ans:

Application for PAN cannot be made on plain paper. The application for PAN is to be made in the prescribed form i.e. Form 49A/49AA as the case may be. Form 49A is to be used by Indian Citizen/Indian Companies/Entities incorporated in India/Unincorporated entities formed in India and Form 49AA is to be used by individual not being a citizen of India/Entities incorporated outside India/Unincorporated entities formed outside India).

In case of an applicant, being a company which has not been registered under the Companies Act, 2013, the application for allotment of a Permanent Account Number is to be made in SPICE-INC-32 specified under sub-section (1) of section 7 of the said Act for incorporation of the company.

82. What If I Submit Incomplete Pan Application I.e. Form 49a/49aa?

Ans:

IT PAN Service Centers or TIN Facilitation Centers shall not receive any incomplete and deficient PAN application. However, these centers will assist applicants to correctly fill up form 49A/49AA (as the case may be).

83. Is It Necessary To Fill The Pan Application Form I.e. Form 49a/49aa In Block Letters?

Ans:

Yes, Form 49A/49AA (as the case may be) should be filled legibly in BLOCK LETTERS and preferably in black ink. It should also be noted that, each box, wherever provided, should contain only one character (alphabet /number / punctuation sign) leaving a blank box after each word.

84. Is It Mandatory To Provide The Assessing Officer Code In Form 49a/49aa?

Ans:

Yes, it is mandatory to provide the Assessing Officer (AO) Code in Form 49A/49AA. AO Code (i.e. Area Code, AO Type, Range Code and AO Number) of the Jurisdictional Assessing Officer must be filled up by the applicant. These details can be obtained from the Income Tax Office

85. Should Married Female Provide Father’s Name?

Ans:

While providing the full name, applicant should provide father’s name and hence, married female should provide father’s name and not husband’s name.

86. Who Can Apply On Behalf Of Non-resident, Minor, Lunatic, Idiot, And Court Of Wards?

Ans:

Section 160 of Income-tax Act, 1961 provides that a non-resident, minor, lunatic, idiot, mentally retarded, deceased, wards of court and such other persons may be represented through a Representative Assessee.
In such cases,
In the application for PAN, details of the non-resident, minor, lunatic,    idiot, mentally retarded, deceased, wards of court, etc. should be provided.

  • Details of representative assessee have to be provided in item 14 of the application for PAN.
  • Proof of Identity and Proof of address is also required for representative assessee.

87. Who Has To Sign The Pan Application I.e. Form 49a/49aa?

Ans:

Application in Form 49A/49AA must be signed (left thumb impression in case of persons unable to sing) by :

  • The applicant; or
  • Karta in case of HUF; or
  • Director of a Company; or
  • Authorised Signature in case of Association of Persons, Body of Individuals, Local Authority and Artificial Juridical Person; or
  • Partner in case of Firm/LLP; or
  • Trustee; or
  • Representative Assessee in case of Minor/deceased/idiot/lunatic/mentally retarded.

88. After Making The Pan Application How Can I Check The Status Of My Pan Application?

Ans:

After applying for PAN, one can check the status of his application by using the track status facility available at web sites of Income Tax Department or UTIITSL or NSDL

89. Is It Mandatory To File Return Of Income After Getting Pan?

Return is to be filed only if you are liable to file return of income under section 139

90.What Is Rsa Archer?

Ans:

RSA Archer eGRC Solutions allow you to build an efficient, collaborative enterprise governance, risk and compliance (eGRC) program across IT, finance, operations and legal domains. These solutions include Policy, Risk, Compliance, Enterprise, Incident, Vendor, Threat, Business Continuity and Audit Management

91. What Does The Rsa Stand For?

Ans:

A public-key encryption technology developed by RSA Data Security, Inc. The acronym stands for Rivest, Shamir, and Adelman, the inventors of the technique. The RSA algorithm is based on the fact that there is no efficient way to factor very large numbers.

92. Why Do We Use Rsa Key?

Ans:

RSA key is a private key based on the RSA algorithm. Since encrypted data transmission takes too much time in case of asymmetric encryption, this kind of encryption is used for a secure symmetric key exchange that is used for actual transmitted data encryption and decryption.

93. What Is An Rsa Token Used For?

Ans:

RSA SecurID (“SecurID”) is a two-factor authentication technology that is used to protect network resources. The authentication is based on two factors — something you know (a password or PIN) and something you have (an authenticator).

94. How Is Rsa Used?

Ans:

RSA is a relatively slow algorithm, and because of this, it is less commonly used to directly encrypt user data. More often, RSA passes encrypted shared keys for symmetric key cryptography which in turn can perform bulk encryption-decryption operations at much higher speed.

95. Is Rsa Asymmetric Or Symmetric?

Ans:

Asymmetric encryption is also known as public-key cryptography. Asymmetric encryption differs from symmetric encryption primarily in that two keys are used: one for encryption and one for decryption. The most common asymmetric encryption algorithm is RSA.

96. What Is A Grc Tool?

Ans:

Auditing, reporting, monitoring and assessment often require specialist governance, risk management and compliance (GRC) tools. They can be costly, take time to set up and usually necessitate training.

97. Question 8. What Is A Grc Platform?

Ans:

Governance, risk management and compliance or GRC is the umbrella term covering an organization’s approach across these three areas: Governance, risk management, and compliance.

98.  What Are The Different Products Of Rsa?

Ans:

RSA creates a wide range of industry-leading products that allow customers to take control of risk. Whether those risks stem from external cyber threats, identity and access management challenges, online fraud, compliance pressure or any number of other business and technology issues, RSAs extensive portfolio of integrated, independently-top rated products better position public- and private-sector enterprises to drive growth and embrace change in today’s complex, volatile world.

They are:

  • Advanced Threat Detection & Response – RSA NetWitness Suite.
  • Identity and Access Management – RSA SecurID Suite.
  • Governance, Risk & Compliance (GRC) – RSA Archer Suite.
  • Fraud Prevention – RSA Fraud & Risk Intelligence Suite.

99. What Is Rsa Archer Audit Management?99. What Is Rsa Archer Audit Management?

Ans:

RSA Archer Audit Management improves governance of audit-related activities while integrating your risk and control functions. Transform the efficiency of your internal audit department, complete risk-scoped audits more quickly, and partner with the business to achieve organization’s goals.

100. What Is Rsa Archer Issues Management?100. What Is Rsa Archer Issues Management?

Ans:

RSA archer issue management coordinate issues generated by audit, risk and compliance processes and by operational groups. Lay the foundation to establish prioritization, workflow, structure and accountability to manage findings, remediation plans and exceptions.

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