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Trial Balance Test 3

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Trial Balance Test 3
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  • Question 1
    1 / -0
    A Trial Balance facilitates smooth preparation of ______________.
    Solution
    Final accounts comprises of all the closing balances of all the ledgers posted from the journal entries passed.
    Trial balance is a statement showing arithmetic accuracy and summarised balances.
    These accounts form the base for finalization of the year ending figures and helps in preparation of final accounts to determine the profitability and the financial position of the entity.
  • Question 2
    1 / -0
    Total of all debit balance must be _____________ to the total of all credit balances.
    Solution
    Under the double entry system of accounting, every transaction has dual aspects  i.e. debit and credit. Thus, the total of debit balances must equal to the total of credit balances of the Trial balance to ensure the arithmetical accuracy of accounts.
  • Question 3
    1 / -0
    A list of balances of all the accounts in ledger is called _________.
    Solution
    Trial balance is a statement of all debits and credits in a double-entry account book. It shows the balances of all accounts on a particular date. It helps in verifying the arithmetic accuracy of the double entry system used for the accounts. Trading and profit and loss account is used to determine the profitability of the business whereas financial position is determined by the balance sheet.
  • Question 4
    1 / -0
    ___________is prepared from the balance in ledger accounts.
    Solution
    A trial balance is a statement showing the balances, or total of debits and credits, of all the accounts in the ledger with a view to verify the arithmetical accuracy of posting into the ledger accounts. Trial balance is an important statement in the accounting process which shows final position of all accounts and helps in preparing the final statements. The task of preparing the statements is simplified because the accountant can take the account balances from the trial balance instead of looking them up in the ledger. It is normally prepared at the end of an accounting year. However, an organisation may prepare a trial balance at the end of any chosen period, which may be monthly, quarterly, half yearly or annually depending upon its requirements.
  • Question 5
    1 / -0
    Trial Balance is a proof of __________ accuracy.
    Solution
    The objective of preparing the trial balance is to check the accuracy of posting. If trial balance agrees, it proves that books are arithmetically accurate. 
    Hence, Trial Balance is a proof of arithmetical accuracy. 
  • Question 6
    1 / -0
    Trial balance is prepared _________.
    Solution
    Trial balance is prepared after taking the balances of each ledger account. It gives an arithmetical accuracy of books of account if both the sides i.e. debit and credit are agrees. 
    Basic condition of preparing the trial balance is to have all the ledger accounts balanced. Hence, Trial balance is prepared after balancing the accounts.
  • Question 7
    1 / -0
    Trial balance checks.....
    Solution
    Trial Balance is a statement where balances of all the ledger accounts are posted and balanced.
    The Debit Column of Trial Balance should match with the Credit Column.
    It checks the arithmetic accuracy of the books of accounts.
    Trial Balance is useful in the preparation of the final accounts.
  • Question 8
    1 / -0
    __________ does not help in assuming accuracy of balances of various accounts and preparation of the financial statements.
    Solution
    In total method, total of each side in the ledger is ascertained separately and shown in the trial balance in the respective columns. However, this method is not widely used in practice, as it does not help in assuming accuracy of balances of various accounts and preparation  of financial statements.
  • Question 9
    1 / -0
    ______ is time consuming and hardly serves any addition or special purpose.
    Solution
    Total-cum-balances Method is a combination of totals method and balances method.  Under this method four columns for amount are prepared. Two columns for writing the debit and credit totals of various accounts and two columns for writing the debit and credit balances of these accounts. This method is time consuming and hardly serves any additional or special purpose.
  • Question 10
    1 / -0
    Which of these accounts generally does not appears in the Trial Balance ___________.
    Solution
    Closing stock is the balance of unsold goods that are remaining from the purchases made during an accounting period.
    If closing stock is included in the Trial Balance , the effect will be doubled. Hence, it will not reflect in the Trial Balance.

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