Trial Balance Test 6

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Trial Balance Test 6

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following statements is correct in relation to a trial balance?

A
It shows the financial position of a business.

B
All the balances in the trial balance will be summarized on the business balance sheet.

C
It is a list of balances and forms the starting point for the preparation of the business accounts.

D
None of the above.

Solution

It is a list of balances and forms the starting point for the preparation of the business accounts.
Question 2
1 / -0

The credit side of trial balance show __________.

A
Bank

B
Cash

C
Equipment

D
None of the above

Solution

Assets account always shows debit balance. Bank, cash and equipment are assets and will always have debit balance. These are to be shown in the debit side of trial balance.
Question 3
1 / -0

If the totals of two columns of trial balance are equal it means _________.

A
ledger posting is correct

B
no outstanding debit

C
no outstanding credit

D
all of the above

Solution

Accounting is based on the dual aspect concept where for every debit there will be a credit. Hence both the sides i.e. debit and credit are always have equal amounts.
Trial balance is prepared to check that posting of all the transactions is done properly. if the total of two columns of trial balance are equal, it means that posting is done for all the transactions and books are arithmetically correct.
Question 4
1 / -0

Which of the following best describes a trial balance?

A
It is a list of balances on the books

B
Shows the financial position of a business

C
Shows all the entries in the books

D
It is a special account

Solution

The best description of a trial balance is a statement that shows all the entries in the books. A trial balance is a statement that contains all the balances of real, nominal, and personal accounts.
Question 5
1 / -0

Trial balance proves only the __________ accuracy of ledger posting.

A
debit values

B
accounting

C
arithmetical

D
credit values

Solution

Trial balance is prepared to check that posting of all the transactions is done properly. if the total of two columns of trial balance are equal, it means that posting is done for all the transactions and books are arithmetically correct.
Question 6
1 / -0

One of the objective of preparing Trial Balance is to help locate ___________.

A
clerical errors

B
financial statements

C
difference between ledger and journal

D
none of the above

Solution

The prime objective of preparation of trial balance is to ensure the posting of all transactions. If trial balance agrees, it proves that the books are arithmetically correct. If trial balance does not agrees, there are possibilities of clerical error in the books of account.
Locating clerical error is one of the basic objective of preparation of trial balance.
Question 7
1 / -0

It is irrelevant to check below mentioned to trace the error in trial balance:

A
Check the total of debit and credit column

B
Totals of subsidiary books

C
No mistakes in the balancing of various accounts

D
None of the above

Solution

Trial balance have two sides i.e. debit and credit. As accounting is based on dual aspect concept, both the sides must show the equal total. Some of the errors can be disclosed from the trial balance and some are not disclosed from the trial balance.
To find out the errors in trial balance,it is irrelevant to check the below mentioned points:
1) Checking of debit and credit columns
2) Total of subsidiary books
3) No mistakes in the balancing of various accounts.
Question 8
1 / -0

The statement showing balance of all the ledger accounts is known as ______________.

A
Trial balance

B
Balance sheet

C
Bank reconciliation statement

D
Profit and loss account.

Solution

Trial Balance may be defined as a statement which contains balances of all ledger accounts on a particular date.
Question 9
1 / -0

In case of Trial Balance, balance comes from _________.

A
Journal

B
Ledger

C
Balance Sheet

D
Profit & Loss A/c.

Solution

Trial Balance may be defined as a statement which contains balances of all ledger accounts on a particular date.
Question 10
1 / -0

Which of the following will disturb the balancing of the trial balance?

A
Error in adding up a book of prime entry

B
Entering an acquisition of an asset, on credit terms, in the Purchases Day Book

C
Posting to an asset account instead of an expenditure account

D
Entering a wrong amount in a book of prime entry

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Trial Balance Test 6

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Trial Balance Test 6

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Question 1

It shows the financial position of a business.

All the balances in the trial balance will be summarized on the business balance sheet.

It is a list of balances and forms the starting point for the preparation of the business accounts.

None of the above.

Solution

Question 2

Bank

Cash

Equipment

None of the above

Solution

Question 3

ledger posting is correct

no outstanding debit

no outstanding credit

all of the above

Solution

Question 4

It is a list of balances on the books

Shows the financial position of a business

Shows all the entries in the books

It is a special account

Solution

Question 5

debit values

accounting

arithmetical

credit values

Solution

Question 6

clerical errors

financial statements

difference between ledger and journal

none of the above

Solution

Question 7

Check the total of debit and credit column

Totals of subsidiary books

No mistakes in the balancing of various accounts

None of the above

Solution

Question 8

Trial balance

Balance sheet

Bank reconciliation statement

Profit and loss account.

Solution

Question 9

Journal

Ledger

Balance Sheet

Profit & Loss A/c.

Solution

Question 10

Error in adding up a book of prime entry

Entering an acquisition of an asset, on credit terms, in the Purchases Day Book

Posting to an asset account instead of an expenditure account

Entering a wrong amount in a book of prime entry

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