The Trial balance

The Trial balance

11th - 12th Grade

88 Qs

quiz-placeholder

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The Trial balance

The Trial balance

Assessment

Quiz

Other, Social Studies

11th - 12th Grade

Medium

Created by

James Siambi

Used 130+ times

FREE Resource

88 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A Trial Balance has no limitations -

True

False

2.

MULTIPLE SELECT QUESTION

1 min • 1 pt

One of the purposes of preparing a Trial Balance -

to adjust assets and liabilities

to provide financial information to external users

to prove the mathematical equality of debits and credits in the ledger

to write up the financial statements

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the amounts of a transaction must be recorded in a minimum of two accounts-

double-entry

debit

credit

accounting equation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Numerous mistakes can exist even though the Trial Balance totals are in agreement.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A transaction is omitted completely from the books so that there is no debit and credit entry of the transaction. This is an example of what errors?

Omission

Commission

Principle

Reverse

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of error is 'the original figure may be incorrectly entered although the correct double-entry principle has been observed using incorrect figure'.

errors of omission

errors of commission

errors of original entry

compensating errors

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of error is 'an entry is made in the wrong class of account'

errors of reversing entries

errors of principle

compensating errors

errors of commission

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