
Trial Balance
Authored by Komal Mohite
Education, Other
11th Grade
Used 57+ times

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15 questions
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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
Numerous mistakes can exist even though the Trial Balance totals are in agreement.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following errors is not disclosed in the trial balance?
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Trial Balance is a ______.
A list of all the ledger accounts and their balances extracted from the General Ledger
Prepared on a given date, usually at the end of the financial period
Prepared after identification and recording of source documents, but before preparation of Income Statement and Balance Sheet
All of the above
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The LAST step of Trial Balance is ___.
Check that total debit amount = total credit amount Trial Balance is balanced.
Extract all accounts with balances from General Ledger.
List them down by indicating their account names.
For each account, indicate the balance in either the debit or credit column.
Total all amounts under debit column. Do the same for credit column.
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Nature of Long-term borrowing (bank loan): ____.
DR
CR
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