Trial Balance

_____ is a statement showing list of balances in a double entry form extracted from the ledgers to test the arithmetical accuracy of the accounts.

All items with debit balance in the ledger will be ______

Total debit must be ______ total credited.

In the layout of trial Balance, the "capital" is mainly on the _____

• Credit side

• Debit side

• Both credit and debit side

• It depends if the capital is debited or credited

Provision for doubtful debts is posted on the ______ in the trial Balance.

• Debit

• Credit

• Both sides

• I am not sure, doubtful debts should not reflect in the trial Balance.

One difference between trial Balance and balance sheet is that, while the balance sheet is a statement showing assets and liabilities, the trial Balance shows:

• The ledger obligation in any business

• The classification of balances

• The financial position

• Lists of ledger balances

What is the main objective of trial Balance?

Trial balance is used to check the accuracy of

• Balance sheet balances

• Ledger accounts balances

• Cash flow statement balances

• Income statement balances

What is used in preparing trial balance?

• Specialised Journals

• Balance Sheet

• Ledger Accounts

• General Journa

What is the trial balance used for?

• It is a financial statement

• It records balances of a balance sheet

• It doesn’t contribute to the accounting cycle

• It records balances of accounts