Accountancy

Which of the following account with normal balance is shown at the debit side of a trial balance?

• Creditors Account

• Sales A/c

• Rent Income Account

• Cash Account

In trial Balance, which account with normal balance is recorded in the credit side?

• Bank Account

• Equipment Account

• Cash Account

• Accrued Expenses Account

What does a credit balance in the cash account on the trial balance indicate?

• Cash is Overdrawn

• Cash is a liability

• Cash is an asset

• Cash is an expense

If the trial balance does not balance, what could be the potential error?

• All debit entries were posted as credit

• All transactions were recorded accurately

• Only revenue accounts were included

• Entry was omitted in both journal and ledger

Which of the following account with a normal balance is shown at the credit side of a trial balance?

• Bank

• Equipment

• Cash

• Unpaid Expenses

X sold goods of Rs. 100 at a trade discount of 20% and received 50% cash, giving 10% cash discount, how much cash will he earn?

• 36

• 72

• 80

• 40

The salary paid to a clerk Ramesh should be credited to?

• Salary A/C

• Ramesh A/C

• Cash A/C

• P/L A/C

A journal entry in which two or more accounts are debited or credited, are known as?

• Double Entry

• Multi Entry

• Additional Entry

• Compound Entry

An account is having debit balance is established when

• The last entry of the accounting period was posted on the debit side

• The amount of debit exceeds the amount on credit

• There are more entries on the debit side than on the credit side

• None of the Above

Which of the following accounts would typically appear on the debit side of a trial balance?

• Prepaid Rent

• Service Revenue

• Accounts Payable

• Loan