Trial balance

Trial balance

University

10 Qs

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Trial balance

Trial balance

Assessment

Quiz

Business

University

Hard

Created by

Mohd Salim

Used 15+ times

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10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

While calculating cost of goods sold _____________should be added.

1) Wages

2) Salaries

3) Carriage outwards

4) None of them

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which item is shown as debit balance in trial balance

Cash in hand

Bank overdraft

Rent outstanding

Creditors

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Preparation of trial balance helps in

Judging the financial position

Locating errors of all type

Preparation of final account

None of these

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Trial balance is prepared from

Ledger

Ledgers and journal

Ledger and cash book

None of these

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Method of preparation of Trial balance are

(a) Balance Method

(b) Total Method

(c) Total and Balance Method

(d) All of these

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Trial balance is a :

(a) Statement

(b) Account

(c) Summary

(d) Ledger

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Difference of totals of both debit and credit side of trial balance is transferred to:

(a) Trading account

(b) Suspense account

(c) Difference account

(d) Miscellaneous account

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