
Trial Balance
Authored by Carrie Flynn
Other
9th - 12th Grade
Used 10+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in the accounting cycle?
Posting to the General Ledger
Unadjusted Trial Balance
Record Transactions (Journal Entries)
Identify and Analyze Transactions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a step in the accounting cycle?
Financial Statements
Adjusting Entries
Closing Entries
Balance Sheet Analysis
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the general ledger consist of?
A list of financial statements
All accounts needed to prepare financial statements
A summary of all sales transactions
Only the transactions of the current period
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the correct order of accounts when creating the unadjusted trial balance?
Expense, Revenue, Owners’ Equity, Liability, Asset accounts
Revenue, Expense, Asset, Liability, Owners’ Equity accounts
Asset, Liability, Owners’ Equity, Revenue, Expense accounts
Liability, Asset, Owners’ Equity, Revenue, Expense accounts
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must be ensured when preparing an unadjusted trial balance?
Total revenues equal total expenses
Total debits equal the total credits
Total liabilities equal owners’ equity
Total assets equal total liabilities
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the result of incorrect recording or posting in double-entry accounting?
The trial balance will not balance
The accounting cycle will restart
The financial statements will be inaccurate
The general ledger will be incomplete
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why wouldn't companies like Apple or Netflix report every transaction in their financial statements?
Because it would be too time-consuming
Because it would make their financial statements millions of pages long
Because they only report transactions quarterly
Because it's not required by law
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