Accounting MCQ Quiz

What is the main purpose of balancing off ledger accounts at the end of a period?

• To record new transactions

• To calculate interest

• To summarise the position of each account

• To prepare invoices

Which of the following documents is prepared after all ledger accounts are balanced?

• Income Statement

• Journal

• Invoice

• Trial Balance

In double-entry bookkeeping, what does every debit entry require?

• A credit entry in the same account

• A corresponding credit entry in another account

• A new journal

• A loan

Scenario: Ali owns a mini market. At the end of the month, he wants to know how much his customers owe him. What account should he check?

• Sales Account

• Bank Account

• Trade Receivables Account

• Trade Payables Account

Which of the following is a feature of a trial balance?

• Lists only debit balances

• Lists balances of ledger accounts in one column

• Ensures total debit equals total credit

• Shows profit or loss

Scenario: On 3 March, Zara bought RM3,000 worth of furniture for her office and paid in cash. Which of the following shows the correct journal entry?

• Dr Furniture RM3,000 Cr Cash RM3,000

• Dr Cash RM3,000 Cr Furniture RM3,000

• Dr Capital RM3,000 Cr Cash RM3,000

• Dr Expenses RM3,000 Cr Capital RM3,000

If a ledger has more debits than credits, the balance is called a:

• Credit balance

• Trial balance

• Debit balance

• Zero balance

Which of the following errors will not be revealed by a trial balance?

• Posting to the wrong account

• Error in calculation of ledger balances

• Omitting a transaction entirely

• Transposing figures in both debit and credit equally

Scenario: Julian started his business by depositing RM5,000 into the business bank account. What accounts are affected?

• Capital and Equipment

• Bank and Capital

• Sales and Bank

• Purchases and Cash

What is the correct format for a trial balance?

• List of transactions with date and narration

• Account titles with debit and credit balances

• Bank statement summary

• Sales and purchases only