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WorksheetsTrial Balance
Total questions: 88
Worksheet time: 42mins
A Trial Balance has no limitations -
True
False
One of the purposes of preparing a Trial Balance -
to adjust assets and liabilities
to provide financial information to external users
to prove the mathematical equality of debits and credits in the ledger
to write up the financial statements
When the amounts of a transaction must be recorded in a minimum of two accounts-
double-entry
debit
credit
accounting equation
Numerous mistakes can exist even though the Trial Balance totals are in agreement.
True
False
A transaction is omitted completely from the books so that there is no debit and credit entry of the transaction. This is an example of what errors?
Omission
Commission
Principle
Reverse
What type of error is 'the original figure may be incorrectly entered although the correct double-entry principle has been observed using incorrect figure'.
errors of omission
errors of commission
errors of original entry
compensating errors
What type of error is 'an entry is made in the wrong class of account'
errors of reversing entries
errors of principle
compensating errors
errors of commission
What type of error is 'an entry is posted to the correct side of the ledger but to the wrong account of the same class'.
Errors of omission
Errors of commission
Errors of principle
Complete Reversal of entries
Which of the following errors that cannot be revealed by a Trial Balance -
Errors of original entry
Errors in calculation
Errors in omission of one entry
Transposed errors
What is a transposition error?
posting to the wrong side of an account
error of omission
error in principle
switching the positions of two (or more) digits number
The first step for finding an arithmetic error-
Look for an amount equal to the difference
Divide the difference between totals by 2
Divide the difference between totals by 9
Re-total the columns
Trial Balance is a ______.
A list of all the ledger accounts and their balances extracted from the General Ledger
Prepared on a given date, usually at the end of the financial period
Prepared after identification and recording of source documents, but before preparation of Income Statement and Balance Sheet
All of the above
One purpose of Trial Balance is to ___.
To verify that the total of all accounts with debit balances = the total of all accounts with credit balances
To help to check for arithmetic (mathematical )errors that may have happened
To help in the preparation of the financial statements
All of the above
The LAST step of Trial Balance is ___.
Check that total debit amount = total credit amount Trial Balance is balanced.
Extract all accounts with balances from General Ledger.
List them down by indicating their account names.
For each account, indicate the balance in either the debit or credit column.
Total all amounts under debit column. Do the same for credit column.
The FIRST step of Trial Balance is ___.
Check that total debit amount = total credit amount Trial Balance is balanced.
Extract all accounts with balances from General Ledger.
List them down by indicating their account names.
For each account, indicate the balance in either the debit or credit column.
Total all amounts under debit column. Do the same for credit column.
For each account, indicate the balance in either the ___ or ___ column.
Debit , credit
Plus, Minue
Format of Trial Balance > First item to input is___.
Business name
Trial Balance as at 31 December 2018
DR CR
$ $
Nature of Long-term borrowing (bank loan): ____.
DR
CR
Nature of Cost of sales: ____.
DR
CR
Nature of Fixtures & fittings: ____.
DR
CR
Nature of Office equipment: ____.
DR
CR
Nature of General expenses: ____.
DR
CR
Nature of Prepaid expenses: ____. (is a form of current asset)
DR
CR
Nature of Accrued expenses: ____. (is a form of current liability)
DR
CR
Nature of Accrued expenses: ____. (is a form of current liability)
DR
CR
Nature of Income receivable: ____. (is a form of current asset)
DR
CR
Nature of trade payable: ____.
DR
CR
Nature of motor vehicle expense: ____.
DR
CR
Nature of motor vehicle expense: ____.
DR
CR
Nature of motor vehicle: ____.
DR
CR
Nature of inventory: ____.
DR
CR
Nature of inventory: ____.
DR
CR
Nature of cost of sales: ____.
DR
CR
Nature of drawings: ____.
DR
CR
Nature of capital: ____.
DR
CR
State whether rent expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether commission income is found on the debit or credit side of the trial balance.
Debit
Credit
State whether sales revenue is found on the debit or credit side of the trial balance.
Debit
Credit
State whether sales revenue is found on the debit or credit side of the trial balance.
Debit
Credit
State whether cost of sales is found on the debit or credit side of the trial balance.
Debit
Credit
State whether sales returns is found on the debit or credit side of the trial balance.
Debit
Credit
State whether sales returns is found on the debit or credit side of the trial balance.
Debit
Credit
State whether wages expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether wages expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether wages expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether wages expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether interest expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether interest expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether interest expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether interest expense is found on the debit or credit side of the trial balance.
Debit
Credit
State whether interest income is found on the debit or credit side of the trial balance.
Debit
Credit
State whether interest income is found on the debit or credit side of the trial balance.
Debit
Credit
State whether interest income is found on the debit or credit side of the trial balance.
Debit
Credit
State whether rent income is found on the debit or credit side of the trial balance.
Debit
Credit
State whether motor vehicle is found on the debit or credit side of the trial balance.
Debit
Credit
State whether motor vehicle is found on the debit or credit side of the trial balance.
Debit
Credit
State whether motor vehicle is found on the debit or credit side of the trial balance.
Debit
Credit
State whether motor vehicle is found on the debit or credit side of the trial balance.
Debit
Credit
State whether plant and equipment is found on the debit or credit side of the trial balance.
Debit
Credit
State whether fixtures and fittings is found on the debit or credit side of the trial balance.
Debit
Credit
State whether fixtures and fittings is found on the debit or credit side of the trial balance.
Debit
Credit
State whether fixtures and fittings is found on the debit or credit side of the trial balance.
Debit
Credit
State whether fixtures and fittings is found on the debit or credit side of the trial balance.
Debit
Credit
State whether trade receivable is found on the debit or credit side of the trial balance.
Debit
Credit
State whether cash at bank is found on the debit or credit side of the trial balance.
Debit
Credit
State whether cash in hand is found on the debit or credit side of the trial balance.
Debit
Credit
State whether cash in hand is found on the debit or credit side of the trial balance.
Debit
Credit
State whether cash in hand is found on the debit or credit side of the trial balance.
Debit
Credit
State whether cash in hand is found on the debit or credit side of the trial balance.
Debit
Credit
State whether drawings is found on the debit or credit side of the trial balance.
Debit
Credit
State whether capital is found on the debit or credit side of the trial balance.
Debit
Credit
State whether bank loan is found on the debit or credit side of the trial balance.
Debit
Credit
State whether short-term borrowings (bank overdraft) is found on the debit or credit side of the trial balance.
Debit
Credit
State whether trade payable is found on the debit or credit side of the trial balance.
Debit
Credit
State whether trade payable is found on the debit or credit side of the trial balance.
Debit
Credit
State whether trade payable is found on the debit or credit side of the trial balance.
Debit
Credit
State whether trade payable is found on the debit or credit side of the trial balance.
Debit
Credit
