Accounting Quiz 04

Which of the following will affect the agreement of a trial balance?

Error of principle

Compensating errors

Complete omission of a transaction

Partial omission of a transaction

Correct! Wrong!

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

Yes

None of these

Transactions can’t be omitted

Correct! Wrong!

________ is the common base for preparing a trial balance?

Ledger accounts

Balance sheet

Specialized journals

General Journal

Correct! Wrong!

Trial balance is prepared to check accuracy of_______________?

Balance sheet balances

Ledger accounts balances

Cash flow statement balances

Income statement balances

Correct! Wrong!

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Errors of commission

Understatements of balances

Arithmetic accuracy

Omissions of economic events

Correct! Wrong!

Institute of Chartered Accountants of Pakistan was established in____________?

1961

1972

1956

1949

Correct! Wrong!

Debit balance = Credit balance in a trial balance indicates that:

Account balances are correct

No error in recording transactions

No error in posting entries to ledger accounts

Mathematically Capital+Liabilities=Assets

Correct! Wrong!

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Error of duplication

Error of omission

Error of commission

Error of principle

Correct! Wrong!

Trial balance is commonly prepared?

At the end of a year

At the end of a month

At the end of an accounting period

Frequently during the year

Correct! Wrong!

Which of the following is true about a trial balance?

It lists down the balances of a balance sheet

It is a kind of financial statement

It lists down the balances of accounts

It is not a part of accounting cycle

Correct! Wrong!

Accounting Quiz 04

Well Done !

Your parents would be so proud of you :'D

You Could Do Better !!!

Give it another try 😉

Oh Shoot ! Try Again Maybe ?

Try again bachaa :3

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Accounting Quiz 04

Which of the following will affect the agreement of a trial balance?

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

________ is the common base for preparing a trial balance?

Trial balance is prepared to check accuracy of_______________?

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Institute of Chartered Accountants of Pakistan was established in____________?

Debit balance = Credit balance in a trial balance indicates that:

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Trial balance is commonly prepared?

Which of the following is true about a trial balance?

About the author

Muhammad Arslan

Which of the following will affect the agreement of a trial balance?

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

________ is the common base for preparing a trial balance?

Trial balance is prepared to check accuracy of_______________?

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Institute of Chartered Accountants of Pakistan was established in____________?

Debit balance = Credit balance in a trial balance indicates that:

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Trial balance is commonly prepared?

Which of the following is true about a trial balance?

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About the author

Muhammad Arslan