Accounting Quiz 04

Trial balance is prepared to check accuracy of_______________?

Balance sheet balances

Ledger accounts balances

Income statement balances

Cash flow statement balances

Correct! Wrong!

Trial balance is commonly prepared?

At the end of a month

Frequently during the year

At the end of a year

At the end of an accounting period

Correct! Wrong!

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

Account balances are correct

Mathematically Capital+Liabilities=Assets

No error in posting entries to ledger accounts

No error in recording transactions

Correct! Wrong!

________ is the common base for preparing a trial balance?

Ledger accounts

Specialized journals

General Journal

Balance sheet

Correct! Wrong!

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

Partial omission of a transaction

Compensating errors

Complete omission of a transaction

Error of principle

Correct! Wrong!

Which of the following is true about a trial balance?

It lists down the balances of accounts

It is a kind of financial statement

It lists down the balances of a balance sheet

It is not a part of accounting cycle

Correct! Wrong!

Institute of Chartered Accountants of Pakistan was established in____________?

1956

1972

1949

1961

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.

Arithmetic accuracy

Omissions of economic events

Understatements of balances

Errors of commission

Correct! Wrong!

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

Error of omission

Error of duplication

Error of commission

Error of principle

Correct! Wrong!

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

None of these

Yes

Transactions can’t be omitted

Correct! Wrong!

Accounting Quiz 04

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Accounting Quiz 04

Trial balance is prepared to check accuracy of_______________?

Trial balance is commonly prepared?

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

________ is the common base for preparing a trial balance?

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

Which of the following is true about a trial balance?

Institute of Chartered Accountants of Pakistan was established in____________?

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.

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

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

About the author

Muhammad Arslan

Trial balance is prepared to check accuracy of_______________?

Trial balance is commonly prepared?

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

________ is the common base for preparing a trial balance?

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

Which of the following is true about a trial balance?

Institute of Chartered Accountants of Pakistan was established in____________?

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.

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

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

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About the author

Muhammad Arslan