Chapter 5: Trial Balance March 18, 2024 Maven Leave a Comment Welcome to the Chapter 5: Trial Balance Quiz! This quiz is based on the book back questions. Name Email 1. While preparing the trial balance the accountant finds that the total of the credit column is short by Rs.200. This difference will be: Debited to suspense account Credited to suspense account Adjusted to any of the debit balance Adjusted to any of the credit balance None 2. Which of the following methods can be used to prepare trial balance? Balance method Total method Total and Balance Method All the above None 3. The difference of totals of both debit and credit side of trial balance is transferred to: Trading account Difference account Suspense account Miscellaneous account None 4. Trial Balance is prepared: At the end of the year On a particular date For a year None of the above None 5. The trial balance contains the balances of: Only personal accounts Only real accounts Only nominal accounts All accounts None 6. Trial balance is a: Statement Account Ledger Journal None 7. A list which contains balances of accounts to know whether the debit and credit balances are matches is: Journal Day book Trial balance Balance sheet None 8. Which of the following is the objective of preparing trial balance: Serving as the summary of all ledger accounts Helping in the preparation of all final accounts Examining arithmetical accuracy of accounts All the above None 9. The account which has a debit balance and is shown in the debit column of the trial balance is: Sundry creditors Bills payable account Drawings account Capital account None 10. After the preparation of ledger, the next step is preparation of: Trading account Trial balance Journal Profit and loss account None Time's up Related Posts:Chapter 1: Introduction to Micro EconomicsChapter 2. Consumption AnalysisChapter 3: Production AnalysisChapter 4: Cost and Revenue Analysis
Leave a Reply