Question 1

When do you prepare a Trial Balance?

Accepted Answer

At the end of the accounting period

Answer

Atthe end of the month

Answer

Frequently in a year

Answer

At the end of theyear

Question 2

What accounting book is used in the preparation of a Trial Balance?

Accepted Answer

General Ledger accounts

Answer

Subsidiary Ledger

Answer

Special Journal

Answer

General Journal

Question 3

What is the account that normally appears DEBIT in a Trial Balance?

Accepted Answer

Owner’s Drawing

Answer

<P>NetLoss</P>

Answer

<P>Net Income </P>

Answer

Owner’s Capital

Question 4

A trial balance prepared after taking into account the effect of adjusting entries is known as?

Accepted Answer

Adjusted Trial Balance

Answer

Normal Balance

Answer

Financial Trial Balance

Answer

Unadjusted Trial Balance

Question 5

When debit balance isequal to the credit balance, then the trial balance means?

Accepted Answer

Mathematically, Assets = Liabilities + Capital

Answer

Nomistake in recording transactions

Answer

No mistake in posting entries in the ledger Accounts

Answer

Account balances arecorrect

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