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FUNDAMENTALS OF ACCOUNTANCY, BUSINESS & MGMT 1

Quiz by Joylyn Dacumos

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5 questions
Show answers
  • Q1

    When do you prepare a Trial Balance?

    Atthe end of the month

    At the end of the accounting period

    Frequently in a year

    At the end of theyear

    30s
  • Q2

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

    General Ledger accounts

    Subsidiary Ledger

    Special Journal

    General Journal

    30s
  • Q3

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

    NetLoss

    Owner’s Drawing

    Net Income

    Owner’s Capital

    30s
  • Q4

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

    Normal Balance

    Financial Trial Balance

    Unadjusted Trial Balance

    Adjusted Trial Balance

    30s
  • Q5

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

    Mathematically, Assets = Liabilities + Capital

    Nomistake in recording transactions

    No mistake in posting entries in the ledger Accounts

     

    Account balances arecorrect

    30s

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