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FUNDAMENTALS OF ACCOUNTANCY, BUSINESS & MGMT 1

Quiz by Joylyn Dacumos

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Q 1/5
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When do you prepare a Trial Balance?
29
Atthe end of the month
At the end of the accounting period
Frequently in a year
At the end of theyear

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5 questions

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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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