TRIAL BALANCE
Quiz by Sheriffa Hosein
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15 questions
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- Q11. A Trial Balance has no limitations.TrueFalse30s
- Q22. Numerous mistakes can exist even though the trial balance are in agreements.TrueFalse30s
- Q33.A transaction is omitted completely from the books so that there is no debit and credit entry of the transaction. This is an example of what errors?OmissionCommissionReversePrinciple30s
- Q44.When the amounts of a transaction must be recorded in a minimum of two accounts.Double EntryDebitAccounting EquationCredit30s
- Q55. Sales in a Trial Balance is recorded asCredit BalanceDebit Balance30s
- Q66. The Totals of a Trial Balance must agree.TrueFalse30s
- Q77. Purchase of a new computer has been posted to the repairs account in error. What type of error is this?PrincipleOriginal EntryReverseCommission30s
- Q88.When is a Suspense Account prepared?when an error of omission is correctedwhen a balance sheet fails to balancewhen an error of principle is correctedWhen a trial balance fails to balance30s
- Q99. Motor Expense always carry a debit balance.TrueFalse30s
- Q1010. Bought motor van for cash. What is the double entry?Debit Bank, Credit AssetsDebit cash, Credit Motor vanDebit assets, Credit LiabilitiesDebit Motor Van , Credit Cash30s
- Q1111. All assets carry a debit balance.FalseTrue30s
- Q1212. To increase capital we credit the account.TrueFalse30s
- Q1313. What is the double entry for drawings?Dr. Drawings, Cr. LiabilitiesDr. Drawings, Cr. Cash/BankDr. Sales , Cr. AssetsDr. Drawings, Cr. Capital30s
- Q1414. Trial balance is used to ?Prepare Financial statementsPrepare ledgers30s
- Q1515. Commission Received is a credit balance.TrueFalse30s