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TRIAL BALANCE

Quiz by Sheriffa Hosein

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15 questions
Show answers
  • Q1
    1. A Trial Balance has no limitations.
    True
    False
    30s
  • Q2
    2. Numerous mistakes can exist even though the trial balance are in agreements.
    True
    False
    30s
  • Q3
    3.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?
    Omission
    Commission
    Reverse
    Principle
    30s
  • Q4
    4.When the amounts of a transaction must be recorded in a minimum of two accounts.
    Double Entry
    Debit
    Accounting Equation
    Credit
    30s
  • Q5
    5. Sales in a Trial Balance is recorded as
    Credit Balance
    Debit Balance
    30s
  • Q6
    6. The Totals of a Trial Balance must agree.
    True
    False
    30s
  • Q7
    7. Purchase of a new computer has been posted to the repairs account in error. What type of error is this?
    Principle
    Original Entry
    Reverse
    Commission
    30s
  • Q8
    8.When is a Suspense Account prepared?
    when an error of omission is corrected
    when a balance sheet fails to balance
    when an error of principle is corrected
    When a trial balance fails to balance
    30s
  • Q9
    9. Motor Expense always carry a debit balance.
    True
    False
    30s
  • Q10
    10. Bought motor van for cash. What is the double entry?
    Debit Bank, Credit Assets
    Debit cash, Credit Motor van
    Debit assets, Credit Liabilities
    Debit Motor Van , Credit Cash
    30s
  • Q11
    11. All assets carry a debit balance.
    False
    True
    30s
  • Q12
    12. To increase capital we credit the account.
    True
    False
    30s
  • Q13
    13. What is the double entry for drawings?
    Dr. Drawings, Cr. Liabilities
    Dr. Drawings, Cr. Cash/Bank
    Dr. Sales , Cr. Assets
    Dr. Drawings, Cr. Capital
    30s
  • Q14
    14. Trial balance is used to ?
    Prepare Financial statements
    Prepare ledgers
    30s
  • Q15
    15. Commission Received is a credit balance.
    True
    False
    30s

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