Basics for Balancing of Accounts

Q.

What are the ways of marshalling the balance sheet?

Q.

Are ledger accounts balanced at the end of each week?

Q. If the total of credit side exceeds the total of debit side, then this would be represented by a balance.

1. debit
2. credit
3. nil

Q. If the total of debit side exceeds the total of credit side, then this would be represented by balance.

1. debit
2. credit
3. nil

Q.

The need for balancing an account may arise when___

1. All of the above

2. Business needs information for a particular item for which an account already exists.

3. Trial balance is being prepared for which account's balances are needed for its preparation.

4. The existing page allocated for the account is full and balance is required to be calculated and transferred to the next page.

Q.

What do you mean by balance of an account?

1. The difference between the sum of the two sides of an account is called the balance.

2. None

3. The total of debit side of the ledger account

4. The total of credit side of the ledger account

Q. After balancing an account, the total of credit side will be than/as the total of debit side.

1. greater
2. lesser
3. same

Q. If the total of debit side of an account exceeds the total of its credit side it indicates ________________.

1. Debit balance.
2. Credit balance.
3. Either debit or credit.
4. Neither debit nor credit.

Q.

If the total of the debit side exceeds the total of credit side, then this would be represented by a ______ balance.

1. Credit

2. Nil

3. Debit

4. Either debit or credit

Q. Select the most appropriate alternatives from those given below and rewrite the sentence :

Carried down (c/d) balance indicates ________ balance.
a) opening
b) real
c) nominal
d) closing