Meaning of Trial Balance

Q.

Mention Any Two Objectives of Preparing Trial Balance.

Q.

Trial Balance is prepared with a view to verify arithmetical accuracy.

1. False

2. True

3. None of these

4. Cannot say

Q.

Which of the Following Is a Revenue Expenditure? Find the Answer at BYJUS

1. Purchase of Plant and Machinery

2. Repairs on Plant and Machinery

3. Installation of Plant and Machinery

4. Erection of Plant and Machinery

Q.

Which of the following errors shall be revealed by the Trial Balance?

1. Posting of wrong amounts to right accounts on wrong sides

2. None of the above

3. Posting of wrong amounts to right accounts on right sides

4. Posting of right amounts to wrong accounts on wrong sides

Q.

Can there be a credit balance in a simple cash book ? State with reasons.

Q.

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

1. None of the above

2. Yes

3. No

4. Transactions can not be omitted

Q.

Under single entry system, is it possible to check the arithmetical accuracy of books of accounts ?

Q.

The table with summary of all account balances is called as ________

1. Ledger

2. None of these

3. Journal

4. Trial Balance

Q.

In a trial balance, always the debit column should match with the credit column.

1. True

2. False

3. Not sure

4. None of these

Q.

What are the four types of errors?

Q.

Which of the following is not a benefit for preparation of Trial balance?

1. To detect any mathematical errors that have occurred in the double-entry accounting system

2. To know the totals of debits/ credits & identify mismatch if any

3. Trial balance summarizes all the financial transactions of the business.

4. To know the transactions which are omitted to be recorded

Q.

Expenditure incurred on erecting machinery is ________________.

1. Revenue Expenditure

2. Capital Expenditure

3. Deferred Revenue Expenditure

4. None of the above

Q.

Is it correct to say that a trial balance is only a prima facie evidence of arithmetical accuracy of records ?

Q.

Why is it called a trial balance?

Q.

Which of the following errors cannot be rectified?

1. Errors of Commission

2. Errors of Principle

3. Errors of Omission

4. Intentional errors

Q. What are the objectives of preparing trial balance?

Q.

Do you think that a transaction can break the accounting equation?

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

________ is prepared from the balances in ledger accounts.
a) List
b) Journal
c) Book
d) Trial balance

Q. Answer in only one sentence :

Why is Trial Balance prepared?

Q.

An error involving an excess credit to an account shall be revealed by the Trial Balance. Is this statement correct?

1. Yes, totally correct

2. Yes, partially correct

3. No, not correct

4. None of the above

Q. An additional information provided below the Trial balance is known as ________.

1. Rectification
2. Information
3. Closing
4. Adjustments

Q. Which of the following items appearing on a bank reconciliation would require an adjusting entry?

1. Outstanding cheques
2. Deposits in transit
3. Interest on balance
4. Adjusted cash balance

Q. A trial balance is generally prepared at the end of each _________.

1. month
2. half year
3. financial year
4. quarter

Q.

If salary paid to employee is entered in the personal account of employee, will this error be revealed by the Trial Balance?

1. Yes, sometimes

2. No, it will not be revealed

3. None of the above

4. Yes, always

Q. Describe the purpose for the preparation of trial balance.

Q. It is a check on the accuracy of posting. If the trial balance agrees it proves that -
1. The books are arithmetically accurate
2. Both the aspects of the transactions have been correctly recorded in the books of original entry as well as in the ledger.
The correct answer is -

1. 1 but not 2
2. 2 but not 1
3. Both 1 & 2
4. Either 1 or 2

Q. Mention the steps involved in preparation of trial balance.

Q. Find out the error in the following sentence, if any. If there is no error, your answer is 'E'.
Two recent incidents (A) amply illustrate about (B) the present political (C) condition of the country (D) No Error (E).

1. B
2. A
3. C
4. D
5. E

Q. Find out the error in the following sentence, if any. If there is no error, your answer is 'E'.

1. A
2. B
3. C
4. D
5. E

Q. Give one word, term or phrase which can substitute each of following statements:
Where will Goodwill appear in the Trial Balance?