Overview of a Trial Balance

Q.

What are the 7 steps of the accounting cycle?

Q.

State the limitations of trial balance.

Q.

Is it correct to say that trial balance facilitates the preparation of financial statement ?

Q. Which of the following is not an account whose total goes into the trial balance?

1. Balance Sheet
2. Fixed Assets
3. Capital
4. Expense

Q.

Does a trial balance include all accounts?

Q.

What does unfavourable balance in passbook indicates?

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

To Show Trial Balance, Account books _________ menu is used.
a) Reports
b) Gateway of Tally
c) Display
d) Balance sheet

Q.

In a trial balance where are debit balances placed?

Q. gives a snapshot of the balances of all the accounts of a business entity.

1. Sub-table
2. Account
3. Trial balance
4. Totals

Q.

Name the table which has snapshots of totals.

1. Trial balance

2. Summary

3. Table of totals

4. None of the above