7. Trial Balance
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Before you appear for this test make sure you have studied the following sub-topics under chapter Meaning and Scope of Accounting.
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1. Learn the technique of taking balances from ledger accounts to prepare trial balance.
2. Understand what is trial balance and what purposes it can serve..
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Question 1 of 64
1. Question
1 pointsWhich of the following is the main purpose of preparing a trial balance?
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Question 2 of 64
2. Question
1 pointsThe trial balance is part of which phase of the accounting process?
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Question 3 of 64
3. Question
1 pointsIf a trial balance tallies, what does it indicate?
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Question 4 of 64
4. Question
1 pointsWhich of the following accounts will appear on the credit side of a trial balance?
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Question 5 of 64
5. Question
1 pointsWhich method is most commonly used for preparing a trial balance?
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Question 6 of 64
6. Question
1 pointsWhat is a limitation of a trial balance?
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Question 7 of 64
7. Question
1 pointsWhich of the following errors will not affect the trial balance?
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Question 8 of 64
8. Question
1 pointsHow often is a trial balance typically prepared?
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Question 9 of 64
9. Question
1 pointsIf the debit side of the trial balance is larger than the credit side, what is typically used to balance the trial balance?
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Question 10 of 64
10. Question
1 pointsIn a trial balance, the balance of an asset account is recorded on the:
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Question 11 of 64
11. Question
1 pointsGiven the following data, what will be the balance in the cash account? Opening balance: ₹5,000 Cash received: ₹3,000 Cash payments: ₹2,500
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Question 12 of 64
12. Question
1 pointsThe total of debit balances in a trial balance is ₹50,000, and the total of credit balances is ₹48,000. What is the suspense account balance?
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Question 13 of 64
13. Question
1 pointsIf the total of the debit side of a trial balance is ₹90,000 and the credit side is ₹85,000, what is the correct entry in the suspense account?
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Question 14 of 64
14. Question
1 pointsFrom the following details, prepare a trial balance: Purchases: ₹40,000 Sales: ₹60,000 Cash: ₹10,000 Capital: ₹50,000 Inventory: ₹5,000
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Question 15 of 64
15. Question
1 pointsRam’s account has a balance of ₹25,000 on the credit side, and cash received from Ram is ₹5,000. What is the new balance of Ram’s account?
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Question 16 of 64
16. Question
1 pointsIn a business, the following transactions occurred: Sales: ₹70,000 Purchases: ₹50,000 Operating expenses: ₹10,000 What is the gross profit?
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Question 17 of 64
17. Question
1 pointsYou are provided the following balances: Sales: ₹120,000 Purchases: ₹80,000 Expenses: ₹20,000 Drawings: ₹10,000 What is the net profit of the business?
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Question 18 of 64
18. Question
1 pointsA firm’s trial balance shows that the total debits are ₹45,000 and total credits are ₹45,000. The trial balance agrees, but the bank reconciliation shows a ₹2,000 error on the bank’s side. What should be done?
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Question 19 of 64
19. Question
1 pointsIf a trial balance shows the following: Debits: ₹120,000 Credits: ₹125,000 What is the difference in balance, and how should it be treated?
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Question 20 of 64
20. Question
1 pointsA ledger shows the following entries for a cash account: Cash receipts: ₹10,000 Cash payments: ₹5,000 Previous balance: ₹2,000 What is the closing balance of the cash account?
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Question 21 of 64
21. Question
1 pointsWhich of the following is *not* an objective of preparing a trial balance?
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Question 22 of 64
22. Question
1 pointsWhich of the following types of errors would *not* affect the trial balance?
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Question 23 of 64
23. Question
1 pointsWhich account is always credited in case of sales?
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Question 24 of 64
24. Question
1 pointsWhich of the following methods combines the total method and the balance method in preparing the trial balance?
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Question 25 of 64
25. Question
1 pointsWhich of the following statements about the suspense account is *incorrect*?
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Question 26 of 64
26. Question
1 pointsWhat type of balance does a liability account generally have in the trial balance?
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Question 27 of 64
27. Question
1 pointsWhich of the following would *not* cause a difference in the trial balance?
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Question 28 of 64
28. Question
1 pointsIf a trial balance is not in balance, which of the following should be done first?
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Question 29 of 64
29. Question
1 pointsIn case of an error in the trial balance, how can the accountant continue with the preparation of financial statements?
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Question 30 of 64
30. Question
1 pointsWhich account will typically have a debit balance in a trial balance?
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Question 31 of 64
31. Question
1 pointsThe total debits and credits in the trial balance of XYZ Co. are as follows: Debit total: ₹80,000 Credit total: ₹78,000 What should be the balance in the suspense account?
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Question 32 of 64
32. Question
1 pointsFrom the following information, calculate the gross profit: Sales: ₹50,000 Purchases: ₹30,000 Closing inventory: ₹5,000 Opening inventory: ₹8,000
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Question 33 of 64
33. Question
1 pointsA company has the following balances: Sales: ₹200,000 Purchases: ₹150,000 Expenses: ₹30,000 Calculate the net profit:
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Question 34 of 64
34. Question
1 pointsIf the total debit side of the trial balance is ₹145,000 and the total credit side is ₹140,000, what is the discrepancy?
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Question 35 of 64
35. Question
1 pointsYou are provided with the following balances for a trial balance: Cash: ₹10,000 Purchases: ₹20,000 Capital: ₹15,000 Sales: ₹25,000 What is the total of the debit side of the trial balance?
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Question 36 of 64
36. Question
1 pointsIn the trial balance of ABC Ltd., the total of credit balances is ₹120,000 and the debit total is ₹115,000. What should be done to balance the trial balance?
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Question 37 of 64
37. Question
1 pointsFrom the following balances, calculate the trial balance total: Cash: ₹5,000 Purchases: ₹15,000 Sales: ₹20,000 Capital: ₹10,000
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Question 38 of 64
38. Question
1 pointsXYZ Ltd. shows a debit balance of ₹40,000 for cash and a credit balance of ₹60,000 for creditors. If sales were ₹80,000, what should be the credit total of the trial balance?
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Question 39 of 64
39. Question
1 pointsIf a business has a capital balance of ₹50,000, a purchase balance of ₹20,000, and a sales balance of ₹70,000, what is the total of the credit side of the trial balance?
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Question 40 of 64
40. Question
1 pointsIf a company’s trial balance shows the following entries: Cash: ₹12,000 debit Sales: ₹25,000 credit Purchases: ₹15,000 debit What is the total of the credit side?
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Question 41 of 64
41. Question
1 pointsWhich of the following can cause an imbalance in the trial balance?
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Question 42 of 64
42. Question
1 pointsWhat is the significance of using the total method in preparing a trial balance?
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Question 43 of 64
43. Question
1 pointsA trial balance can detect which of the following types of errors?
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Question 44 of 64
44. Question
1 pointsWhat happens if the trial balance agrees, but the balance sheet does not?
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Question 45 of 64
45. Question
1 pointsIf a trial balance does not agree, which of the following *cannot* be the reason?
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Question 46 of 64
46. Question
1 pointsWhich of the following is *not* a characteristic of a trial balance?
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Question 47 of 64
47. Question
1 pointsWhat is the main purpose of preparing a trial balance?
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Question 48 of 64
48. Question
1 pointsWhich of the following is a method for preparing a trial balance?
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Question 49 of 64
49. Question
1 pointsWhich of the following types of errors will *not* affect the trial balance?
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Question 50 of 64
50. Question
1 pointsWhat is the usual frequency for preparing a trial balance to check arithmetical accuracy?
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Question 51 of 64
51. Question
1 pointsWhich of the following is *not* a characteristic of a trial balance?
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Question 52 of 64
52. Question
1 pointsWhat is the main purpose of preparing a trial balance?
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Question 53 of 64
53. Question
1 pointsWhich of the following is a method for preparing a trial balance?
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Question 54 of 64
54. Question
1 pointsWhich of the following types of errors will *not* affect the trial balance?
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Question 55 of 64
55. Question
1 pointsWhat is the usual frequency for preparing a trial balance to check arithmetical accuracy?
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Question 56 of 64
56. Question
1 pointsWhich of the following is a limitation of a trial balance?
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Question 57 of 64
57. Question
1 pointsIf a trial balance does not tally, what is the first step to be taken?
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Question 58 of 64
58. Question
1 pointsWhat is the purpose of a suspense account in case of a trial balance discrepancy?
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Question 59 of 64
59. Question
1 pointsWhich of the following accounts will typically have a credit balance in a trial balance?
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Question 60 of 64
60. Question
1 pointsIf a trial balance shows a difference between the debit and credit totals, what does it indicate?
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Question 61 of 64
61. Question
1 pointsWhich of the following is *not* a purpose of a trial balance?
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Question 62 of 64
62. Question
1 pointsIf a trial balance shows a credit balance for an asset account, what does it indicate?
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Question 63 of 64
63. Question
1 pointsIf a trial balance shows a debit balance for a liability account, what does it indicate?
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Question 64 of 64
64. Question
1 pointsIf a trial balance shows a credit balance for a revenue account, what does it indicate?
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