Accounting trial balance quiz

This quiz is incomplete! To play this quiz, please finish editing it. Delete Quiz. Question 1. A Trial Balance has no limitations -. One of the purposes of preparing a Trial Balance -. When the amounts of a transaction must be recorded in a minimum of two accounts-. Numerous mistakes can exist even though the Trial Balance totals are in agreement. What type of error is 'an entry is made in the wrong class of account'.

Errors of omission. Errors of commission. Errors of principle. Complete Reversal of entries. Which of the following errors that cannot be revealed by a Trial Balance -. Errors of original entry. Errors in calculation. Errors in omission of one entry. Transposed errors. What is a transposition error? The first step for finding an arithmetic error-. Look for an amount equal to the difference.

Divide the difference between totals by 2. Divide the difference between totals by 9. Re-total the columns. A record summarizing all the information pertaining to a single item in the accounting equation is known as a n. Question Trial Balance is prepared to check the arithmetic accuracy of ledger accounts. A trial balance can be prepared only on a particular date. Preparation of Trial Balance is compulsory. A dealer dealing in furniture business purchased furniture, recorded in furniture account.

Report an issue. Musculoskeletal System. Skeletal, Muscular, Integumentary. Skeletal System. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University. Trial Balance Debit and Credit Quiz Test your knowledge of double entry bookkeeping and accounting with our trial balance debit and credit quiz. Which side of the trial balance is the Capital account normally shown?

Debit Wrong. Credit Right! Which side of the trial balance is the Equipment account normally shown? Time limit: 0. Quiz-summary 0 of 12 questions completed Questions: 1 2 3 4 5 6 7 8 9 10 11 Information Name You must specify a text. Trial balance MCQs quiz. You have already completed the quiz before. Hence you can not start it again. You must sign in or sign up to start the quiz.

You have to finish following quiz, to start this quiz:. Results 0 of 12 questions answered correctly Time has elapsed You have reached 0 of 0 points, 0 Average score. Answered Review. Question 1 of The basic purpose of preparing a trial balance is:.

Correct Awesome! Incorrect Your answer is incorrect. Question 2 of Which of the following is correct about an agreed trial balance:. Question 3 of Which of the following is the correct sequence of the accounting cycle:.

Question 4 of