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11th Accountancy Weekly Test - 3 (Trial balance )

MABS Institution

11th Accountancy Weekly Test - 3 (Trial balance )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Which one of the following is the most popular method of preparing a trial balance.

Total method
Balance method
Trial and error method
Line method

Trial Balance shows arithmetical accuracy of ledger accounts, but it is not a_____proof of accuracy.

conclusive
Exclusive
Submissive
Inclusive

The preparation of ___________ is the third step in the accounting process.

journal
ledger
trial balance
balance sheet

Bank account will show__________balance

Debit
Credit
Debit (or) Credit
None

Which one the following represents correct sequence of accounting cycle

Journal > Trial balance > Ledger > Transaction
Transaction > Journal > Ledger > Trial balance
Purchases > Journal > Ledger > Trial balance
None of the above

The difference of totals of both debit and credit side of trial balance is transferred to :

Trading account
Difference account
Suspense account
Miscellaneous account

Amount spend on servicing office typewriter should be debited to______________

miscellaneous expenses account
typewriter account
repairs account

Suspense account in the trial balance is entered in the ______________.

Trading Account
Profit and Loss Alc
Balance Sheet
None of these

Trial balance is a_____

Statement
Account
Ledger
Journal

Suspense account having credit balance will be shown on the _____________.

Credit side of the Profit and Loss Alc
Debit side of the Profit and Loss Alc
Liabilities side of the Balance Sheet
Assets side of the Balance Sheet

The statement showing balance of all the ledger accounts is known as

Trial balance
Balance sheet
Bank reconciliation statement
Profit and loss account

_____________ is prepared on a specific data.

Trial Balance
Journal
Ledger
All of the above

Trial Balance is a statement which shows_____of all accounts

Debit or Credit Balances
Balance and Totals
Positive and Negative Balances
Opening and Closing balances

After the preparation of ledger, the next step is the preparation of

Trading account
Trial balance
Journal
Profit and loss account

__________ is the most popular method of preparing trial balance.

Balance Method
Net Asset Method
Average Trial Balance method
None of the above

____________ method is not commonly used as it cannot help in the preparation of financial statements.

Total Method
Balance Method
Total and Balance Method
None of these

Cash received from Mani whose account was previously written of as a bad debts should be credited to __________account.

Mani's
Miscellaneous income
Bad debts recovered

When double entry system is followed, the totals of the debit and the Credit columns of the trial balance must be

Equal
unequal
Excess
Short

A list which contains balances of accounts to know whether the debit and credit balances are matched is___

Journal
Day book
Trial balance
Balance sheet

Which of the following method(s) can be used for preparing trial balance?

Balance method
Total method
Total and Balance method
a, b and c

Suspense account having debit balance will be shown on the

Credit side of the profit and loss A/c
Liabilities side of the balance sheet
Assets side of the balance sheet
Debit side of the profit and loss A/c

The account which has a credit balance and is shown in the debit column of the trial balance is

Sundry debtors account
Bills receivable account
Purchases account
Capital account

Salary paid to manager must be debited to .................account.

manager's
office expenses
salary

______________helps to check the arithmetical accuracy of entries made in the accounting records.

Balance Sheet
Trial Balance
Bookkeeping
Double Entry

Trial balance is prepared to find out the_________

profit or loss
financial position
arithmetical accuracy of the accounts

All the following statements are correct except__________.

Trial balance is a statement and not an account
Trial balance is prepared at the end of the year
Trial balance is not a concluding proof of arithmetical accuracy
Trial balance is tallied if a transaction posted twice in the ledger

Which of the following will affect the agreement of a trial balance?

Complete omission of a transaction
Partial omission of a transaction
Error of principle
Compensating errors

The first step is recording the business transactions in ____________.

Subsidiary Books/Journal
Ledger
Balance Sheet
Trial balance

Goods taken by the proprietor for domestic use should be credited to __________account

proprietor's drawings
sales
purchases

The preparation of trial balance is the________step in the accounting process.

First
Second
third
fourth

Closing stock in the Trial Balance implies that

It is already adjusted in the opening stock
It is adjusted in sales account
It is adjusted in the purchases account
None of these

Which of the following is/are the objective(s) of preparing trial balance?

Serving as the summary of all the ledger accounts
Helping in the preparation of final accounts
Examining arithmetical accuracy of accounts
a, band c

When adjusted purchase is shown on the debit column of the trial balance then __________.

Both opening and closing stock do not appear in the trial balance
Closing stock is shown in the trial balance and not the opening stock
Opening stock is shown in the trial balance and not the closing stock
Both opening and closing stock appear in the trial balance

While Preparing the trial balance, the accountant finds that the total of the debit column is short by Rs. 1,000. This difference will be

Debited to suspense account
created to suspense account
Adjusted to any of the debit balance
Adjusted to any of the credit balance

The ____________ method is widely used, as it helps in the preparation of financial statements.

Total
Balance
Both 'a' and 'b'
None of these

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