What should you do if the Trial Balance is not balanced?

Go through and find your mistake

It doesn't matter, so just move on

Throw everything away and completely restart

When the total expenses are greater than the total revenues,

b. the Income Summary account has a debit balance.

a. the Income Summary account has a credit balance.

b. the Income Summary account has a debit balance.

When is a suspense account prepared

when a trial balance fails to balance

when a Balance Sheet fails to balance

when a trial balance fails to balance

when an error of omission is corrected

when an error of principle is corrected

The last step in the accounting cycle is to

d. prepare a post-closing trial balance.

a. record transactions in a journal.

c. journalize and post closing entries.

d. prepare a post-closing trial balance.

Trial Balance Class 12 MCQ Questions With Answers Quiz

18.

What type of error is 'the original figure may be incorrectly entered although the correct double-entry principle has been observed using incorrect figure'.

errors of omission

errors of commission

errors of original entry

compensating errors

1.

The drawing account is a permanent account.

2.

What should you do if the Trial Balance is not balanced?

3.

To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.

4.

Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.

5.

Accounts used to accumulate information from one fiscal period to the next are

6.

When the total expenses are greater than the total revenues,

7.

After closing entries are posted, the balance in the owner’s drawing account should be

8.

Temporary accounts must start each fiscal period with a zero balance.

9.

State whether interest income is found on the debit or credit side of the trial balance.

10.

State whether interest expense is found on the debit or credit side of the trial balance.

11.

Nature of General expenses: ____.

12.

State whether sales returns is found on the debit or credit side of the trial balance.

13.

State whether cash at bank is found on the debit or credit side of the trial balance.

14.

State whether fixtures and fittings is found on the debit or credit side of the trial balance.

15.

Purchase of a new computer has been posted to the repairs account in error. What type of error is this?

16.

State whether short-term borrowings (bank overdraft) is found on the debit or credit side of the trial balance.

17.

Nature of trade payable: ____.

18.

What type of error is 'the original figure may be incorrectly entered although the correct double-entry principle has been observed using incorrect figure'.

19.

At the end of a fiscal period, the balances of permanent accounts are summarized and transferred to the owner's capital account.

20.

When is a suspense account prepared

21.

Nature of motor vehicle: ____.

22.

For each account, indicate the balance in either the _ or _ column.

23.

Nature of inventory: ____.

24.

A post-closing trial balance verifies the equality of debits and credits in a general ledger after the closing entries are posted.

25.

Purchase of office furniture for Rs.3,400 has been debited to GeneralExpenses Account. It is:

26.

State whether drawings is found on the debit or credit side of the trial balance.

27.

The debit side total should be the same as the credit

28.

State whether sales revenue is found on the debit or credit side of the trial balance.

29.

Nature of Income receivable: ____. (is a form of current asset)

30.

The last step in the accounting cycle is to

Time

1. The drawing account is a permanent account.

2. What should you do if the Trial Balance is not balanced?

3. To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.

4. Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.

5. Accounts used to accumulate information from one fiscal period to the next are

6. When the total expenses are greater than the total revenues,

7. After closing entries are posted, the balance in the owner’s drawing account should be

8. Temporary accounts must start each fiscal period with a zero balance.

9. State whether interest income is found on the debit or credit side of the trial balance.

10. State whether interest expense is found on the debit or credit side of the trial balance.

11. Nature of General expenses: ____.

12. State whether sales returns is found on the debit or credit side of the trial balance.

13. State whether cash at bank is found on the debit or credit side of the trial balance.

14. State whether fixtures and fittings is found on the debit or credit side of the trial balance.

15. Purchase of a new computer has been posted to the repairs account in error. What type of error is this?

16. State whether short-term borrowings (bank overdraft) is found on the debit or credit side of the trial balance.

17. Nature of trade payable: ____.

18. What type of error is 'the original figure may be incorrectly entered although the correct double-entry principle has been observed using incorrect figure'.

19. At the end of a fiscal period, the balances of permanent accounts are summarized and transferred to the owner's capital account.

20. When is a suspense account prepared

21. Nature of motor vehicle: ____.

22. For each account, indicate the balance in either the ___ or ___ column.

23. Nature of inventory: ____.

24. A post-closing trial balance verifies the equality of debits and credits in a general ledger after the closing entries are posted.

25. Purchase of office furniture for Rs.3,400 has been debited to GeneralExpenses Account. It is:

26. State whether drawings is found on the debit or credit side of the trial balance.

27. The debit side total should be the same as the credit

28. State whether sales revenue is found on the debit or credit side of the trial balance.

29. Nature of Income receivable: ____. (is a form of current asset)

30. The last step in the accounting cycle is to

Time

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1.

The drawing account is a permanent account.

2.

What should you do if the Trial Balance is not balanced?

3.

To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.

4.

Journal entries used to prepare temporary accounts for a new fiscal period are closing entries.

5.

Accounts used to accumulate information from one fiscal period to the next are

6.

When the total expenses are greater than the total revenues,

7.

After closing entries are posted, the balance in the owner’s drawing account should be

8.

Temporary accounts must start each fiscal period with a zero balance.

9.

State whether interest income is found on the debit or credit side of the trial balance.

10.

State whether interest expense is found on the debit or credit side of the trial balance.

11.

Nature of General expenses: ____.

12.

State whether sales returns is found on the debit or credit side of the trial balance.

13.

State whether cash at bank is found on the debit or credit side of the trial balance.

14.

State whether fixtures and fittings is found on the debit or credit side of the trial balance.

15.

Purchase of a new computer has been posted to the repairs account in error. What type of error is this?

16.

State whether short-term borrowings (bank overdraft) is found on the debit or credit side of the trial balance.

17.

Nature of trade payable: ____.

18.

What type of error is 'the original figure may be incorrectly entered although the correct double-entry principle has been observed using incorrect figure'.

19.

At the end of a fiscal period, the balances of permanent accounts are summarized and transferred to the owner's capital account.

20.

When is a suspense account prepared

21.

Nature of motor vehicle: ____.

22.

For each account, indicate the balance in either the _ or _ column.

23.

Nature of inventory: ____.

24.

A post-closing trial balance verifies the equality of debits and credits in a general ledger after the closing entries are posted.

25.

Purchase of office furniture for Rs.3,400 has been debited to GeneralExpenses Account. It is:

26.

State whether drawings is found on the debit or credit side of the trial balance.

27.

The debit side total should be the same as the credit

28.

State whether sales revenue is found on the debit or credit side of the trial balance.

29.

Nature of Income receivable: ____. (is a form of current asset)

30.

The last step in the accounting cycle is to