Take this quick test on trial balance to help you prepare for your exams and interviews. If you find it difficult to answer any of these multiple choice questions (MCQs), read more about trial balance first and complete the MCQ test afterward. To begin the quiz, simply quick on the “Start Quiz” button below. 1. To find out the profit of the business To show the financial position of the business To test the arithmetical accuracy of the ledger To calculate the net purchases of the business See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is to test the arithmetical accuracy of the ledger (option 3). 2. Both debit and credit aspects of each transaction have been recorded The books are arithmetically correct The debit and credit columns of trial balance have been correctly summed All of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is all of the above (option 4). 3. Journal > Trial balance > Ledger > Transaction Analysis Transaction Analysis > Journal > Ledger > Trial Balance Purchases > Journal > Ledger > Trial Balance None of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is Transaction Analysis > Journal > Ledger > Trial balance (option 2). 4. Financial trial balance Adjusted trial balance Unadjusted trial balance Normal trial balance See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is adjusted trial balance (option 2). 5. Financial method and total method Total method and normal method Balance method and financial method Balance method and total method See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is balance method and total method (option 3). 6. A summary of total capital invested in the business during the period A summary of sales made during the period A summary of total cash collected from customers during the period A summary of all transactions made since the end of the previous accounting period See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is a summary of all transactions made since the end of the previous accounting period (option 4). 7. Balance method Total method Trial and error method Line method See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is balance method (option 1). 8. Beginning balances of ledger accounts Ending balances of ledger accounts Total of beginning and ending balances of ledger accounts Difference of beginning and ending balances of ledger accounts See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is ending balances of ledger accounts (option 2). 9. Totals of the amount columns of ledger accounts Differences of amount columns of ledger accounts Opening balances of ledger accounts Closing balances of ledger accounts See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is totals of amount columns of ledger accounts (option 1). 10. The debit part is overstated but the credit part is correctly recorded The debit part is correctly recorded but the credit part is overstated Both the debit and credit parts are overstated by the same amount The debit part is correctly recorded but the credit part is understated See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is both debit and credit parts are overstated by the same amount (option 3). 11. Purchases Rent expense Furniture Sales See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is sales (option 4). 12. Capital Accounts payable Salaries payable None of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is none of the above (option 4). View Results You can also check: Trial balance short questions Trial balance fill in the blanks Trial Balance MCQs FAQs What factors should be considered when making decisions in accounting? When making decisions in accounting, it is essential to consider all relevant factors. Some of the factors that may be considered include the company’s financial position, Cash Flow, profitability, and business strategy. What are some common accounting decisions? In accounting, decision-making is the process of choosing between two or more courses of action to achieve the desired outcome. Factors that should be considered when making decisions include the company’s financial position, Cash Flow, profitability, and business strategy. Accountants use the information to make decisions by analyzing data and trends to make informed decisions to help the company achieve its goals. How do accountants make decisions? Accountants use the information to make decisions by analyzing data and trends. This information can come from Financial Statements, internal reports, surveys, and other sources. By analyzing this data, accountants can make informed decisions to help the company achieve its goals. What are some common accounting decision-making models? Common accounting decision-making models include the rational decision model, the incremental decision model, and the satisficing decision model. Each of these models has its own set of steps that should be followed when deciding. About the Author True Tamplin, BSc, CEPF® Facebook Linkedin Instagram Twitter Youtube True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists. True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics. To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.
Take this quick test on trial balance to help you prepare for your exams and interviews. If you find it difficult to answer any of these multiple choice questions (MCQs), read more about trial balance first and complete the MCQ test afterward. To begin the quiz, simply quick on the “Start Quiz” button below. 1. To find out the profit of the business To show the financial position of the business To test the arithmetical accuracy of the ledger To calculate the net purchases of the business See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is to test the arithmetical accuracy of the ledger (option 3). 2. Both debit and credit aspects of each transaction have been recorded The books are arithmetically correct The debit and credit columns of trial balance have been correctly summed All of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is all of the above (option 4). 3. Journal > Trial balance > Ledger > Transaction Analysis Transaction Analysis > Journal > Ledger > Trial Balance Purchases > Journal > Ledger > Trial Balance None of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is Transaction Analysis > Journal > Ledger > Trial balance (option 2). 4. Financial trial balance Adjusted trial balance Unadjusted trial balance Normal trial balance See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is adjusted trial balance (option 2). 5. Financial method and total method Total method and normal method Balance method and financial method Balance method and total method See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is balance method and total method (option 3). 6. A summary of total capital invested in the business during the period A summary of sales made during the period A summary of total cash collected from customers during the period A summary of all transactions made since the end of the previous accounting period See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is a summary of all transactions made since the end of the previous accounting period (option 4). 7. Balance method Total method Trial and error method Line method See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is balance method (option 1). 8. Beginning balances of ledger accounts Ending balances of ledger accounts Total of beginning and ending balances of ledger accounts Difference of beginning and ending balances of ledger accounts See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is ending balances of ledger accounts (option 2). 9. Totals of the amount columns of ledger accounts Differences of amount columns of ledger accounts Opening balances of ledger accounts Closing balances of ledger accounts See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is totals of amount columns of ledger accounts (option 1). 10. The debit part is overstated but the credit part is correctly recorded The debit part is correctly recorded but the credit part is overstated Both the debit and credit parts are overstated by the same amount The debit part is correctly recorded but the credit part is understated See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is both debit and credit parts are overstated by the same amount (option 3). 11. Purchases Rent expense Furniture Sales See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is sales (option 4). 12. Capital Accounts payable Salaries payable None of the above See answer Awesome! Your answer is correct. Your answer is incorrect. The correct answer is none of the above (option 4). View Results