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- Name – Quiz 50 – Trial Balance – (Answers)
- Topic – Trial Balance
- Answers with Explanation
Q1. Trial Balance is prepared after the preparation of _____.
Ans. Trial Balance is prepared after the preparation of _____.
Q2. Journal entries can be posted even after preparing a trial balance.
Ans. The following statement is False. Journal entries can be posted even after preparing a trial balance.
Q3. Trial Balance does not record cash and bank balances.
Ans. The following statement is False. Trial Balance also records cash and bank balances.
Q4. _____ is the errors which arise due to incorrect application of the principle of accounting.
Ans. Errors of principle is the errors which arise due to incorrect application of the principle of accounting.
Q5. _____ is the group of errors which are committed in such a way that one mistake is compensated by the other.
Ans. Compensating errors is the group of errors which are committed in such a way that one mistake is compensated by the other.
Q6. _____ method is used in the preparation of Trial Balance.
Ans. Balance method is used in the preparation of the Trial Balance.
Q7. Preparing trial balance is the _____ phase of the accounting process.
Ans. Preparing the trial balance is the third phase of the accounting process.
Q8. A trial balance will tally in case of _____ errors.
Ans. A trial balance will tally in case of compensating errors.
Q9. Trial Balance helps in locating errors.
Ans. The following statement is True.
Q10. Suspense account opened in a trial balance is a _____ account.
Ans. Suspense account opened in a trial balance is a temporary account.