Practice Trial Balance (2.4) - Journal, Ledger, and Trial Balance

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10 questions

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3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
4 questions · about 3 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is the primary purpose of a trial balance?
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Think about why we balance accounts.
Question 2.
Name two components listed in a trial balance.
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What do we look for in our accounts?
3Question 3.
What is a trial balance?
- A statement of all transactions
- A balance sheet
- A statement that lists ledger balances
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Think about what it summarizes.
4Question 4.
True or False: The trial balance ensures that total debits equal total credits.
- True
- False
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What is the key function of a trial balance?
Question 5.
A company has the following account balances: Cash A/c $7,500; Accounts Receivable $4,500; Accounts Payable $3,000; Owner's Capital $9,000. Create the trial balance and state if it balances.
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Add carefully and ensure all accounts are placed correctly.
Question 6.
Analyze why the following trial balance does not match: Cash A/c $10,000, Sales A/c $15,000 (credit), Purchases A/c $5,000, Capital A/c $10,000. What could be wrong?
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Check each account's placement and confirm totals are truly accurate.

6 more questions in this section. Enroll free to practise them all.