Practice Preparing Trial Balance (8) - Accounting Application of Electronic Spreadsheet

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9 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
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
Define a trial balance.
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Consider its purpose in accounting.
Question 2.
What are the two main columns in a trial balance?
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Think about how transactions are recorded.
3Question 3.
What is the purpose of a trial balance?
- Verify financial statements
- Check equal debits and credits
- Summarize accounting data
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Remember what you learned about its function.
4Question 4.
True or False: A trial balance can include account names, debits, and credits.
- True
- False
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Think about the structure of the trial balance.
Question 5.
A company has Cash ₹12,000, Accounts Receivable ₹5,000, Accounts Payable ₹2,000, and Sales ₹20,000. Prepare a trial balance and identify discrepancies if any.
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Ensure all entries are correctly accounted for.
Question 6.
If an error occurred in posting the Sales amount, leading to a mismatch in the trial balance, how would you trace back to the error?
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What could be the source of original entries?

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