MCQ on Trial Balance
Accounting multiple choice questions on Trial Balance | MCQ on Trial Balance
Trial Balance is a statement which accounts all the balances of the Personal account, Real account and Nominal account regardless of either Revenue or Capital A/c. It comprises of 2 columns viz., debit and credit. If the transactions are documented systematically by providing dual-sided effect and later posted methodically, then the total of both the columns would be similar.
Trial Balance is a part of the accounting process, that shows the debit and credit balances received from the ledger accounts. Whereas, the Balance Sheet is the statement that shows the company’s financial status by reviewing the capital, liabilities, and assets on a particular date.
Given below are important MCQs on Trial Balance to analyse your understanding of the topic. The answers are also given for your reference. Join Our Telegram Channel
MCQ on Trial Balance
| Topic | Trial Balance |
| Pattern | Multiple Choice Question |
| Total MCQs | 25 |
[1] Trial Balance is prepared on:
(a) End of the year
(b) A particular date
(c) For the period ending_
(d) Both “a” and “b”
ANSWER-(b)
[2] Balances of the Accounts are transferred to:
(a) Trial Balance
(b) Trading Account
(c) Profit &Loss Account
(d) Balance Sheet
ANSWER-(a)
[3] A list which contains balances of accounts to know whether the debit and credit balances are matched.
(a) Balance Sheet
(b) Day Book
(c) Journal
(d) Trial.Balance
ANSWER-(d)
[4] Which of the following is not a process in the preparation of a Trial Balance?
(a) Recording
(b) Summarizing
(c) Classifying
(d) Interpretation
ANSWER-(d)
[5] Which of the following in Trial Balance is contradictory to each other? ___________ .
(a) inventory and drawings
(b) sales and purchase return
(c) carriage inward and outward
(d) trade receivable and liability
ANSWER-(d)
[6] Trial Balance creates accuracy.
(a) principle
(b) arithmetical
(c) clerical
(d) none.
ANSWER-(b)
[7] Which of the following will not affect the agreement of Trial Balance?
(a) An amount of purchase of 10,000 recorded in cr. Alc as ~ 1,000
(b) Customer account debited with the amount of cash received
(c) An Entry of debit of ~ 1,000 was credit with twice the amount.
(d) An Entry posted twice in the ledger.
ANSWER-(d)
[8] Bhandari’s trial balance was showing difference of ~ 5,000 (debit side exceeds). While checking of total sales register, he found that the total is over-cast by ~ 2,000. After correction in sales register what would be the difference in his trial balance.
(a) Debit side exceeds by ~ 7,000
(b) Debit side exceeds by ~ 5,000
(c) Debit side exceeds by ~ 3,000
(d) Credit side exceeds by ~ 3,000
ANSWER-(a)
[9] Closing stock in the trial balance implies that.
(a) It is already adjusted in the opening stock.
(b) It is adjusted in Sales Alc.
(c) It is adjusted in the Purchase Alc.
(d) None of these.
ANSWER-(c)
[10] Opening and Closing Balance of Debtors A/c were ~30,000 and 40,000 respectively Cash collected from the debtors during the year was ~ 2,40,000. Discount allowed to debtors for timely payment amounted to ~ 15,000 an’d bad debts written off were ~ 10,000. Goods sold on credit were:
(a) ~ 2,55,000
(b) ~ 2,45,000
(c) ~ 2,95,000
(d) ~ 2,75,000
ANSWER-(d)
