True or False

(i) Trial Balance is a statement not an account.

(ii) Opening Stock appears in a Trial Balance.

(iii) Closing Stock is usually given as an additional information or adjustment outside the Trial Balance.

(iv) Trial Balance is not a conclusive proof of correctness of the books of account.

(v) Trial Balance is prepared for a particular period.

(vi) Trial Balance is a part of the Ledger.

(vii) Trial Balance is a result of posting into ledger accounts and its balancing.

(viii) The main purpose of preparing a Trial Balance is to check the arithmetical accuracy of double entry.

(ix) Trial Balance is prepared on the basis of balances in the Ledger.

(x) If the Trial Balance tallies, it is proved that there are no errors.

(xi) Trial Balance is always prepared at the end of each month.

 

[Ans.: (i) True; (ii) True; (iii) True; (iv) True; (v) False; (vi) False; (vii) True; (viii) True; (ix) True; (x) False; (xi) False.]

1. MCQ Questions for Accountancy Class 11 Chapter 1 Introduction to Accounting

2. MCQ Questions for Accountancy Class 11 Chapter 2 Basic Accounting Terms

3. MCQ Questions for Accountancy Class 11 Chapter 3 Theory Based of Accounting, Accounting Standards and Indian Accounting Standards (Ind-AS)

2. Fill in the blanks

(i) Debit balances of accounts are recorded in _______________ column of Trial Balance.

(ii) Credit balances of accounts are recorded in ______________ column of Trial Balance.

(iii) ____________  are prepared from the Trial Balance.

(iv) ______________ and ________________balances of a Trial Balance if in agreement, proves at least the arithmetical accuracy.

(v) Trial Balance is not a part of the double entry system of  _________________

(vi) Trial Balance is a ________________ of debit and credit balances in Ledger at a particular date.

 

[Ans.: (i) debit; (ii) credit; (iii) Final accounts; (iv) Debit, credit;(v) book keeping; (vi) statement.]