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Test: Trial Balance - Commerce MCQ

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30 Questions MCQ Test - Test: Trial Balance

Test: Trial Balance for Commerce 2024 is part of Commerce preparation. The Test: Trial Balance questions and answers have been prepared according to the Commerce exam syllabus.The Test: Trial Balance MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Trial Balance below.

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Test: Trial Balance - Question 1

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Trial Balance is a :

A.
Statement
B.
Account
C.
Summary
D.
Ledger

Test: Trial Balance - Question 2

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Find out the total of Debit side of the Trial Balance from the following list of balances extracted from the books of Mr. Yoshin as on 31st March, 2014.

A.
Rs. 1,65,160
B.
Rs. 1,65,370
C.
Rs. 1,37,730
D.
None of the above

Detailed Solution for Test: Trial Balance - Question 2

The total of debit side= Debtors+ Purchase +Interest paid+ Discount allowed+Rent+ Opening stock+Return inwards=165160

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Test: Trial Balance - Question 3

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Trial Balance creates _______accuracy.

A.
Principle
B.
Arithmetical
C.
Clerical
D.
None

Test: Trial Balance - Question 4

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In trial balance, which accounts with normal balance are recorded at the credit side?

A.
Bank account
B.
Equipment account
C.
Accrued expenses account
D.
Cash account

Detailed Solution for Test: Trial Balance - Question 4

Accrued expenses account with normal balance is shown at the credit side of a trial balance.

Test: Trial Balance - Question 5

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Bhandari’s trial balance was showing difference of Rs. 5,000 (debit side exceeds). While checking of total sales register, he found that the total is overcast by Rs. 2,000. After correction in sales register what would be the difference in his trial balance.

A.
Debit side exceeds by Rs. 7,000
B.
Debit side exceeds by Rs. 5,000
C.
Debit side exceeds by Rs. 3,000
D.
Credit side exceeds by Rs. 3,000

Test: Trial Balance - Question 6

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Balances of the accounts are transferred to :

A.
Trial Balance
B.
Trading Account
C.
Profit & Loss Account
D.
Balance sheet

Test: Trial Balance - Question 7

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Difference of totals of both debit and credit side of trial balance is transferred to :

A.
Trading account
B.
Suspense account
C.
Difference account
D.
Miscellaneous account

Test: Trial Balance - Question 8

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The preparation of trial balance is for :

A.
Locating errors of commission
B.
Locating errors of principle
C.
Locating clerical errors
D.
All of the above

Test: Trial Balance - Question 9

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After the preparation of ledgers, the next step is the preparation of

A.
Trading accounts
B.
Trial balance
C.
Profit and loss account
D.
None of the above

Test: Trial Balance - Question 10

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Methods of preparation of Trial Balance are :

A.
Balance Method
B.
Total Method
C.
Total and Balance Method
D.
All of these

Test: Trial Balance - Question 11

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Which of the following is not a process in the preparation of a Trial Balance ?

A.
Recording
B.
Summarizing
C.
Classifying
D.
Interpretation

Test: Trial Balance - Question 12

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A Trial Balance contains the balances of :

A.
Only Personal and Real accounts
B.
Only Real and Nominal accounts
C.
Only Nominal and Personal accounts
D.
All accounts

Test: Trial Balance - Question 13

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The Trial Balance of M/S RAM & Co. shows closing Stock of Rs. 30,000. It will be recorded in :

A.
Trading account
B.
Profit and Loss account
C.
Balance sheet
D.
Both (a) and (c)

Test: Trial Balance - Question 14

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The difference in trial balance is due to:

A.
Wrong placing of sales account
B.
Wrong placing of salaries account
C.
Wrong placing of miscellaneous expenses account
D.
Wrong placing of all accounts

Test: Trial Balance - Question 15

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A Trial balance will not balance if

A.
correct journal entry is posted twice.
B.
The purchase on credit basis is debited to purchases and credited to cash.
C.
Rs. 500 cash payment to creditors is debited to creditors for Rs. 50 and credited to cash as Rs.500.
D.
None of the above.

Test: Trial Balance - Question 16

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Rs. 1500 received from sub-tenant for rent and entered correctly in the cash book is posted to the debit of the rent account. In the trial balance

A.
The debit total will be greater by Rs. 3000 that the credit total.
B.
The debit total will be greater by Rs. 1500 that the credit total.
C.
Subject to other entries being correct the total will agree.
D.
None of the above.

Detailed Solution for Test: Trial Balance - Question 16

The correct option is A.

The correct journal entry should be

Cash Account Dr. 1500

To Rent Account 1500

The entry in the cash book was correct, but the rent account was debited, which is incorrect because it should have been credited. Since the amount which has to be credited is not credited but instead is debited. So first the error is to be rectified, that is it will be credited to nullify the effect and then it will be credited again which should have been the correct entry. This means that the amount credited is doubled which will be 3000.

Test: Trial Balance - Question 17

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Which of the following will not affect the agreement of Trial Balance ?

A.
An amount of purchase of Rs. 10,000 recorded in Cr. A/c as Rs. 1,000
B.
Customer account debited with the amount of cash received
C.
An Entry of debit of Rs. 1,000 was credit with twice the amount.
D.
An Entry posted twice in the ledger.

Test: Trial Balance - Question 18

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Methods of preparation of Trial Balance are :

A.
Balance Method
B.
Total Method
C.
Total and Balance Method
D.
All of these

Test: Trial Balance - Question 19

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Difference of totals of both debit and credit side of trial balance is transferred to :

A.
Trading account
B.
Suspense account
C.
Difference account
D.
Miscellaneous account

Test: Trial Balance - Question 20

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__________ is prepare to ascertain the arithmetical accuracy of posting and balancing

A.
Cash Book
B.
Journal
C.
Trial Balance
D.
Bank Reconciliation Statement

Test: Trial Balance - Question 21

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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

Test: Trial Balance - Question 22

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Trial Balance under balance method is known as :

A.
Gross Trial Balance
B.
Net Trial Balance
C.
Simple Trial balance
D.
Trial Balance Appropriation

Test: Trial Balance - Question 23

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The preparation of trial balance is for :

A.
Locating errors of commission
B.
Locating errors of principle
C.
Locating clerical errors
D.
All of the above

Test: Trial Balance - Question 24

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After preparing the trial balance the accountant finds that the total of debit side is short by Rs. 1,500. This difference will be

A.
Credited to suspense account
B.
Debited to suspense account
C.
Adjusted to any of the debit balance account
D.
Adjusted to any of the debit balance in account

Test: Trial Balance - Question 25

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Trial Balance is prepared on :

A.
End of the year
B.
A particular date
C.
For the period ending
D.
Both “a” and “b”

Test: Trial Balance - Question 26

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Agreement of Trial Balance is not a _______ proof of accuracy.

A.
Submissive
B.
Inclusive
C.
Exhaustive
D.
Conclusive

Test: Trial Balance - Question 27

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A Trial Balance contains the balances of :

A.
Only Personal and Real accounts
B.
Only Real and Nominal accounts
C.
Only Nominal and Personal accounts
D.
All accounts

Test: Trial Balance - Question 28

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Closing stock in the trial balance implies that.

A.
It is already adjusted in the opening stock.
B.
It is adjusted in sales a/c
C.
It is adjusted in the purchase a/c
D.
None of these.

Test: Trial Balance - Question 29

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Opening and Closing Balance of Debtors A/c were Rs. 30,000 and 40,000 respectively cash collected from the debtors during the year was Rs. 2,40,000. Discount allowed to debtors for timely payment amounted to Rs. 15,000 and bad debts written off were Rs. 10,00. Goods sold on credit were:

A.
Rs. 2,55,000
B.
Rs. 2,45,000
C.
Rs. 2,95,000
D.
Rs. 2,75,000

Test: Trial Balance - Question 30

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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

Detailed Solution for Test: Trial Balance - Question 30

The correct option is D

A trial balance is the accounting equation of our business laid out in detail. It has our assets, expenses and drawings on the left (the debit side) and our liabilities, revenue and owner's equity on the right (the credit side).

Since inventory is an asset and drawings are expenses, both are debit items.

Sales are a form of income so go on the credit side of the trial balance.Purchases returns will reduce the expense so go on the credit side.

Carriage inwards in trial balance and Carriage outwards in trial balance are both treated as just another expense, so they are debit items

Trade receivables are revenues so are recorded on debit side and liability is recorded as a credit item.

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