MCQ Questions on Trial Balance: Below, You will find a list of Commerce MCQ Questions as per the latest prescribed syllabus. Ace up your preparation with the Objective Questions available on Trial Balance and enhance your subject knowledge. Understand the concept clearly by consistently practicing the Multiple Choice Questions and score well in your exams.
MCQ Questions on Trial Balance
1. Trial balance is used to check the accuracy of
(a) Balance sheet balances
(b) Ledger accounts balances
(c) Cash flow statement balances
(d) Income statement balances
2. In the books of account if a transaction is completely deleted, will it affect the trial balance?
(c) A transaction cannot be omitted
3. What is used in preparing trial balance?
(a) Specialized Journals
(b) Balance Sheet
(c) Ledger Accounts
(d) General Journal
4. What is the trial balance used?
(a) It is a financial statement
(b) It records balances of a balance sheet
(c) It doesn’t contribute to the accounting cycle
(d) It records balances of accounts
5. When debit balance is equal to credit balance then the trial balance means
(a) Account balances are correct
(b) Mathematically Capital+Liabilities=Assets
(c) No mistake in recording transactions
(d) No mistake in posting entries to ledger accounts
6. When is trial balance prepared?
(a) At the end of an accounting period
(b) At the end of a year
(c) Frequently during the year
(d) At the end of a month
7. Which items influence the trial balance agreement?
(a) Deposit in transit
(b) Compensating errors
(c) Complete omission of a transaction
(d) Partial omission of a transaction
8. When credit balances = debit balances, the trial balance check and shows ____________ . It also indicates that there were no errors made during posting and recording and posting.
(a) Understatements of Balances
(b) Errors of Commission
(c) Arithmetic Accuracy
(d) Omissions of Economic Events
9. Which of the following account with normal balance is shown at the debit side of a trial balance?
(a) Creditors account
(b) Unearned income account
(c) Rent income account
(d) Cash account
10. In trial balance, which accounts with normal balance is recorded at the credit side?
(a) Bank account
(b) Equipment account
(c) Cash account
(d) Accrued expenses account