ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers

ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers

ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers
( Question 1 to 5)

ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers
ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers

1. Which of the following statement is incorrect?
(a) Trial balance is a list of the various ledger account balances whether debit or credit.

 (b) A firm prepares a trial balance in order to check the arithmetical accuracy of the ledger accounts.
(c) The arithmetical accuracy established by a trial balance is not proof that there are no mistakes in the books of accounts.
(d) It is prepared in the form of a Account.

2. Which of the following errors affects the trial balance ?
(a) Error in posting to the correct Account but wrong amount

(b) Wrong recording in the books of original entry.
(c) Complete ommission from posting.
(d) Errors of posting to the wrong Account but on the correct side.

3. Which of the following errors not affects the trial balance ?
(a) Errors of principle

(b) Wrong recording in the books of original entry.
(c) Complete ommission from posting.
(d) Errors of posting to the wrong Account but on the correct side.
(e) Compensating errors
(f) All of these

4. A trial balance can be prepared by….
(a) The Total Method Or Gross trial balance Method
(b) The Balance Method  Or Net trial balance Method
(c) a and b Both
(d) None of these
(d) It is prepared in the form of a Account.

5. A trial balance is a
(a) Real Account.
(b) Personal Account.
(c) Nominal Account.
(d) Statement(List of Balances)

Note: Answers are given below at the end.

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ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers
( Question 6 to 10)

ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers
ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers

6. The trial balance is a list of the balances of…
(a) Only Real Account.
(b) Only Personal Account.
(c) Only Nominal Account.
(d) All Accounts

7. Which of the following items is not shown on debit column of trial balance ?
(a) General Reserve

(b) Opening Stock
(c) Purchase
(d) Debtors

8. Which of the following items is not shown on Credit column of trial balance ?
(a) General Reserve

(b) Commission Received
(c) Purchase Return
(d) Goodwill and Patents

9. The preparation of trial balance helps in ….
(a) To ascertain the arithmetical accuracy of the book-keeping work done during the period.
(b) It supplies in one place ready reference of all the balances of the ledger accounts.
(c) It is the basis on which final accounts are prepared
(d) All of these

10. Suspense account in the trial balance is entered in the…
(a) Debit Side of Trading Account 
(b) Credit Side of Profit and loss Account
(c) Balance sheet
(d) None of these

Note: Answers are given below at the end.

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ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers( Question 11 to 15)

ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers
ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers

11. Errors which affect one side of an account are called…
(a) Single sided errors
(b) Double sided errors
(c) a and b
(d) None of these

12.Wages paid to workers for the installation of a new Machinery should be debited to:
(a) Wages Account
(b) Machinery Account
(c) Factory Expenses Account
(d) Worker’s Personal Account
(e) Installation Expenses Account

13. Cash received from Dobi whose account was previously written off as a Bad Debt should be credited to:
(a) Dobi’s Account.
(b) Miscellaneous Income Account.
(c) Bad Debts Recovered Account.
(c) Bad Debts  Account.

14. Salary paid to Manager must be debited to…
(a) Manager’s Account
(b) Office Expenses Account
(c) Salary Account.

15. All assets account have debit balance, shown in the trial balance…..
(a) Debit Column
(b) Credit Column
(c) a and b

Note: Answers are given below at the end.

ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers

( Question 11 to 15)

ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers
ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers

16. Which of the following will appear in the on Credit column of trial balance ?
(a) Interest on Drawing

(b) Interest on capital
(c) Interest on bank overdraft
(d)Interest on bank loan

17. Which of the following will appear in the on Debit column of trial balance ?
(a) Interest on Drawing

(b) Dividend Received
(c) Interest on Investment
(d) Interest on bank loan

18. Which of the following will not appear in the trial balance ?
(a) Closing Stock

(b) Opening Stock
(c) Return Inwards
(d) Return Outwards

19. Which of the following statement is incorrect?
(a) All Assets have debit balance appear in the on Debit column of trial balance

 (b) All Liabilities have credit balance appear in the on Credit column of trial balance
(c) All Expenses and Losses have debit balance appear in the on Debit column of trial balance
(d) All Income have credit balance appear in the on Credit column of trial balance

(e) All Gain and Profit have Debit balance appear in the on Dredit column of trial balance

20. Which of the following will appear in the on Debit column of trial balance ?
(a) Cost of goods sold

(b) Dividend Received
(c) Interest on Investment
(d) Return outward

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Answer – Question Number 1 To 5

1.Answer-(d) It is prepared in the form of a Account.

2.Answer-(a) Error in posting to the correct Account but wrong amount

3.Answer-(f) All of these

4.Answer-(c) a and b Both

5.Answer-d) Statement(List of Balances)

Answer – Question Number 6 To 10

6.Answer-(d) All Accounts

7.Answer-(a) General Reserve

8.Answer-(d) Goodwill and Patents

9.Answer-(d) All of these

10.Answer-(c) Balance sheet

Answer – Question Number 11 To 15

11.Answer-(a) Single sided errors

12.Answer-(b) Machinery Account

13.Answer-(c) Bad Debts Recovered Account.

14.Answer-(c) Salary Account.

15.Answer-(a) Debit Column

Answer – Question Number 16 To 20

16.Answer-(a) Interest on Drawing

17.Answer- (d) Interest on bank loan

18.Answer- (a) Closing Stock

19.Answer- (e) All Gain and Profit have Debit balance appear in the on Dredit column of trial balance
20.Answer- (a) Cost of goods sold

ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers
ACCOUNTANCY TRIAL BALANCE MCQs with solved Answers

Also read: Internal users of Accounting Information

Also read : Golden Rules Of Accounting

Also read : 15 Transactions With Their Journal Entries, Ledger And Trial Balance To Prepare Project

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