77 + Interview Questions in TRIAL BALANCE IN GENERAL AWARENESS Page 2 InterviewSolution

51.	Which of the following method(s) can be used for preparing trial balance? (a) Balance method (b) Total method (c) Total and Balance method (d) (a), (b) and (c)
Answer» (d) (a), (b) and (c)

Discussion

52.	How many sides are there of a trial balance ?
Answer» There are no sides of a trial balance, because it is a statement; not an account.

Discussion

53.	Explain two features of trial balance.
Answer» Following are two features of trial balance : 1. It is a statement: The trial balance is a statement or list, not an account. 2. Specific period: Trial balance has a specified time period. Generally trial balance is prepared at the end of an accounting period. For the period of 1 year means for 12 months. Trial balance for the period of less than 12 months can also be prepared.

53.

Explain two features of trial balance.

Answer»

Following are two features of trial balance :

1. It is a statement: The trial balance is a statement or list, not an account.

2. Specific period: Trial balance has a specified time period. Generally trial balance is prepared at the end of an accounting period. For the period of 1 year means for 12 months. Trial balance for the period of less than 12 months can also be prepared.

Discussion

54.	How many methods of preparing trial balance are there?(a) Two(b) Three(c) Four(d) One
Answer» Correct option is (a) Two

Discussion

55.	What are disclosed in totalling method of trial balance?
Answer» Total of the debit side and credit side of an account are disclosed in totalling method of trial balance.

Discussion

56.	When is a trial balance called ‘mathematically correct’ ?
Answer» When the totals of debit balance and credit balance, which are shown in the trial balance, are equal then that trial balance is called ‘mathematically correct’.

Discussion

57.	Trial balance is ………………(a) an account(b) a statement(c) a main book(d) a subsidiary book
Answer» Correct option is (b) a statement

Discussion

58.	What are the methods to prepare a trial balance ?(a) Only in a statement form(b) Only in account form(c) Any other method(d) (a) and (b) both
Answer» Correct option is (d) (a) and (b) both

Discussion

59.	The trial balance is prepared in order to verify whether the accounts are ………. correct or not.(a) mathematically(b) legally(c) logically(d) orderly
Answer» Correct option is (a) mathematically

Discussion

60.	Trial balance is prepared from the ……………….. of different accounts.(a) entries(b) sides(c) particulars(d) balances
Answer» Correct option is (d) balances

Discussion

61.	Which balance does fire insurance premium and apprentice premium has?
Answer» Fire insurance premium has a debit balance while apprentice premium has a credit balance.

Discussion

62.	An abstract showing the balances of all ledger accounts as on a particular date means ………………(a) conclusion of account(b) ledger(c) subsidiary book(d) trial balance
Answer» Correct option is (d) trial balance

Discussion

63.	What is prepared in order to verify whether the accounts are mathematically correct or not?(a) Subsidiary book(b) Ledger(c) Trial balance(d) Balance sheet
Answer» Correct option is (c) Trial balance

Discussion

64.	When the trial balance does not tally, in this situation, which temporary account is used to make the trial balance tally?(a) Drawings account(b) Suspense account(c) Trading account(d) Cash account
Answer» Correct option is (b) Suspense account

Discussion

65.	Is trial balance an account?
Answer» Trial balance is a statement, not an account.

Discussion

66.	“If the trial balance agrees, the accounts are absolutely correct.” Explain the correctness of this statement.
Answer» This statement is False.

Discussion

67.	Which balances does loan borrowed (taken) and loan given has ?
Answer» Loan borrowed (taken) has a credit balance while loan given has a debit balance.

Discussion

68.	The trial balance helps to keep an indirect check on the ……………(a) bank(b) owner(c) employees(d) debtors
Answer» Correct option is (c) employees

Discussion

69.	Which form of trial balance is easier?
Answer» Account form of trial balance is easier.

Discussion

70.	In which form of trial balance ‘L.F. No.’ is not shown?
Answer» In account form of trial balance ‘L.F. No.’ is not shown.

Discussion

71.	On which column of trial balance, balance of discount reserve on debtors and balance of discount reserve on creditors are shown ?
Answer» Balance of discount reserve on debtors is shown on column of credit balances and balance of discount reserve on creditors is shown on cloumn of debit balances.

Discussion

72.	On which side of trial balance, deferred reserve expenditure and unpaid expenses are shown ?
Answer» Deferred reserve expenditure and unpaid expenses are shown respectively on debit and credit side of trial balance.

Discussion

73.	The difference of totals of both debit and credit side of trial balance is transferred to ……(a) Trading account (b) Difference account (c) Suspense account (d) Miscellaneous account
Answer» (c) Suspense account

Discussion

74.	Trial balance is useful for locating ……………….(a) errors(b) debit balances(c) financial position(d) credit balances
Answer» Correct option is (a) errors

Discussion

75.	‘A trial balance is only a prima facie evidence of the arithmetical accuracy of records’. Do you agree with this statement? Give reasons.
Answer» Yes, I agree with the statement. ‘A trial balance is only a prima facie evidence of the arithmetical accuracy of records. Reasons: Trial balance is the means by which the arithmetical accuracy of the book – keeping. work is checked. When the totals of debit column and credit column in the trial balance are equal, it is assumed that porting from subsidiary books, balancing of ledger accounts, etc.

75.

‘A trial balance is only a prima facie evidence of the arithmetical accuracy of records’. Do you agree with this statement? Give reasons.

Answer»

Yes, I agree with the statement. ‘A trial balance is only a prima facie evidence of the arithmetical accuracy of records.

Reasons:

Trial balance is the means by which the arithmetical accuracy of the book – keeping. work is checked. When the totals of debit column and credit column in the trial balance are equal, it is assumed that porting from subsidiary books, balancing of ledger accounts, etc.

Discussion

76.	Trial balance is a ……(a) Statement (b) Account (c) Ledger (d) Journal
Answer» (a) Statement

Discussion

77.	Which of the following is/are the objective(s) of preparing trial balance?(a) Serving as the summary of all the ledger accounts (b) Helping in the preparation of final accounts (c) Examining arithmetical accuracy of accounts (d) (a), (b) and (c)
Answer» (d) (a), (b) and (c)

Discussion

Explore topic-wise InterviewSolutions in .

Which of the following method(s) can be used for preparing trial balance? (a) Balance method (b) Total method (c) Total and Balance method (d) (a), (b) and (c)

How many sides are there of a trial balance ?

Explain two features of trial balance.

How many methods of preparing trial balance are there?(a) Two(b) Three(c) Four(d) One

What are disclosed in totalling method of trial balance?

When is a trial balance called ‘mathematically correct’ ?

Trial balance is ………………(a) an account(b) a statement(c) a main book(d) a subsidiary book

What are the methods to prepare a trial balance ?(a) Only in a statement form(b) Only in account form(c) Any other method(d) (a) and (b) both

The trial balance is prepared in order to verify whether the accounts are ………. correct or not.(a) mathematically(b) legally(c) logically(d) orderly

Trial balance is prepared from the ……………….. of different accounts.(a) entries(b) sides(c) particulars(d) balances

Which balance does fire insurance premium and apprentice premium has?

An abstract showing the balances of all ledger accounts as on a particular date means ………………(a) conclusion of account(b) ledger(c) subsidiary book(d) trial balance

What is prepared in order to verify whether the accounts are mathematically correct or not?(a) Subsidiary book(b) Ledger(c) Trial balance(d) Balance sheet

When the trial balance does not tally, in this situation, which temporary account is used to make the trial balance tally?(a) Drawings account(b) Suspense account(c) Trading account(d) Cash account

Is trial balance an account?

“If the trial balance agrees, the accounts are absolutely correct.” Explain the correctness of this statement.

Which balances does loan borrowed (taken) and loan given has ?

The trial balance helps to keep an indirect check on the ……………(a) bank(b) owner(c) employees(d) debtors

Which form of trial balance is easier?

In which form of trial balance ‘L.F. No.’ is not shown?

On which column of trial balance, balance of discount reserve on debtors and balance of discount reserve on creditors are shown ?

On which side of trial balance, deferred reserve expenditure and unpaid expenses are shown ?

The difference of totals of both debit and credit side of trial balance is transferred to ……(a) Trading account (b) Difference account (c) Suspense account (d) Miscellaneous account

Trial balance is useful for locating ……………….(a) errors(b) debit balances(c) financial position(d) credit balances

‘A trial balance is only a prima facie evidence of the arithmetical accuracy of records’. Do you agree with this statement? Give reasons.

Trial balance is a ……(a) Statement (b) Account (c) Ledger (d) Journal

Which of the following is/are the objective(s) of preparing trial balance?(a) Serving as the summary of all the ledger accounts (b) Helping in the preparation of final accounts (c) Examining arithmetical accuracy of accounts (d) (a), (b) and (c)