Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

Trial Balance and Accounting Software Quiz

15 Questions

5 Views

Trial Balance and Accounting Software Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does the double entry system dictate?

Every debit of a transaction has corresponding credit for the same amount (correct)

Every transaction has only one entry

Only credit transactions should be recorded

Debit and credit amounts need not match

What is the purpose of preparing a Trial Balance?

To prepare financial statements

To check the accuracy of posting in the ledger (correct)

To calculate the profit and loss

To record day-to-day transactions

In a correctly posted ledger, the total of debit balances must be equal to what?

Twice the total of the credit balances

Unrelated to the credit balances

Half the total of the credit balances

The total of the credit balances (correct)

What is the main concern of an accountant in preparing ledger accounts?

Ensuring correctness in amount, side, and balance Signup and view all the answers

What does a Trial Balance statement help in verifying?

Whether ledger accounts are correct in respect of amount, side, balance, etc. Signup and view all the answers

What is the purpose of preparing a Trial Balance?

To check the accuracy of posting in the ledger Signup and view all the answers

In the double entry system, what does every debit of a transaction have?

Corresponding credit for the same amount Signup and view all the answers

What must be equal in a correctly posted ledger?

Total of debit balances and total of credit balances Signup and view all the answers

What does a Trial Balance statement help in verifying?

Correctness of ledger accounts Signup and view all the answers

What system are accounts prepared by?

Double entry system Signup and view all the answers

What is the purpose of preparing a Trial Balance?

To verify the accuracy of ledger account preparation Signup and view all the answers

In the double entry system, what does every debit of a transaction have?

Corresponding credit for the same amount Signup and view all the answers

What must be equal in a correctly posted ledger?

Total of debit balances to the total of credit balances Signup and view all the answers

What is the main concern of an accountant in preparing ledger accounts?

To ensure correctness in respect of amount, side, balance, etc. Signup and view all the answers

What does a Trial Balance statement help in verifying?

The accuracy of posting in the ledger Signup and view all the answers

Study Notes

Double Entry System and Ledger Accounts

The double entry system dictates that every debit of a transaction has a corresponding credit.

Trial Balance Statement

The purpose of preparing a Trial Balance is to verify that the total of debit balances is equal to the total of credit balances in a correctly posted ledger.
A Trial Balance statement helps in verifying the arithmetic accuracy of ledger accounts.

Ledger Accounts

The main concern of an accountant in preparing ledger accounts is to ensure that debit and credit balances are equal.

Correctly Posted Ledger

In a correctly posted ledger, the total of debit balances must be equal to the total of credit balances.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge of trial balance and computer applications in accounting with this module 2 quiz. Assess your understanding of ledger accounts, verifying accuracy, and more.