If a trial balance does not tally, the difference is put to: MCQ with Answer and Explanation

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If a trial balance does not tally, the difference is put to:

A. Suspense account

B. Drawings account

C. Capital account

D. Profit and Loss account

Answer: Option A

Solution (By JKSSB Mock Tests)

A suspense account is opened temporarily to make the trial balance agree pending detection of errors.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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On dissolution of a firm, the balance in the partners' capital accounts after all adjustments is transferred to:

A. Realisation account

B. Profit & Loss account

C. Cash/Bank account

D. Revaluation account

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Correct Answer: Option C

Explanation:
Finally, the capital account balances are paid off in cash or bank, and accounts are closed.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

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Which of the following is a type of audit risk?

A. Inherent Risk

B. Control Risk

C. Detection Risk

D. All of the above

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Correct Answer: Option D

Explanation:
Audit risk comprises Inherent Risk, Control Risk, and Detection Risk, which together determine the overall risk of an incorrect audit opinion.

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Question #3

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In the financial statements of a sole trader, drawings are deducted from:

A. Gross profit

B. Net profit

C. Sales

D. Capital

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Correct Answer: Option D

Explanation:
Drawings are not an expense; they reduce the owner's capital directly in the balance sheet.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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