In the context of the Trial Balance, which of the following is correct? MCQ with Answer and Explanation

Question

Share Report Error

In the context of the Trial Balance, which of the following is correct?

A. It is prepared at the beginning of the year.

B. It provides a summary of all ledger balances.

C. It is an account in the ledger.

D. It proves that no errors have been made.

Answer: Option B

Solution (By JKSSB Mock Tests)

A Trial Balance is a statement (not an account) that summarizes all ledger balances to check arithmetical accuracy.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

A: The Accounting Equation is Assets = Liabilities + Equity. R: This equation is based on the Dual Aspect Concept. Choose the correct option.

A. Both A and R are true and R is the correct explanation of A

B. A is true but R is false

C. A is false but R is true

D. Both A and R are true but R is NOT the correct explanation of A

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
The accounting equation mathematically represents the balance sheet. It is directly derived from the Dual Aspect Concept, which states that every transaction has two equal and opposite effects. R correctly explains the basis of A.

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

Question #2

Share Report

A provision for doubtful debts is created in accordance with:

A. Materiality concept

B. Conservatism concept

C. Going concern concept

D. Consistency concept

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Conservatism (prudence) requires anticipating possible losses, hence the provision.

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

Question #3

Share Report

Which of the following is typically maintained using the imprest system?

A. Petty Cash Book

B. Sales Ledger

C. Purchase Day Book

D. Main Cash Book

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
The Petty Cash Book uses the imprest system where a fixed float is maintained and actual expenses are reimbursed periodically.

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

Explore All Accountancy and Book Keeping MCQs