The 'Trial Balance' includes: MCQ with Answer and Explanation

Question
The 'Trial Balance' includes:
A. Only real and nominal accounts
B. Balances of all ledger accounts
C. Only nominal accounts
D. Only personal account balances
Answer: Option B
Solution (By JKSSB Mock Tests)
It lists all ledger balances irrespective of account type.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is NOT a function of an auditor?
A. Checking compliance with accounting standards
B. Reporting on true and fair view
C. Verification of assets
D. Preparing financial statements
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Correct Answer: Option D

Explanation:
Preparation of financial statements is the responsibility of management, not the auditor.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the modern approach, an increase in asset is:
A. Credited
B. No entry
C. Debited
D. Transferred
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Correct Answer: Option C

Explanation:
In modern equation approach, increase in asset is debited; decrease credited.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
If a company changes its depreciation method from Straight Line to Written Down Value to manipulate profits, which accounting convention is violated?
A. Consistency
B. Materiality
C. Conservatism
D. Full Disclosure
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Correct Answer: Option A

Explanation:
The convention of Consistency requires that accounting policies remain unchanged from one period to another to allow valid comparisons.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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