The 'Trial Balance' is prepared to: MCQ with Answer and Explanation

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The 'Trial Balance' is prepared to:

A. Prepare cash flow

B. Ascertain profit

C. Determine financial position

D. Check accuracy of posting

Answer: Option D

Solution (By JKSSB Mock Tests)

Primary purpose is to verify arithmetical accuracy of ledger postings.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Minimum Alternate Tax' (MAT) rate for companies is:

A. 22%

B. 15%

C. 18.5%

D. 15% (plus surcharge and cess)

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Correct Answer: Option D

Explanation:
MAT is 15% of book profits (plus surcharge and cess).

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

Question #2

The 'GST Registration' threshold for normal states for supply of goods is:

A. ₹40 lakh

B. ₹20 lakh

C. ₹1.5 crore

D. ₹10 lakh

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Correct Answer: Option A

Explanation:
The threshold for goods supplier in normal states is ₹40 lakh (₹20 lakh for services).

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

Question #3

'Revenue from Contracts with Customers' is covered under:

A. AS 7

B. Ind AS 109

C. AS 9

D. Ind AS 115

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Correct Answer: Option D

Explanation:
Ind AS 115 provides a comprehensive framework for revenue recognition.

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

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