Trial balance - JSS3 Business studies Past Questions and Answers - page 2
How does the trial balance help in error detection?
By automating data entry
By listing ledger account balances
By preparing tax returns
By auditing financial statements
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What does the total debit column of a trial balance represent?
Assets
Liabilities
Expenses
Equity
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Which of the following is a liability typically found on a trial balance
Owner's Capital
Accounts Payable
Sales Revenue
Rent Expense
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How does the trial balance aid in verifying the accounting equation?
By listing income and expenses
By totaling assets and liabilities
By ensuring total debits equal total credits
By calculating net income
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What does a credit balance in an account signify in a trial balance?
The account has a surplus
The account has a deficit
The account is an asset
The account is an expense
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Which of the following statements accurately describes the trial balance?
It is prepared after financial statements
It includes only income statement items
It verifies the accuracy of ledger balances
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What is the primary purpose of a trial balance in accounting?
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Can you explain the significance of preparing a trial balance before financial statement preparation?
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How would you classify ledger account balances on a trial balance?
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What are some common examples of balance sheet items found on a trial balance?
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