Rules of Trial Balance - SS1 Accounting Past Questions and Answers - page 1
1
What is the purpose of the trial balance?
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A
To ensure that the total debits equal the total credits
B
To provide information about a company's cash flows
C
To provide information about a company's retained earnings
D
To provide information about a company's comprehensive income
2
When should the trial balance be prepared?
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A
Midway through an accounting period
B
At the end of an accounting period
C
As needed during an accounting period
D
At the beginning of an accounting period
3
What does an unbalanced trial balance indicate?
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A
That there are no errors in the accounting records
B
That the accounting period has not yet ended
C
That the accounting equation has been followed correctly
D
That there is an error in the accounting records
4
Which accounts are included in the trial balance?
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A
Assets, liabilities, equity, revenues, and expenses
B
Assets, liabilities, and equity onlyÂ
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C
Assets and liabilities only
D
Equity and revenues only
5
What is the purpose of investigating an unbalanced trial balance?
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A
To determine whether the accounting period has ended
B
To ensure that the accounting equation has been followed correctly
C
To identify and correct errors in the accounting records
D
To provide information about a company's cash flows
6
What is the difference between a trial balance and a balance sheet?
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7
What is the purpose of listing all accounts in the trial balance?
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