Accounting Quiz 04

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

None of these

Transactions can’t be omitted

Yes

Correct! Wrong!

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Error of commission

Error of omission

Error of principle

Error of duplication

Correct! Wrong!

Institute of Chartered Accountants of Pakistan was established in____________?

1949

1972

1956

1961

Correct! Wrong!

Trial balance is commonly prepared?

At the end of a year

At the end of an accounting period

Frequently during the year

At the end of a month

Correct! Wrong!

Which of the following is true about a trial balance?

It is a kind of financial statement

It lists down the balances of a balance sheet

It lists down the balances of accounts

It is not a part of accounting cycle

Correct! Wrong!

Which of the following will affect the agreement of a trial balance?

Complete omission of a transaction

Partial omission of a transaction

Compensating errors

Error of principle

Correct! Wrong!

________ is the common base for preparing a trial balance?

Specialized journals

Balance sheet

General Journal

Ledger accounts

Correct! Wrong!

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Omissions of economic events

Errors of commission

Arithmetic accuracy

Understatements of balances

Correct! Wrong!

Debit balance = Credit balance in a trial balance indicates that:

No error in recording transactions

Mathematically Capital+Liabilities=Assets

No error in posting entries to ledger accounts

Account balances are correct

Correct! Wrong!

Trial balance is prepared to check accuracy of_______________?

Ledger accounts balances

Balance sheet balances

Income statement balances

Cash flow statement balances

Correct! Wrong!

Accounting Quiz 04

Well Done !

Your parents would be so proud of you :'D

You Could Do Better !!!

Give it another try 😉

Oh Shoot ! Try Again Maybe ?

Try again bachaa :3

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Accounting Quiz 04

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Institute of Chartered Accountants of Pakistan was established in____________?

Trial balance is commonly prepared?

Which of the following is true about a trial balance?

Which of the following will affect the agreement of a trial balance?

________ is the common base for preparing a trial balance?

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Debit balance = Credit balance in a trial balance indicates that:

Trial balance is prepared to check accuracy of_______________?

About the author

Muhammad Arslan

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Institute of Chartered Accountants of Pakistan was established in____________?

Trial balance is commonly prepared?

Which of the following is true about a trial balance?

Which of the following will affect the agreement of a trial balance?

________ is the common base for preparing a trial balance?

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Debit balance = Credit balance in a trial balance indicates that:

Trial balance is prepared to check accuracy of_______________?

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About the author

Muhammad Arslan