Accounting Mcqs

Financial Accounting Multiple Choice Questions (MCQS) Page 6. The Following Financial Accounting Mcqs are Collected from different Past papers and from Accounting Mcqs Bank. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for  Cost Accountant.  

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Trial balance Mcqs

1)

Trial balance is prepared to check accuracy of

A)  Ledger accounts balances

B)  Balance sheet balances

C)  Income statement balances

D)  Cash flow statement balances

2)

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

A)  Yes

B)  No

C)  Transactions can't be omitted

3)

________ is the common base for preparing a trial balance

A)  Ledger accounts

B)  General Journal

C)  Specialized journals

D)  Balance sheet

4)

Which of the following is true about a trial balance?

A)  It lists down the balances of accounts

B)  It lists down the balances of a balance sheet

C)  It is a kind of financial statement

D)  It is not a part of accounting cycle

5)

Debit balance = Credit balance in a trial balance indicates that

A)  No error in recording transactions

B)  No error in posting entries to ledger accounts

C)  Account balances are correct

D)  Mathematically Capital+Liabilities=Assets

6)

Trial balance is commonly prepared

A)  Frequently during the year

B)  At the end of an accounting period

C)  At the end of a month

D)  At the end of a year

7)

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

A)  Complete omission of a transaction

B)  Partial omission of a transaction

C)  Error of principle

D)  Compensating errors

8)

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

A)  Arithmetic accuracy

B)  Errors of commission

C)  Omissions of economic events

D)  Understatements of balances

9)

Which of the following account with normal balance is shown at the debit side of a trial balance?

A)  Rent income account

B)  Creditors account

C)  Unearned income account

D)  Cash account

10)

Which of the following account with normal balance is shown at the credit side of a trial balance?

A)  Cash account

B)  Bank account

C)  Equipment account

D)  Accrued expenses account

Answers :

1 a 2 b 3 a 4 a 5 d 6 b 7 b 8 a 9 d 10 d.