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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the purpose of a journal in accounting?
💡 Hint: Think about where transactions are first noted.
Question 2
Easy
Why do we prepare a trial balance?
💡 Hint: It's essential for verifying accuracy.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the main purpose of a journal?
- To summarize transactions
- To record transactions
- To prepare financial statements
💡 Hint: Remember, it's the first step in the accounting process.
Question 2
True or False: A trial balance checks if the total debits equal total credits.
- True
- False
💡 Hint: Think about what a trial balance is used for.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company recorded a cash sale of $500 and forgot to record a corresponding cash receipt in the journal. What type of error is this and how would it affect the trial balance?
💡 Hint: Think about how missing entries impact the accuracy of accounting records.
Question 2
If the trial balance shows debits amounting to $10,000 and credits at $9,500, what steps should a bookkeeper take to identify potential errors?
💡 Hint: Consider what types of errors could cause the observed discrepancy.
Challenge and get performance evaluation