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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 trial balance?
💡 Hint: Think about what happens if totals don't match.
Question 2
Easy
What two main columns does a trial balance contain?
💡 Hint: Consider how financial accounts are categorized.
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 a trial balance?
- A financial statement
- A summary of all accounts
- Both A and B
💡 Hint: Consider the definition of a trial balance.
Question 2
True or False: The total of debits in a trial balance must equal total credits.
- True
- False
💡 Hint: Remember the main function of a trial balance.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has the following account balances: Cash A/c: $8,000, Equipment A/c: $15,000, Accounts Payable: $3,000, and Owner's Capital: $20,000. Prepare the trial balance and analyze if it is balanced.
💡 Hint: Focus on adding account values correctly in the respective columns.
Question 2
You prepared a trial balance, but debits total $50,000, and credits total $45,000. What steps will you take to resolve the imbalance?
💡 Hint: Think about where discrepancies may have occurred in your records.
Challenge and get performance evaluation