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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a trial balance?
💡 Hint: Think about the purpose it serves in accounting.
Question 2
Easy
Why do accountants prepare a trial balance?
💡 Hint: Consider how it relates to debits and credits.
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 purpose of a trial balance?
- To prepare financial statements
- To verify that total debits equal total credits
- To record daily transactions
💡 Hint: Consider what purpose it serves within accounting.
Question 2
True or False: A trial balance can help detect errors in the accounting records.
- True
- False
💡 Hint: Think about how the accuracy of the trial balance reflects on the records.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Create a trial balance for a small business with the following transactions: $4,000 Cash, $1,000 Accounts Receivable, $3,000 Accounts Payable, $2,000 Capital. What should the trial balance reflect?
💡 Hint: Break it down by account type and ensure both sides tally.
Question 2
If a business's trial balance totals $20,000 in debits but $18,000 in credits, what might this indicate, and what steps can you take?
💡 Hint: Think about reviewing each transaction recorded.
Challenge and get performance evaluation