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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a journal in accounting?
💡 Hint: Think about where transactions are first recorded.
Question 2
Easy
What is the purpose of a trial balance?
💡 Hint: What do we check for 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 first book of entry in accounting?
- Ledger
- Trial Balance
- Journal
💡 Hint: It’s the first step in the accounting process.
Question 2
True or False: The trial balance is used to prepare financial statements.
- True
- False
💡 Hint: Consider the purpose of the trial balance.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Your company has recorded transactions in its journal for the month, resulting in a total of $10,000 debits and $10,000 credits. However, upon reviewing your trial balance, you notice that it reads $9,000 in debits and $11,000 in credits. Explain where you would begin to trace the error.
💡 Hint: What is the first step in spotting discrepancies?
Question 2
You have finished entering transactions in the journal and prepared the ledger. However, the trial balance is not balancing. Describe the possible types of errors that could lead to this issue.
💡 Hint: Which type of errors can easily occur during posting?
Challenge and get performance evaluation