Practice - Format of Trial Balance
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Practice Questions
Test your understanding with targeted questions
What are the three main columns found in a Trial Balance?
💡 Hint: Think about what information is important for summarizing accounts.
True or False: A Trial Balance only records expense accounts.
💡 Hint: Consider the purpose of a Trial Balance.
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Interactive Quizzes
Quick quizzes to reinforce your learning
Which of the following is NOT included in a Trial Balance?
💡 Hint: Consider what is essential for summarizing accounts.
True or False: The main purpose of a Trial Balance is to ensure that total debits are equal to total credits.
💡 Hint: Think about the role of balance in accounting.
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Challenge Problems
Push your limits with advanced challenges
Imagine a company has the following balances: Cash A/c: ₹10,000; Inventory A/c: ₹15,000; Accounts Payable A/c: ₹10,000; and Sales Revenue A/c: ₹20,000. Construct a Trial Balance and discuss whether it balances.
💡 Hint: Review the posted amounts carefully to identify discrepancies.
Analyze a situation with a balanced Trial Balance showing Cash A/c: ₹5,000, Sales A/c: ₹5,000, but an omitted purchase record. Discuss potential implications for financial reporting.
💡 Hint: Consider how essential it is to include all transactions for accuracy.
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