Practice Format of Trial Balance - 16.3.3 | 16. Journal, Ledger, and Trial Balance | Management 1 (Organizational Behaviour/Finance & Accounting)
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16.3.3 - Format of Trial Balance

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Learning

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What are the three main columns found in a Trial Balance?

💡 Hint: Think about what information is important for summarizing accounts.

Question 2

Easy

True or False: A Trial Balance only records expense accounts.

💡 Hint: Consider the purpose of a Trial Balance.

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

Which of the following is NOT included in a Trial Balance?

  • Account Name
  • Debit Amount
  • Transaction Date

💡 Hint: Consider what is essential for summarizing accounts.

Question 2

True or False: The main purpose of a Trial Balance is to ensure that total debits are equal to total credits.

  • True
  • False

💡 Hint: Think about the role of balance in accounting.

Solve and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

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.

Question 2

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.

Challenge and get performance evaluation