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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the primary purpose of the Trial Balance?
💡 Hint: Think about what step follows after ledger postings.
Question 2
Easy
Does a Trial Balance help prepare financial statements?
💡 Hint: Consider what documents summarize financial data.
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 main function of a Trial Balance?
- To prepare tax returns
- To ensure debits equal credits
- To record transactions
💡 Hint: Remember the verification aspect of accounting.
Question 2
True or False: A Trial Balance can identify all types of errors in accounting.
- True
- False
💡 Hint: Think about the limitations of checks.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has posted its transactions but finds that their Trial Balance shows total debits of ₹50,000 and total credits of ₹48,000. Discuss the steps they should take next.
💡 Hint: Consider where discrepancies often arise in bookkeeping.
Question 2
You have identified that your Trial Balance does not balance. Explain how you would search for errors, outlining your approach.
💡 Hint: Think of a process to pinpoint potential mistakes.
Challenge and get performance evaluation