Take this quick test on trial balance to help you prepare for your exams and interviews. If you find it difficult to answer any of these multiple choice questions (MCQs), read more about trial balance first and complete the MCQ test afterward.
To begin the quiz, simply quick on the “Start Quiz” button below.
You can also check:
Trial Balance MCQs FAQs
A Trial Balance is a list of all the accounts in a company's General Ledger, with balances as of a specific date. It is used to verify that the total of the debit amounts equals the total of the credit amounts.
The main benefit of using a Trial Balance is that it helps ensure the accuracy of a company's books. It can also help identify any errors that may have been made in recording transactions.
There are many potential causes of errors in a Trial Balance, including incorrect account balances, incorrect totals, and incorrect journal entries.
Assets = Liabilities + Equity
A Trial Balance is a worksheet with two columns, one for debits and one for credits, that ensures a company's Bookkeeping is mathematically correct.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.