A trial balance is prepared to
Analyze Transactions

Quiz
•
Business, Other
•
University
•
Hard
Edelyn Donio
Used 30+ times
FREE Resource
40 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
prove that there were no errors made in recording transactions into the journal
prove that no errors were made in posting to the ledger
prove that each account balance is correct
summarize the account balances to help prepare financial statements
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The post reference columns are used to trace transactions from the journal to the accounts. What will be posted on the post reference column of (a) the journal and (b) on the account?
(a) the amount of the debit or credit (b) the journal page number
(a) the journal page number (b) the date of the transaction
(a) the journal page number, (b) the account number
(a) the account number, (b) the journal page number
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The posting process will include the transfer of the following information from the journal to the account.
date, amount (debit or credit)
date, amount (debit or credit), journal page number
amount (debit or credit), account number
date, amount (debit or credit) account number
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of transferring the journal entries to the accounts is known as
posting
updating
journalizing
summarizing
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is true regarding normal balances of accounts?
All accounts have a normal debit balance.
The normal balance of all accounts will have either a positive or negative balance.
Accounts that have a normal debit balance will only have debit entries, never credit entries.
The normal balance is the side of the account that increases the account
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following group of accounts increase with a credit?
Capital, revenues, expenses
Assets, capital, revenues
Liabilities, capital, revenues
None of these
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following group of accounts are increased with a debit?
assets, liabilities, owner’s equity
assets, drawing, expenses
assets, revenues, expenses
assets, liabilities, revenues
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