Ledgers and Trial Balance

An asset account shows a

• Credit balance

• Debit balance

• Credit or debit balance

Trial balance can be prepared

• At any time of year

• At the end of year

• In the beginning of year

Trial balance is prepared from

• Ledger

• Ledgers and journal

• Ledger and cash book

• None of these

The main purpose of preparing trial balance is to check the arthimetical accuracy of double entry. Is this statement true or false

(a)  

Which item is shown as debit balance in trial balance

• Cash in hand

• Bank overdraft

• Rent outstanding

• Creditors

Discount received has

• Debit balance

• Credit balance

• Both debit and credit balance

When all the transactions related to one account are collected at one place it is called

• Journal

• Ledger

• Trial balance

• Balance sheet

Purchase goods from Lokesh of rupees 2,000 at 10% trade discount. Purchase account will be debited by

• 2000

• 2200

• 1800

• None of these

Debit balance of real account shows

• Liability

• Assests

• Profit

• Income

The process of transferring entries from books of original entry is called

• Journalising

• Balancing

• Posting

• None of these