7 Effective Tips to Tally Your Balance Sheet
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Business
•
10th Grade - University
•
Hard
Wayground Content
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary reason for ensuring each entry is posted carefully in a balance sheet?
To save time during exams
To make the balance sheet look neat
To avoid errors and ensure the balance sheet tallies
To impress the examiner
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a crucial step in verifying the accuracy of a balance sheet?
Using a calculator for all calculations
Ensuring all numbers are written in bold
Checking the color of the ink used
Verifying the arithmetical accuracy of totals
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In partnership problems, what must be checked regarding profits?
Profits are hidden from partners
Profits are distributed equally among partners
Profits are used to buy new assets
Profits are transferred to the correct capital accounts
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you do if your balance sheet still doesn't tally after checking all entries?
Ignore it as it doesn't affect marks
Panic and spend more time on it
Start the entire process again
Ask a friend to solve it for you
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to check for missed adjustments in a balance sheet?
To reduce the number of pages used
To increase the overall profit
To make the sheet look more professional
To ensure all effects are accounted for
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