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Accountancy MCQs

Trial Balance Questions with solutions MCQs

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1. At the end of the year 2017-18, Prepaid Insurance Premium Rs. 7,500 appeared in the Trial Balance, it will be shown:

only in Profit & Loss Account

only in Balance Sheet.

both in Profit & Loss Account and in Balance Sheet.

not in Both in Profit & Loss Account and in Balance Sheet.

Trial Balance Accounts Assistant LAHDC

Correct Answer : B
Explanation :

Prepaid expenses are expenses which have been paid in advance and not yet used. Prepaid insurance is the part of insurance which is already paid but the time period for use is not expired till the date of balance sheet. It is a part of current asset which has not been used. Thus it is written on the asset side of balance sheet until it is utilised.

Correct Answered :

Wrong Answered :

2. Which of the following purpose is served from the preparation of Trial Balance:

To check the arithmetical accuracy of the recorded transactions

To ascertain the balance of any ledger account

To facilitate the preparation of final accounts promptly

All of the above.

Trial Balance Accounts Assistant LAHDC

Correct Answer : D
Explanation :

All of the above.

Correct Answered :

Wrong Answered :

3. Which of the following errors is not disclosed by a Trial Balance:

Errors of Principle

Errors of omission

Compensating Errors

All of the above

Trial Balance Accounts Assistant LAHDC

Correct Answer : D
Explanation :

All of the above

Correct Answered :

Wrong Answered :

Accountancy MCQs

Trial Balance Questions with solutions MCQs

1. At the end of the year 2017-18, Prepaid Insurance Premium Rs. 7,500 appeared in the Trial Balance, it will be shown:

2. Which of the following purpose is served from the preparation of Trial Balance:

3. Which of the following errors is not disclosed by a Trial Balance:

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