Accounting Cycle : Trial Balance — Flashcards
ICSE · Class 11 · Accountancy
38 flashcards for Accounting Cycle : Trial Balance (ICSE Class 11 Accountancy) to test yourself on key terms and facts. Sample: "What is a trial balance?"
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What is a trial balance?
Answer
A trial balance is a statement prepared with the debit and credit balances of ledger accounts to verify the arithmetical accuracy of the books. It is just a statement prepared on working paper, not an…
Why is a trial balance prepared after posting from journal to ledger?
Answer
It is prepared after completion of postings from journal to ledger to check whether the postings are correct. If the debit and credit totals of the trial balance agree, it is presumed that the ledger …
Does agreement of a trial balance prove that the books are fully correct?
Answer
No. Agreement of the trial balance is not conclusive proof of accuracy. It only shows that the books are at least arithmetically accurate. Errors such as omission, commission, principle, compensating …
State the definition of trial balance by J.R. Batliboi.
Answer
"Trial balance is a statement prepared with the debit and credit balances of ledger accounts to verify the arithmetical accuracy of the books." This definition highlights the checking purpose of the s…
State the definition of trial balance by Spicer and Peglar.
Answer
"Trial balance is a list of all the balances standing on the ledger accounts and cash book of the concern at any given date." This definition shows that trial balance is a list of balances prepared on…
What are the main features of a trial balance?
Answer
A trial balance is a tabulation of account balances. It classifies accounts into debit and credit balances. It is prepared on a particular date. It is not part of the double entry system. It is just a…
What are the main objectives of preparing a trial balance?
Answer
A trial balance is prepared to ascertain the arithmetical accuracy of ledger accounts, to check that both aspects of each transaction have been recorded, and to obtain a summary of the ledger accounts…
What does the heading 'as at' mean in a trial balance?
Answer
A trial balance is prepared on a particular date, not for a period. Therefore, the heading uses the words 'as at' to show the date on which the statement is prepared.
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