The Trial Balance (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
ShowHide
Practise the questions
12 questions from this quiz
What is a trial balance?
What is a trial balance?
A list of all balances from ledger & cash book
Which step in the accounting process is the trial balance?
Which step in the accounting process is the trial balance?
Third step
Why do businesses prepare a trial balance?
Why do businesses prepare a trial balance?
To prove double-entry bookkeeping is correct
How many columns does a trial balance have?
How many columns does a trial balance have?
Three columns
Where do debit balances from the general ledger go in the trial balance?
Where do debit balances from the general ledger go in the trial balance?
In the debit column
Where do credit balances from the general ledger go in the trial balance?
Where do credit balances from the general ledger go in the trial balance?
In the credit column
Must the bank balance be included in the trial balance?
Must the bank balance be included in the trial balance?
Yes, from the analysed cash book
What does a debit bank balance represent?
What does a debit bank balance represent?
Money in the bank (positive balance)
What does it prove when the trial balance columns equal each other?
What does it prove when the trial balance columns equal each other?
Double-entry bookkeeping is correct
What is a common trial balance error?
What is a common trial balance error?
Mathematical errors when adding figures
What error occurs when a debit balance is placed in the credit column?
What error occurs when a debit balance is placed in the credit column?
Wrong side placement error
What are the three fundamental steps in accounting, in order?
What are the three fundamental steps in accounting, in order?
Cash book, ledger, trial balance