Practice Test |
  • The objective of preparing the trail balance is ______.

    to help in minimizing errors and frauds
    to check arithmetical accuracy
    to obtain summary information
    all the options are correct
  • "Trail balance is a list of balances debit or credit standing in the books of a trader at any given date." Who said this?

    R. Pickle
    R. N. Carter
    A. N. Agrawala
    J. R. Batliboi
  • The trail balance helps in minimizing the different types of accounting ______.

    all the options are correct
  • The trial balance ______.

    is a formal financial statement.
    provides a listing of the balance of each account in active use.
    is used to prove that there are no errors in the journal or ledger.
    provides a listing of every account in the chart of accounts.
  • The trial balance serves the basis for preparing the ______.

    final accounts
    accounting equation
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