CSEC Principles of Accounts SyllabusDownload Now! Quiz 1: BALANCING & CLOSING OFF ACCOUNTS, ENTERING INTO THE TRIAL BALANCE REVIEW QUESTIONS 20 Created on August 29, 2021 Balancing & Closing Off Accounts, Entering into the Trial Balance Review Questions Answer ALL Questions 1 / 7 Liability accounts normally have: a) A credit balance b) A debit balance c) Both a debit and a credit balance d) A zero balance 2 / 7 2. Which of the following steps best represents the process of balancing an account?i. Add both sides of the accountii. Total both sides and double underlineiii. Find the difference between the two sides to find the balanceiv. Bring the balance down to the opposite side under the totalv. Put the balance on the side with the smaller total to make both sides equal a) I,II, III, IV and V b) Il, IV, V, IlI and I c) I, III, V, II, and IV d) II, IIl, IV, l, and V 3 / 7 3. If the debit side of an account is greater than the credit side the account is said to have a/an: a) Debit balance b) Credit balance c) Zero balance d) Imbalance balance 4 / 7 4. What does a debit balance signify in the business bank account? a) That the business has no money in the bank to pay its debts b) The business has money in the bank c) The business owes the bank that amount of money d) The business has written too many cheques 5 / 7 5. The purpose of a Trial Balance is to a) Make sure all the accounts have been balanced b) Check the arithmetical accuracy of the accounting books/ledger c) To count the number of assets the business has d) To show the financial position of the business 6 / 7 6. If the TB does not balance, this could be because of all the following except a) A balance may have been entered on the wrong side on the TB b) Only one entry may have been made for a transaction c) The financial statements have not been prepared d) An arithmetical error in adding the TB 7 / 7 7. Where does the Drawings Account appear on the TB? a) Under the debit column b) Under the credit column c) Nowhere, only on the Balance Sheet d) Under the totals as it is not added to the other balances Your score isThe average score is 50% LinkedIn Facebook VKontakte 0% Restart quiz