Trial Balance and Rectification of Errors - Class XI Accountancy Quiz
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Preview questions
1. What is the primary purpose of preparing a trial balance?
To determine profit or loss · To check the arithmetical accuracy of accounts · To prepare the balance sheet · To record transactions
2. Which of the following errors will not affect the trial balance?
Error of omission · Error of commission · Error of principle · Compensating error
3. A trial balance is prepared at which stage of the accounting cycle?
At the beginning · After recording transactions · Before preparing financial statements · At the end of the accounting period
4. Which of the following is an example of an error of principle?
Recording a purchase as an expense · Omitting a sale from the books · Incorrectly posting a transaction · Recording cash sales in the sales account
5. What is the effect of a compensating error on the trial balance?
It will cause a difference · It will not affect the trial balance · It will correct another error · It will increase the total debits
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