If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Related Mcqs:

Bookkeeping mainly concerns with which part of accounting process?

A. Analyzing B. Preparing financial statements C. Recording financial information D. Auditing the books of accounts...

Closing stock is generally valued at______________?

A. Cost Price B. Market Price C. Cost price or Market price whichever is higher D. Cost price or Market price whichever is lower...

Cash received from debtors would be deemed as___________of funds.

A. No flow B. Sources C. Uses D. Gain...

The creation of provision for doubtful debts given as an adjustment requires____________?

A. Debit Profit and Loss Account and deduct the provision from debtors B. Credit Profit & Loss Account and deduct the provision from debtors C. Credit Profit and Loss Account and add the provision to debtors D. Debit Profit & Loss Account and add the provision to debtors...

Which of the following accounts appear(s) in the Balance Sheet of a business?

i. Stock at the end of the financial year ii. Stock at the beginning of the financial year iii. Drawings iv. Prepaid Rent v. Interest received but not yet earned A. Only (i) above B. Only (iii) above C. Both (i)and (iii) above D. (i), (iii), (iv) and (v) above...