Which of the following account with normal balance is shown at the credit side of a trial balance?
A). Cash account
B). Bank account
C). Equipment account
D). Accrued expenses account
Which of the following account with normal balance is shown at the debit side of a trial balance?
A). Rent income account
B). Creditors account
C). Unearned income account
D). Cash account
If debit balances = credit balances, trial balance only shows or checks the _________ and it does not indicate that no errors were made during recording and posting.
A). Arithmetic accuracy
B). Errors of commission
C). Omissions of economic events
D). Understatements of balances
Which of the following will affect the agreement of a trial balance?
A). Complete omission of a transaction
B). Partial omission of a transaction
C). Error of principle
D). Compensating errors
Trial Balance is commonly prepared
A). Frequently during the year
B). At the end of an accounting period
C). At the end of a month
D). At the end of a year