Accounting MCQs
Accounting MCQs Test Preparation | Latest 2025 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
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
Accrued expenses account
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.
A: Arithmetic accuracy
B: Errors of commission
C: Omissions of economic events
D: Understatements of balances
Arithmetic accuracy
Institute of Chartered Accountants of Pakistan was established in____________?
A: 1949
B: 1956
C: 1961
D: 1972
1961
Trial balance is prepared to check accuracy of_______________?
A: Ledger accounts balances
B: Balance sheet balances
C: Income statement balances
D: Cash flow statement balances
Ledger accounts balances
If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
A: Yes
B: No
C: Transactions cant be omitted
D: none of these
No
________ is the common base for preparing a trial balance?
A: Ledger accounts
B: General Journal
C: Specialized journals
D: Balance sheet
Ledger accounts
Which of the following is true about a trial balance?
A: It lists down the balances of accounts
B: It lists down the balances of a balance sheet
C: It is a kind of financial statement
D: It is not a part of accounting cycle
It lists down the balances of accounts
Debit balance = Credit balance in a trial balance indicates that:
A: No error in recording transactions
B: No error in posting entries to ledger accounts
C: Account balances are correct
D: Mathematically Capital+Liabilities=Assets
Mathematically Capital+Liabilities=Assets
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
At the end of an accounting period