Which of the following statements is correct about Trial Balance?

✅ B. Land

Option A : Building Option B : Land Option C : Plant and Machinery Option D : Office equipment Correct Answer : Land Read more

✅ B. Prepaid expenses

Option A : Bank Option B : Prepaid expenses Option C : Accounts receivable Option D : Creditor Correct Answer : Prepaid expenses Read more

✅ C. Cash column

Option A : Bank column Option B : Discount column Option C : Cash column Option D : None Correct Answer : Cash column Read more

✅ C. Cheques deposited and cleared

Option A : Errors in cash book Option B : Errors in pass book Option C : Cheques deposited and cleared Option D : Cheques issued but not presented for payment Correct Answer : Cheques deposited and cleared Read more

✅ C. Allocation

Option A : Valuation Option B : Valuation and allocation Option C : Allocation Option D : Appropriation Correct Answer : Allocation Read more

✅ D. Cash as per cash book with bank balance as per bank pass book

Option A : Trial balance Option B : Cash book Option C : Bank A/c Option D : Cash as per cash book with bank balance as per bank pass book Correct Answer : Cash as per cash book with bank balance as per bank pass book Read more

✅ A. Assets accounts

Option A : Assets accounts Option B : liability accounts Option C : Cash accounts Option D : Revenue accounts Correct Answer : Assets accounts Read more

✅ D. Gross Profit will decrease by 3,320

Option A : Net Profit will decrease by 3,140 Option B : Gross Profit will increase by 3,320 Option C : Gross Profit will decrease by 3,500 Option D : Gross Profit will decrease by 3,320 Correct Answer : Gross Profit will decrease by 3,320 Read more