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Question: When preparing a trial balance, which of the following is true regarding closing entries?O..
Question: Which of the following is a common reason for a trial balance to not balance?Options: Inco..
Question: What is the effect of an overstatement of an expense on the trial balance?Options: Assets ..
Question: What happens if an error is found in the trial balance?Options: The financial statements a..
Question: In the preparation of a trial balance, which of the following is true?Options: Only asset ..
Question: If a company has a trial balance that does not balance, what is the first step to identify..
Question: What happens if an error is found after the trial balance is prepared?Options: The trial b..
Question: How is accumulated depreciation reflected in the trial balance?Options: As an assetAs a li..
Question: If inventory is valued at $10,000 and the company sells goods worth $4,000, what will be t..
Question: Which of the following is a correct entry for recording depreciation expense of $2,000?Opt..
Question: In a trial balance, if the total of the credit side is greater than the debit side, what d..
Question: What is the effect on the trial balance if an expense of $1,000 is recorded but not posted..
Question: If the trial balance shows total debits of $50,000 and total credits of $50,000, what can ..
Question: A company has the following balances: Equipment $20,000, Accumulated Depreciation $5,000, ..
Question: If a company has a trial balance with total debits of $15,000 and total credits of $12,000..
Question: What is the total of the debit column in a trial balance if the following balances are giv..
Question: If an error is found in the trial balance, what is the first step to correct it?Options: R..
Question: What is the impact of recording depreciation on the trial balance?Options: Increases total..
Question: In a trial balance, which of the following would be classified as a liability?Options: Acc..
Question: What is the effect of a $500 error in recording a cash sale on the trial balance?Options: ..
Question: If the trial balance does not balance, which of the following could be a reason?Options: A..
Question: What is the typical outcome if an accountant fails to record an adjusting entry for accrue..
Question: Which accounting principle requires that expenses be matched with revenues in the trial ba..
Question: What is the effect of recording a purchase of inventory on credit in the trial balance?Opt..
Question: In a trial balance, which of the following accounts would typically have a credit balance?..
Question: What does a trial balance indicate if the total debits exceed total credits?Options: Net p..
Question: Which of the following is a correct format for a trial balance?Options: Account NameDebitC..
Question: If the trial balance does not balance, what is the first step an accountant should take?Op..
Question: Which accounting standard requires the use of a trial balance?Options: IFRSGAAPBoth IFRS a..
Question: What is the effect of recording depreciation on the trial balance?Options: Increase in ass..
