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Trial Balance Interview Questions & Answers
A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns. A company prepares a trial balance periodically, usually at the end of every reporting period. It is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance.

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Trial Balance under balance method is known as: a) Gross Trial Balance b) Net Trial Balance c) Simple Trial Balance d) Trial Balance Appropriation		View Answer
What is the mechanical advantage of a double pulley?		View Answer
A list which contains balances of accounts to know whether the debit and credit balances are matched. a) Balance Sheet b) Day Book c) Journal d) Trial Baalnce		View Answer
Which of the following will not affect the agreement of Trial Balance? a) An amount of purchase of Rs. 10,000 recorded in Cr. A/c as Rs. 1,000 b) Customer account debited with the amount of cash received c) An entry of debit of Rs. 1,000 was credited with twice the amount d) An entry posted twice in the ledger		View Answer
Closing stock in the trial balance implies that. a) It is already adjusted in the opening stock b) It is adjusted in Sales A/c. c) It is adjusted in the Purchase A/c. d) None of these		View Answer
A Trial Balance contains the balances of: a) Only personal and real accounts b) Only real and nominal accounts c) Only nominal and personal accounts d) All accounts		View Answer
Bhandari's trial balance was showing difference of Rs. 5,000 ( debit side exceeds). While checking of total sales register, he found that the total is over- cast by Rs. 2,000. After correction in sales register what would be the difference in his trial balance. a) Debit side exceeds by Rs. 7,000 b) Debit side exceeds by Rs. 5,000 c) Debit side exceeds by Rs. 3,000 d) Credit side exceeds by Rs. 3,000		View Answer
Trial Balance is a statement which shows the _____ (a) Account (b) Debit Balances, Credit Balances (c) Summary (d) Ledger		View Answer
Agreement of Trial Balance is not a ________ proof of accuracy. a) Submissive b) Inclusive c) Exhaustive d) Conclusive		View Answer
Which of the following in Trial Balance is contradictory to each other? a) Inventory and Drawings b) Sales and Purchase Return c) Carriage Inward and Outward d) Trade Receivable and Liability		View Answer
How do you configure the automatic payment program?		View Answer
The trial balance of M/S RAM & Co. shows closing stock of Rs. 30,000. It will be recorded in: a) Trading Account b) Profit and Loss Account c) Balance Sheet d) Both (a) and (c)		View Answer
Can we change the reconciliation account in the vendor master?		View Answer
Trial Balance is prepared on : a) End of the year b) A particular date chosen c) Daily Basis d) Once in each five years		View Answer
Difference of totals of both debit and credit side of trial balance is transferred to: a) Trading Account b) Suspense Account c) Difference Account d) Miscellaneous Account		View Answer
Trial Balance creates ________ accuracy. a) Principle b) Arithmetical c) Clerical d) None		View Answer
The preparation of trial balance is for: a) Locating errors of commission b) Locating errors of principle c) Locating clerical errors d) All of the above		View Answer
Trial Balance is a: a) Statement b) Account c) Summary d) Ledger		View Answer
How do you configure a special GL indicator for Customer?		View Answer