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SEC
Trial Balance
Trial Balance
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1/10

If a business has overdrawn its bank balance, then 

its cash at bank account will show a debit balance.

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its cash at bank account will show a credit balance. 

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the cash account debits will exceed the cash account credits. 

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 it cannot be detected by observing the balance of the cash account. 

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2/10

Tik Tok Company showed the following balances at the end of its first year: It’s important that total DRs = total CRs. Hence values had to be adjusted to reflect this.

Cash at Bank                                 $16,000
Inventory                                        $10,000Trade Accounts receivable         $7,000
Trade Accounts payable             $5,600
Rent payable                                $8,400
Capital                                            $11,400
Drawings                                        $1,400
Sales revenues                                 $44,000
Cost of sales                                       $35,000

What did Tik Tok Company show as totals for its trial balance?

$51,400            

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$69,400

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 $62,200

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$70,200 

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3/10

The steps in preparing a trial balance include all of the following except 

 listing the account titles and their balances. 

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totaling the debit and credit columns. 

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 proving the equality of the two columns. 

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 transferring journal amounts to ledger accounts

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4/10

A trial balance may balance even when each of the following occurs except when 

a transaction is not journalized. 

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a journal entry is posted twice. 

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incorrect accounts are used in journalizing. 

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only one entry is made

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5/10

A list of accounts and their balances at a given date is called a(n) 

 journal

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posting

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trial balance

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Statement of financial performance.income statement

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6/10

Customarily, a trial balance is prepared 

 at the end of each day.

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after each journal entry is posted. 

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 at the end of an accounting period.

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only at the inception of the business.

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7/10

Posting is the process of proving the equality of debits and credits in the trial balance.
True 
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False
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8/10

A trial balance does not prove that all transactions have been recorded or that the ledger is correct. 
True
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False
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9/10

The primary purpose of a trial balance is to prove the mathematical equality of the debits and credits after posting.
True
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False
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10/10

The trial balance will not balance when incorrect account titles are used in journalizing or posting.
True
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False
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