If the Trial Balance does not tally, the difference is temporarily transferred to: MCQ with Answer and Explanation
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Question #1
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A suspense account with a credit balance indicates that:
Correct Answer: Option D
Explanation:
To force the Trial Balance to tally, a credit balance is placed in the suspense account to compensate for a heavier debit side.
To force the Trial Balance to tally, a credit balance is placed in the suspense account to compensate for a heavier debit side.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A partnership firm is dissolved. Which of the following accounts is prepared at the time of dissolution?
Correct Answer: Option B
Explanation:
Realisation Account is prepared to close the books on dissolution.
Realisation Account is prepared to close the books on dissolution.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The account which is never closed is called:
Correct Answer: Option B
Explanation:
Real accounts represent assets and properties. They are permanent accounts and their balances are carried forward to the next year, never closed.
Real accounts represent assets and properties. They are permanent accounts and their balances are carried forward to the next year, never closed.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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