Trial Balance Practice Quiz
Trial Balance Practice Questions
Try to answer these 5 True or False questions about the Trial Balance. Can you get them all right?
The Trial Balance is a type of Financial Statement.
a) True
b) False
The Trial Balance shows us the balances of all accounts in the General Ledger.
a) True
b) False
A Trial Balance is only prepared after Closing Entries have been posted.
a) True
b) False
An Adjusted Trial Balance is prepared after all Adjusting Entries have been posted.
a) True
b) False
If Total Debits match Total Credits in a Trial Balance, then there are no errors.
a) True
b) False
Scroll down to see the answers.
Trial Balance Practice Question Video
The Trial Balance quiz can also be found in this video:
Trial Balance Practice Answers
Here are the answers:
b) False. The Trial Balance is not a Financial Statement. It's an internal report that lists all ledger accounts and their balances.
a) True. The Trial Balance shows the balances of all accounts in the General Ledger.
b) False. A Trial Balance can be run at any point in time.
a) True. An Adjusted Trial Balance is prepared after all Adjusting Entries have been posted.
b) False. Errors can still exist in a Trial Balance, even if it is balanced e.g. omitted entries & misclassified transactions.
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Trial Balance Question Pack
My Trial Balance question pack contains 20 practice questions and answers. You can download it here if you’d like more practice.
This digital product is a .zip file consisting of 20 Trial Balance practice questions along with the corresponding answers.
Contents:
Trial Balance Question Pack 1.pdf (2 Pages)
Trial Balance Answer Pack 1.pdf (7 Pages)
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Feel free to print, annotate and add them to your notes.
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Trial Balance Cheat Sheet
You can also download my Trial Balance Cheat Sheet here. It contains a concise summary of all the key facts that you need to know.
Trial Balance Cheat Sheet
Master the Trial Balance with this one-page, printable cheat sheet. this visual guide explains what the Trial Balance is, how it works, and why it’s essential for preparing accurate Financial Statements.
What is in the Cheat Sheet?
You’ll learn:
What a Trial Balance is and its role in the Accounting Cycle.
How it summarizes all accounts from the General Ledger at a point in time.
How debits and credits are recorded and balanced.
The six main types of accounts: Assets, Liabilities, Equity, Withdrawals, Revenue and Expenses.
How the Trial Balance links to the Income Statement, Balance Sheet and Cash Flow Statement.
This cheat sheet is perfect as a quick reference for accounting students, bookkeepers and business owners.
How will I receive my Cheat Sheet?
The Trial Balance Cheat Sheet is a digital product. After completing your purchase you'll receive an email. It will contain a link to download a pdf file.
If you run into any issues then please contact me here. I’ll get back to you as soon as possible.
All prices are in USD.