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.
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.
