A Trial Balance may be prepared according to Totals Method and ________ Method.
Balance
The correct answer is option 4. A trial balance can be prepared using either the Totals Method or the Balance Method. The Balance Method is used to balance the debit and credit sides, ensuring that the accounting entries are correct. The other options like deficit, average, and surplus do not relate to the preparation of a trial balance.
Important Questions from Basics of Accounting
Match the following accounting concepts with the meaning/implications.
Accounting
Concept
Meaning
Implication
(i)
Money
measurement
concept(a)
Capital of the proprietor is considered as a liability
(ii)
Business
entity concept(b)
Fixed assets are
valued on a cost basis(iii)
Going concern concept
(c)
Changes in purchasing power are ignored
Which of the following statements is INCORRECT?
Which of the following statements is correct?
Which of the following statements is correct?
______ is defined as a statement or a list of all ledger account balances taken from various ledger books on a particular date to check the arithmetical accuracy.
