Trial Balance: Fill In the Blanks

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on March 25, 2022

1. A statement prepared to check the arithmetical accuracy of ledger is known as a .

2. Carriage inwards is entered into the column of the trial balance.

3. The debit and credit columns of the trial balance should always be .

4. A trial balance is prepared using the information from a company’s .

5. Ledger accounts with credit balances are placed in the column of the trial balance.

6. The is the most popular approach used to prepare a trial balance.

7. Returns outwards are placed in the credit column of the trial balance because it has a balance.

8. An adjusted trial balance is used to prepare .

9. A trial balance prepared without considering the effect of adjusting entries is known as an .

10. A trial balance prepared after considering the effect of adjusting entries is known as an .

Frequently Asked Questions

What is a Trial Balance?

A Trial Balance is a list of all the accounts in a company’s General Ledger, with their balances as of a specific date. It is used to verify the accuracy of the Bookkeeping entries and to prepare Financial Statements.

How can I prepare a Trial Balance?

A Trial Balance is important because it helps ensure the accuracy of the Financial Statements. If the balances in the Trial Balance do not match, it indicates that there may be errors in the Bookkeeping entries.

How can I prepare a Trial Balance?

How can I prepare a Trial Balance?

What are some common errors that can occur in Trial Balances?

Some common errors that can occur in Trial Balances include incorrect account balances, incorrect debit or credit amounts, and incorrect dates.

What should I do if the Trial Balance doesn’t balance?

If the Trial Balance doesn’t balance, it indicates that there may be errors in the Bookkeeping entries. You should investigate the discrepancies and correct any errors. Once the corrections are made, you should recalculate the Trial Balance to ensure that it balances.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.

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