Trial Balance – Q & A

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on August 2, 2021

Test your learning about ‘Trial balance’ chapter by answering 8 short questions given below. We suggest you try to answer each question yourself before clicking on the ‘see answer’ button.
If you find difficulty in answering these questions, read ‘Trial balance‘ chapter thoroughly from explanation section of the website.

1. What is a trial balance and why is it prepared?

2. When do businesses prepare a trial balance?

3. If an account has a debit balance, where will you place it in the trial balance?

4. If an account has a credit balance, where will you place it in the trial balance?

5. What does an agreed trial balance tells us?

6. What does a disagreed trial balance tells us?

7. Which accounts don't need to be transferred to the trail balance?

8. What are the two methods of preparing trial balance?

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 contributes to his own finance dictionary, 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, his interview on CBS, or check out his speaker profile on the CFA Institute website.

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