1161. Assets normally has :

A. Debit balance *
B. Credit balance
C. Both debit and credit balance
D. None of the above

1162. Excess of credit over debit is called :

A. Debit balance
B. Credit balance *
C. Opening balance
D. None of the above

1163. If the two sides of an account are equal, that account will shows:

A. Zero balance *
B. Debit balance
C. Credit balance
D. None of the above

1164. A trial balance is :

A. A balance sheet
B. A draft of the final accounting documents
C. A list of the ledger’s balances *
D. None of the above

1165. The main purpose of a trial balance is to :

A. Help balances the bank account
B. Verify the accuracy of the original entry’s books.
C. Assist in verifying the double entry’s arithmetic accuracy. *
D. None of the above

1166. Which of the following types of error in the ledger will not be revealed by a trial balance :

A. An error of omission *
B. An error of commission
C. An error of principal
D. None of the above

1167. A suspense account is opened when the :

A. Trading account does not balance
B. Profit and loss account does not balance
C. Trial balance does not balance *
D. None of the above

1168. The ledger is the book for the :

A. First Entry
B. second Entry *
C. Third Entry
D. Fourth Entry

1169. The ledger is the book for the :

A. Chronological record
B. Daily record
C. Analytical record *
D. None of the above

1170. When we post the various entries from the journal in to ledger , we should write the ledger page in the :

A. Ledger folio column of journal *
B. Journal folio column of journal
C. Both A and B
D. None of them