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