561. Which of the following is true about a trial balance?
A: It lists down the balances of accounts
B: It lists down the balances of a balance sheet
C: It is a kind of financial statement
D: It is not a part of the accounting cycle
562. Debit balance = Credit balance in a trial balance indicates that:
A: No error in recording transactions
B: No error in posting entries to ledger accounts
C: Account balances are correct
D: Mathematically Capital+Liabilities=Assets
563. Trial balance is commonly prepared?
A: Frequently during the year
B: At the end of an accounting period
C: At the end of a month
D: At the end of a year
564. Which of the following will affect the agreement of a trial balance?
A: Complete omission of a transaction
B: Partial omission of a transaction
C: Error of principle
D: Compensating errors
565. When the owner withdraws cash for its private use, it is called _?
A: Profit
B: Income
C: Expense
D: Drawing
566. Assets having physical existence are called _?
A: Current asset
B: Intangible asset
C: Tangible asset
D: Liquid asset
567. The assets which have some market value are called __?
A: Fixed asset
B: Quick asset
C: Fictitious assets
D: Real assets
568. The assets which come into existence upon the happening of a certain event are called__________?
A: Contingent assets
B: Fixed assets
C: Fictitious assets
D: Quick assets
569. Income earned but not received is called __?
A: Fictitious assets
B: Quick asset
C: Real asset
D: Outstanding asset
570. Debts which are payable in the course of a month are called _?
A: External liabilities
B: Fixed liabilities
C: Current liabilities
D: Liquid Liabilities
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