INTERVIEW QUESTIONS ACCOUNTING PROCESS TRIAL BALANCE DETAILS

Question: Trial Balance is prepared on :
a) End of the year b) A particular date chosen
c) Daily Basis d) Once in each five years

Answer: (b) A particular date
Description: Generally to check the arithmetical accuracy of accounts, trial balance is prepared at monthly intervals of time. Due to practice of double entry system it is preferable to prepare it at the end of the accounting year. Thus, it is prepared at a particular date which may be end of the year or any other convenient period. The title of Trial Balance is given as:
TRIAL BALANCE as at.......

(b) A particular date
Description: Generally to check the arithmetical accuracy of accounts, trial balance is prepared at monthly intervals of time. Due to practice of double entry system it is preferable to prepare it at the end of the accounting year. Thus, it is prepared at a particular date which may be end of the year or any other convenient period. The title of Trial Balance is given as:
TRIAL BALANCE as at....... Source: CoolInterview.com

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