U3, AOS 1 - KK9 - Pre-Adj Trial Balance

Question 1

What is a pre-adjustment trial balance?

Answer 1

A pre-adjustment trial balance is a report that lists all the balances of the general ledger accounts before any adjusting entries are made.

Question 2

True or False: The pre-adjustment trial balance is prepared after the adjusting entries.

Answer 2

False

Question 3

Fill in the blank: The purpose of the pre-adjustment trial balance is to ensure that ________.

Answer 3

debits equal credits

Question 4

What does a trial balance help to identify?

Answer 4

It helps to identify any discrepancies in the ledger accounts.

Question 5

Multiple Choice: Which of the following is NOT included in a pre-adjustment trial balance? A) Assets B) Liabilities C) Adjusting entries D) Equity

Answer 5

C) Adjusting entries

Question 6

What is the typical format of a pre-adjustment trial balance?

Answer 6

It is typically formatted in two columns: one for debits and one for credits.

Question 7

True or False: The pre-adjustment trial balance can be used to prepare financial statements.

Answer 7

False

Question 8

What should be done if the totals of the debit and credit columns do not match in a pre-adjustment trial balance?

Answer 8

Investigate and correct the discrepancies.

Question 9

Short Answer: Name one reason why a pre-adjustment trial balance might not balance.

Answer 9

Errors in recording transactions.

Question 10

Multiple Choice: When is the pre-adjustment trial balance prepared? A) At the beginning of the accounting period B) After adjusting entries C) Before financial statements D) During the closing process

Answer 10

C) Before financial statements

Question 11

Fill in the blank: The pre-adjustment trial balance is a step in the ________ process.

Answer 11

accounting cycle

Question 12

True or False: The pre-adjustment trial balance includes only temporary accounts.

Answer 12

False

Question 13

What type of accounts are listed in the pre-adjustment trial balance?

Answer 13

Both permanent and temporary accounts.

Question 14

Short Answer: How does the pre-adjustment trial balance aid in the preparation of financial statements?

Answer 14

It ensures that the accounts are in balance before adjustments are made.

Question 15

Multiple Choice: Which financial statement is NOT directly prepared from the pre-adjustment trial balance? A) Income Statement B) Balance Sheet C) Cash Flow Statement D) Statement of Retained Earnings

Answer 15

C) Cash Flow Statement