◈ Oracle PrepSign Up Free
O-LevelAccountingVerification of accounting records7707/11 · May/June 2023 · Q81 Mark

A trader prepared a trial balance at 31 December. Which statement about this trial balance is correct?

AIt shows a summary of the financial position at 31 December.
BIt shows the ledger account balances at 31 December.
CIt shows the profit for the year ended 31 December.
DIt shows the transactions for the year to 31 December.

✓ Correct answer

B: It shows the ledger account balances at 31 December.

Practise more questions on this topic

Oracle Prep sorts past-paper questions by topic, so you can drill Verification of accounting records and see which topics are most likely to come up next.

Sign up free →

About this question

Topic
Verification of accounting records, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2023 Paper 1 Variant 1, question 8.

Questions and mark schemes are from past examination papers and remain the copyright of the exam board. How Oracle Prep builds its content

Related Accounting questions

Verification of accounting recordsMay/June 20111m

A trial balance fails to agree. The credit column totals $10 000. Two errors are then found. The sales journal has be…

Verification of accounting recordsMay/June 201120m

Kya is a wholesaler. She prepares control accounts at the end of each month. The following information relates to the…

Verification of accounting recordsMay/June 20121m

Which is true about a bank reconciliation statement?

Preparation of financial statementsMay/June 20101m

Which item will not appear in the appropriation account of a limited company?

Accounting proceduresMay/June 20101m

How is the factory cost of production calculated?

Analysis and interpretationMay/June 20101m

What is the formula for calculating rate of inventory (stock) turnover?

← Browse all past-paper questions

© 2026 Oracle Prep