The suspense account is used to correct book-keeping erro...
The suspense account is used to correct book-keeping error where the
Amount involved is quite significant
Item involved is not material
Item involved is unknown
Error does not affect the agreement of the trial balance
Correct answer is C
Suspense accounts are used when your trial balance is out of balance or when you have an unidentified transaction. The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified.
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