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.
Use the following information to answer the given question: \(\begin{array}{c|c} & N \\ \hl...
Which of the following is a journal as well as a ledger? ...
Cost of rent as an expense can be apportioned to all department on the basis of: ...
Goods purchased for N92 was entered in the books as N29. This is an error of ...
The short term solvency of a company is determined with ------- ratio ...