What is dummy account? Is there any difference between
dummy account and suspense account?
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Answer / mark a
A "dummy account" can mean a variety of things, including an
account created for testing a computer system or training,
but often means an anonymous or deceptive account (possibly
paralleling the term "dummy corporation") created for
"shady" or illegal purposes. A suspense account, on the
other hand, is a common legitimate accounting technique for
"temporarily parking" records that need to be entered into
the system but the correct account has yet to be decided.
Whichever definition of "dummy account" is taken, if real
transactions went through such an account it would be a
worry that would need investigation.
| Is This Answer Correct ? | 41 Yes | 3 No |
Answer / harshad g meshram
Yes,Dummy account is not to be approved whereas, suspense
account is prepared in which the amt which cannot be exposed
in Financial Statement is put in that account.
| Is This Answer Correct ? | 12 Yes | 6 No |
Answer / raghesh
In order to become successful in forex trading, you need to utilize a demo forex trading account to get you started. It will help you become familiar with forex prior to indulging in actual trading. With a forex dummy account, you can have a simulation of the real forex trading scenario. You can use the account to practice your strategy and skills as well as build up your confidence level. On your own, you will be able to determine if you are already prepared for the challenges of trading in forex. When you are ready, your next move will be to open an actual forex trading account.
An account that is used to store short-term funds or securities until a permanent decision is made about their allocation.
| Is This Answer Correct ? | 7 Yes | 6 No |
Answer / girish nair
dummy account:: Tax System edits prevent refunding money on
accounts which display both a credit and a debit, however,
the Commission is sometimes required to refund money on one
of these accounts. To make these refunds possible system
edits are circumvented by assigning a duplicate account
number. These duplicate accounts are referred to as Dummy
Accounts.approval is required from the Status Section
Manager or Assistant Status Section Manager.
suspense account is proper.
| Is This Answer Correct ? | 5 Yes | 11 No |
Answer / sumit shrivastava
A dummy account is an email account, often a free webmail
account, that a user sets up to divert unimportant or
unsolicited mail.
yes there is difference between in dummy & suspense
a/c dummy is a e-mail a/c but suspense a/c is that a/c when
trial balance doesn't tally then with the difference amount
we give the name suspense a/c.
| Is This Answer Correct ? | 15 Yes | 22 No |
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