Interested to Buy Any Domain ? << Click Here >> for more details...
what is a suspense account ??
- 4 Answers
- 10548 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / shubham
A suspence account is a artificial account which is used to
rectify an account........
| Is This Answer Correct ? | 18 Yes | 1 No |
Answer / t.selvun
Suspense account can be analysed as an account which arises
generally in two occasions one is during the course of
accounting and another is at the report processing.
First the suspense account arises in the course of accounting.
When an income is received or an expense is incurred and
that particular income or expense is not falling under the
standard 'head of accounts' as per the 'Chart of Accounts'
in system, the particular item is placed temporarily under
suspense account the same item can be conferred right head
of accounts in the later date.
Secondly the Suspense account arises during the process of
Reporting. When the final accounts are prepared and the
accountant is left with untallied trial balance (Mostly in
Manual system only) the difference in either Debit or Credit
is placed under Suspense Account until it is traced to save
time in waiting and to proceed further in the process,
provided the amount of suspense is not material i.e very
nominal with the magnitude of TB,
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / srikanthreddy.a
Suspense accounts is account The difference in the trial balance put temporally in the suspense account till it's rectified
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / n harini
In some times if any cash transactions are misplaced we will
called it as suspense accounts at the time of balance sheet
| Is This Answer Correct ? | 3 Yes | 3 No |
How many Accounting standards are there in India ?
Maintaining assets register
can we credit depreciation of the year to the general reserves in a balance sheet of that year? and also enlist some relevant documents or standards?
What are time sheets?
What is the entry for Discount Received? & What is the entry for discount paid?
13 Answers Azizi Bank, i4 Mobiles, WNS,
Do you know partitioning in accounting?
Under which head the cleaning expenses will come in accounts
Wha is difference between expenses and expenditure
Journalise- opened a saving a/c with S.B.I. ?
how do you calculate depreciation on land?
what is assessment how many more type assesment?
How to pass workscontract sale invoice which includes WCT & VAT.
Audit 
