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What should happen if the balance on the suspense account

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Reference no: EM132608667

Question 1. Which of the following do not affect the trial balance agreement?

a) Sales N$105 to Simsolia entered in Simson's account

b) Cash payment of N$134 for Motor expenses entered only in the cashbook.

c) Purchases N$440 from C Browne entered in the books accounts as N$404

d) Wages account added up incorrectly, being totalled N$20 too much.

Question 2. What should happen if the balance on the Suspense account is of material amount?

a) Show it in the Statement of Financial Position

b) Carry forward the balance to the next period

c) Find the errors before publishing the financial statements

d) Write it off to the Statement of Comprehensive Income

Question 3. Which of the following journal entries indicate that the company is using a periodic inventory?

a) Inventory debit; Accounts Payable, credit

b) Inventory debit; Cost of goods sold, credit

c) Purchases debit; Accounts payable, credit

d) Purchases debit; Cost of goods sold, credit

Reference no: EM132608667

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