Suspense account, Accounting Basics

Assignment Help:

Which type of error would cause an entry in the suspense account?

A. A page total from the purchases journal was posted as $9780 rather than the correct figure of $9870.

B. Carriage outwards is credited to the carriage outwards account but correctly accounted for in the cash book.

C. Discounts allowed are debited to the discounts allowed account and credited to the purchases ledger control account.

D. Repairs to a vehicle are debited to the vehicles account.


Related Discussions:- Suspense account

Accounting standards in brief, Accounting Standards  The flexibili...

Accounting Standards  The flexibilities offered by a choice of accounting treatments distinctly diminish, and even distort the comparability of relevant inform

Explain accrual basis of accounting, Q. Explain accrual basis of accounting...

Q. Explain accrual basis of accounting? In certain circumstances companies may perhaps use the cash basis for income tax purposes. All through the text we use the accrual basis

Accounting framework, The conventions and rules of accounting are commonly ...

The conventions and rules of accounting are commonly termed as the conceptual framework of accounting. Along with any discipline or body of knowledge, several underlying theoretica

Explain about the recording purchases, Explain about the RECORDING PURCHASE...

Explain about the RECORDING PURCHASES Source document for recording a purchase of merchandise is purchase invoice. o An instance of a transaction of purchasing merchandise

Fiscal year, A time of 12 consecutive months used by an organization to acc...

A time of 12 consecutive months used by an organization to account for and report the results of its operations.

Angel, Angel Individual investors which are often called angels, make ...

Angel Individual investors which are often called angels, make capital investments in entrepreneurial ventures in return for equity (partial ownership) in the industry. These

Classified income statement, Q. Explain about Classified income statement? ...

Q. Explain about Classified income statement? An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divide

Prepare a narrative describing the transaction cycle process, Assignment: ...

Assignment: This assignment will be to describe and document the internal controls over a transaction cycle at a local business. A transaction cycle could be the sales process,

Basic elements of financial statements, Q. Basic elements of financial stat...

Q. Basic elements of financial statements? Therefore far we have discussed objectives of financial reporting and qualitative characteristics of accounting information. A third

A firm''s __________ account is categorized, A firm's __________ account is...

A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd