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Q. What do you mean by suspense account? How are errors in accounting classified? Suspense account: A suspense account is an account, which is opened when the trail balance does not tally, and in which the difference in the trail balance is entered to tally the trail balance. It is an account that is used to store short term funds until a present decision is made about their allocation. A suspense account is a temporary resting place for an entry that will end up somewhere else once its final destination is determined.
Classification of Errors:
1. Error of omission
2. Error of commission
3. Error of principle
4. Compensating errors
5. Errors of duplication
how to solve the question income statements
what is the explanation?
Nieland Industries had one patent recorded on its books as of January 1, 2014. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2014, Nieland
Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank's swap trading desk
In common terms the future value of an annuity or regular annuity is specified by the subsequent formula: FVA n = A (1 + k ) n -1 + A (1 + k ) n - 2 + ... + A .............
I have a case study due in one of my classes. There are 3 pages of information about the company in the case, and there are 12 questions I must complete. Each question is basically
I want to do a custom dissertation on IAS 40 investment property which needs to include a brief outline, positive as well as negative international critique with respect to the sta
Question: A proprietary life company issues only non-profit guaranteed growth bonds. The company invests only in equities with an expected return of 10% p.a, the risk free rate
SUBSIDIARY COMPANIES (1AS 27) A subsidiary company is a company in which the investing company (also called holding or parent company) controls the financial and operating polici
Q. Stock dividends and stock splits have the following effects on retained earnings: Stock Splits Stock Dividends a. Increase No change b. No change Decrease c. Decrease Decrease d
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