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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
Alliance Corporation (an Australian company) invests 1,000,000 marks in a foreign subsidiary on January 1, Year 1. The subsidiary commences operations on that date, and generates n
I am an AAT student studying lvl 3 AAT at college. I wish to learn how to complete self assessment end of year tax return forms for other people. That is because I have already bee
journal entries
The Operating Cycle Two Wheeler Cycle Shop buys all of its bikes from one manufacturer, Baxter Bikes. On average, bikes are on hand for 45 days before Two Wheeler sells them. The c
XYZ Inc. whose stock is currently valued at $125/share with an implied volatility of 40% has debt of $80/share. a. Assuming a global recovery rate of 50% and a standard deviatio
What is asset turnover - Asset turnover is a ratio which is considered as measures the effectiveness with which a business uses its assets in relation to the level of sales or inc
Management and operational control: Cost of goods sold and gross margin analysis, profit as net income analysis, operating expense analysis, contribution analysis and analysis of
Q. Calculate PV of cash flows? Estimated market value $116·26 per $100 of debentures The value of 45 shares in 5 years' tim
notes on Gaap principles
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