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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
American Institute of Certified Public Accountants (AICPA) - National professionalmembership organization which represents practicing CERTIFIED PUBLIC ACCOUNTANTS(CPAs). AICPA esta
What is the implications of applying accounting concepts wrongly?
Dangers of over-reliance on trade credit In effect for the reason that trade credit represents temporary borrowing from suppliers until invoices are paid it becomes an importan
Rescission of receiving order The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in
Enumerate the scope and utility of management accounting.
Concept of Financial statements Financial statements portray the financial effect of transactions and events by grouping them into classes broadly called elements. A complete
Q. Explain Zero Base Budget? Zero base budgeting can be defined as - 1) An operating planning and budgeting process which requires each manager to justify his entire budget
You are considering whether or not to go to graduate school. Well... there are many things to consider, of course, such as the type of job you would thus get, the opportunity to li
Profit for the period The profit for the period has been arrived at after charging the following expenses: Normal 0 false false false EN-US X-NONE
what type of control procedures were ignored at daiwa
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