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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
A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on Octob
Consider two individuals with endowments of 60 hours per week of leisure, nonlabour income of $Y per week, and a wage of $7.50. At this wage assume that workers are constrained by
Steps for preparing Final Accounts The following steps should be followed in preparing the final accounts where we have a foreign branch. 1. Update the trial balance of the br
Absorption costing is a cost accounting method that tries to charge all direct costs and all production costs of an organization to specific units of pr
Archer Daniels Midland Company is considering buying a new farm that it plans to operate for 10 years. The farm will require an initial investment of $12.00 million. This investm
Horton Co. was organized on January 2, 2010, with 500,000 authorized shares of $10 par value common stock. During 2010, Horton had the following capital transactions: January 5-iss
Do liabilities fall under debtors
define the double entry system?
ACCOUNTANCY PRINCIPLES (GAAP - GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) Accounting values, rules of conduct and action are explained by a variety of terms for instance convent
1) A sales discount correctly taken by the charge customer was debited to Sales at the time the entry was recorded. This error will cause. A) the net income for the period to be un
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