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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
The SIMPLEX financial system is characterized by a required reserves ratio of 11 percent; initial excess reserves are $1 million, and there are no currency or other leakages. a.
You will gain welfare from consuming bread and chocolate. Your welfare is described numerically by W = 4B + 2C, where B denotes the quantity of bread you choose to consume, and C d
Home Inc. is considering buying a new piece of equipment, which will cost $715,000 and has an economic life of 5 years, in order to make a new line of product. The company suppose
Question: State of the Economy Probability of state occurring IBM Return (%) ATT Return (%)
RETAINED PROFITS BROUGHT FORWARD If we recall from the consolidated balance sheet, the group-retained profits should be made up of the holding companies retained profit plus the
Good will on consolidation Good will on consolidation arises when the purchase consideration paid by the holding company is different from the value of the net assets acquired i
Jensen Company has the following situation: Sales Price: $40 per unit Variable Cost Per Unit: $25 per unit Fixed Costs: $20,000 Units Sold: 4,000 Jensen is considering lowering the
natasha kingrey to calculate present value of salary differential for completing mba
How useful is accounting information? No one would seriously claim that accounting information fully meets all of the needs of every various user groups. Accounting is still a
A portfolio consists of the following three assets A, B and C. (a) Assuming a risk-free rate of 5.85 per cent and an expected return on the market of 13.60 per cent, calculate t
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