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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
hi please tell the status of payment confirmation
Swap - Financial contract in which 2 parties agree to exchange net streams of payments over a specified period. Payments are normally determined by applying different indices (for
The twin objectives of inventory management are financial and operational. The operational objective implies that the materials and spares would be obtainable in sufficient quantit
Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as tehy prepare and issue financial statements. Let's start by getting an understanding of wh
THDS Brewery is priavet limited company(plc) established according to the Ethiopian commercial code.it is engaged in brewery business
THE PETITION Petition by debtor : If the debtor presents his own petition, a receiving order is made at once without a court hearing and an adjudication order may also be ma
How other income is different from revenue from normal operations under the vertical format
notes on Gaap principles
provide for depreciation at 10%p.a at cost for equipment and 15% at book value for vehicles
Thomas Crown expects to earn the following stream of annual income for the next four years:- $41,000; $45,000; $38,000 and $50,000. Although he has adopted the ‘Pay Yourself Firs
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