What Does Suspense Account Mean?
Answer Posted / lakshmi narayana
the purpose of preparing trail balance to know the
arithemetical accuracy of an organisation at a given period
by posting the ledger balances,side by side. Due to some
errors made by the clerical staff dr N cr balances of trail
balance would not tally. To overcome this one temperary a/c
is prepared and the difference bal should be delivered to
that a/c.It enables the org to move forward to prepare other
a/c s like trading and p&l a/s and balance sheet to know the
financial position of the co.After the errors have been
rectified then the bal in susprense should be nullified.
Is This Answer Correct ? | 5 Yes | 2 No |
Post New Answer View All Answers
tell me about a time you had to deal with a conflict between a licensed and unlicensed personnel and how handled the situation?
Breif notes about accounting standards
what is forecast
why did rbi hiked repo and reverse ratio and how it will effect the market
i have working in contruction company i want billing outside delhi pls. tell me can i bill with tax invoice party provide tin no.
is there any chance for confilcts between an accountant and a sales executive ? If yes how do you resolve the same as an accountant ?
If in a PO, the freight condition is mentioned as Air freight and the material is actually received by Road, how does the system check before making the necessary accounting entries?
What are the accounting conventions and Practices?
why do u want to join bpo sector
last date of tds deposit yearly,tds proforma challan
why do we charge the depreciation
1. what is debenture? 2.Why company will issue shares? 3. What is audit? 4. What is the role of finance department? 5. What is mutual fund?
Debit Note & Credit Note?
Upto what age PF will be deducted for an employee? And what age he is eligible to gratuity?
For the production of 10,000 units the following are the budgeting expenses: Per Unit Rs. Direct materials 60 Direct labour 30 Variable overhead 25 Fixed overhead (Rs.1,50,000) 15 Selling expenses (10% fixed) 15 Variable expenses (direct) 5 Administrative expenses (Rs.50,000 fixed) 5 Distribution expenses (20% fixed) 5 Total cost of sales per unit 160 Prepare the flexible budget for the production of 6,000 , 7,000 ,and 8,000 units of production