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What is dummy account? Is there any difference between
dummy account and suspense account?
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Answer Posted / mark a
A "dummy account" can mean a variety of things, including an
account created for testing a computer system or training,
but often means an anonymous or deceptive account (possibly
paralleling the term "dummy corporation") created for
"shady" or illegal purposes. A suspense account, on the
other hand, is a common legitimate accounting technique for
"temporarily parking" records that need to be entered into
the system but the correct account has yet to be decided.
Whichever definition of "dummy account" is taken, if real
transactions went through such an account it would be a
worry that would need investigation.
| Is This Answer Correct ? | 41 Yes | 3 No |
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