What type of account is a suspense account? A suspense account is a holding account found in the general ledger. Depending on the transaction in question, a suspense account can be an asset or liability. If it’s an asset in question, the suspense account is a current asset because it ho...
at which time the funds are promptly re-shuffled to their correctly designated accounts. At that point, the suspense account should achieve a balance of zero dollars. While there is no definitive timetable for conducting a clearing-out process, many businesses try to regularly accomplish...
suspense account Dictionary, Encyclopedia and Thesaurus - The Free Dictionary13,851,232,413visits served TheFreeDictionary Google ? Keyboard Word / Article Starts with Ends with Text EnglishEspañolDeutschFrançaisItalianoالعربية中文简体PolskiPortuguêsNederlandsNorskΕλληνική...
Suspense Account 1. Abrokerageor some other account in which aninvestordepositssecuritiesorcashwhile he/she decides how toinvestit. A suspense account is, by definition, low-risk, as the investor has no intention of losing the deposit while making appropriateinvestment decisions. ...
Related to suspense: suspense accountsus·pense (sə-spĕns′) n. 1. Anxiety or apprehension resulting from an uncertain, undecided, or mysterious situation: The suspense as they were announcing the winners was unbearable. 2. The quality in a work of narrative art, such as a novel or fi...
Some companies utilize a suspense account as a means of temporarily accounting for disbursements that must be charged back to a department, but where there is some difference of opinion as to which department should absorb the cost of the disbursement. While decisions are made about how to charge...
Begin by opening the suspense account. Which side? More debit is needed to balance the trial balance, so debit the suspense account with £56,717. Then deal with the errors in order: 1.Sales returns should have been debited to the sales returns account and they have been credited to ...
A. Start with a mystery and reveal it at the end B. Reveal everything at the beginning C. Keep the mystery throughout the essay D. None of the above 相关知识点: 试题来源: 解析 A。为了在散文中营造一种悬念感,通常采用以一个谜团开头并在结尾揭示的结构。这样能吸引读者的好奇心,使其持续关...
Below are some examples of errors which would not lead to the creation of a suspense account: Error type 1. Complete omission –a transaction is not recorded at all 2. Error of principle –an item is posted to the correct side of the wrong type of ...
As mentioned before, a suspense account can also be used when the proper account related to a transaction can’t be determined when that transaction is initially recorded. Some examples of this would be when you receive a partial payment from a customer, or if you are unsure which invoice th...