Zoho Books explains the what suspense account is in terms of accounting and what transactions are recorded here. Read more about suspense account and other accounting terms.
Over the years, the Department of Defense (DOD) has recorded billions of dollars of disbursements and collections insuspense accountsbecause the proper appropriation accounts could not be identified and charged. DOD Problem Disbursements: Long-standing Accounting Weaknesses Result in Inaccurate Records and...
Also found in: Thesaurus, Legal, Acronyms, Idioms, Wikipedia. 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...
A suspense account is a temporary account in the nominal ledger that is used in two main situations. Fundamentals of Financial Accounting: as with many topics, you would be well advised to practise a methodical approach to answering questions about suspense accounts, which are highly likely to ap...
In accounting, a temporary “parking place”for entries one does not know how to classify. Example:An apartment project receives a cash rent payment left in its mailbox. There is no indication of the name of the tenant, so the manager cannot post the payment to any particular account. Beca...
RegisterLog in Sign up with one click: Facebook Twitter Google Share on Facebook Dictionary Financial Wikipedia </>embed</> account accounting account state... suspense a... noun Words related to suspense account nounan account used temporarily to carry doubtful receipts and disbursements or discr...
For the purposes of the exam, any errors which must be identified and corrected will be realistic in terms of a computerised accounting system. For example, a single sided journal entry without a corresponding debit/credit will not be examinable because a co...
Suspense account 12,000 Customer X's policy account 12,000 Reversing this suspense account: Example of Suspense Accounting The accounting department sees a bank receipt of $12,000 in the company's bank statement, but because of insufficient information does not know whether this money is from a...
Directormayholdanyother office or place of profit under the Company (other than the office of auditor) in conjunction with his office of Director for such period and on such terms (as to remuneration and otherwise) as the Directors may determine and no Director or intending Director shall be ...
The Accounting Firm will determine the amount of the First Earn Out Consideration, the Second Earn Out Consideration, or any First Year Suspense Amount, as the case may be, in accordance with GAAP and its final determination will be, in the aggregate, neither more favorable to Parent than the...