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2 cards from this section. Quick, good the night before a test.
What is a Suspense Account?
Think about what happens when balances don't match.
When do we use a Suspense Account?
Consider what happens if mistakes are made in accounting.
What does a Suspense Account do?
Think about what discrepancies mean in accounting.
True or False: A Suspense Account is used permanently for all errors.
Remember its function in accounting.
An accountant finds their trial balance has a discrepancy of ₹5,000 but isn't sure where the error lies. Describe the steps they should take involving the Suspense Account.
Consider what other accounts may have been affected.
Imagine that after resolving various errors in the accounts, the accountant finds that the Suspense Account still has ₹2,500. Explain how this could happen and what should be done next.
Think about how ongoing errors can compound in accounting.
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