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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a Suspense Account?
💡 Hint: Think about what happens when balances don't match.
Question 2
Easy
When do we use a Suspense Account?
💡 Hint: Consider what happens if mistakes are made in accounting.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does a Suspense Account do?
- A. Holds funds
- B. Records discrepancies
- C. Finalizes accounts
💡 Hint: Think about what discrepancies mean in accounting.
Question 2
True or False: A Suspense Account is used permanently for all errors.
- True
- False
💡 Hint: Remember its function in accounting.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
💡 Hint: Consider what other accounts may have been affected.
Question 2
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.
💡 Hint: Think about how ongoing errors can compound in accounting.
Challenge and get performance evaluation