Practice - Suspense Account
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Practice Questions
Test your understanding with targeted questions
What is a Suspense Account?
💡 Hint: Think about what happens when balances don't match.
When do we use a Suspense Account?
💡 Hint: Consider what happens if mistakes are made in accounting.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does a Suspense Account do?
💡 Hint: Think about what discrepancies mean in accounting.
True or False: A Suspense Account is used permanently for all errors.
💡 Hint: Remember its function in accounting.
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Challenge Problems
Push your limits with advanced challenges
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.
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.
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Reference links
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