Practice - What is a Suspense Account?
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Practice Questions
Test your understanding with targeted questions
What does a Suspense Account hold?
💡 Hint: Think about what happens when debits and credits don't match.
When do accountants use Suspense Accounts?
💡 Hint: Consider a scenario where mismatch occurs.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What is the purpose of a Suspense Account?
💡 Hint: Consider what happens in accounting when there is a difference.
True or False: A Suspense Account can become permanent.
💡 Hint: Think about the term 'temporary'.
1 more question available
Challenge Problems
Push your limits with advanced challenges
If a company's trial balance shows discrepancies of ₹3,000 and ₹2,000, explain how you would handle the situation in your accounts.
💡 Hint: Consider reviewing all account entries to discover where adjustments are needed.
Suppose accounting discrepancies were found, but the errors offset each other, showing no effect on the trial balance. How should they be treated?
💡 Hint: Think about how each entry affects financial reporting.
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