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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does a Suspense Account hold?
💡 Hint: Think about what happens when debits and credits don't match.
Question 2
Easy
When do accountants use Suspense Accounts?
💡 Hint: Consider a scenario where mismatch occurs.
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 is the purpose of a Suspense Account?
- To hold permanent errors
- To temporarily hold discrepancies
- To replace the trial balance
💡 Hint: Consider what happens in accounting when there is a difference.
Question 2
True or False: A Suspense Account can become permanent.
- True
- False
💡 Hint: Think about the term 'temporary'.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
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.
Challenge and get performance evaluation