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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a suspense account used for?
💡 Hint: Think about balancing accounts.
Question 2
Easy
When should a suspense account be used?
💡 Hint: Recall when balances don't match.
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 primary purpose of a suspense account?
- To permanently record transactions
- To temporarily hold discrepancies
- To balance accounts permanently
💡 Hint: Focus on the nature of the account.
Question 2
True or False: A suspense account should remain empty at all times.
- True
- False
💡 Hint: Think about the usage of closing balances.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company's trial balance shows a difference of ₹3,000. After thorough checking, it turns out a cash sale was recorded incorrectly. Describe the steps to adjust the suspense account and what the journal entries would look like.
💡 Hint: Consider both the initial placement and the correction once the error is identified.
Question 2
If a suspense account has a balance of ₹1,200 due to a misreported expense, outline how this affects the financial statements until cleared.
💡 Hint: Think about the impact on profit calculations and financial health representations.
Challenge and get performance evaluation