Question

What is suspense account,? Why it is prepared

Answer 1

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❏A suspense account is an account used temporarily or permanently to carry doubtful entries and discrepancies pending their analysis and permanent classification.

❏It can be a repository for monetary transactions entered with invalid account numbers. The account specified may not exist, or it may be deleted/frozen

Answer 2

❏A suspense account is an account used temporarily or permanently to carry doubtful entries and discrepancies pending their analysis and permanent classification.

❏It can be a repository for monetary transactions entered with invalid account numbers. The account specified may not exist, or it may be deleted/frozen .

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