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Describe a Suspense Account.

Describe a Suspense Account.

Answers

Kavungya
A Suspense Account takes charge of the amount of difference on the debit and credit of a trial balance mostly due to errors. If errors are not found before the financial statements are prepared, the suspense account balance will be included in the balance sheet. If the suspense account is a debit balance, it will be shown on the asset side and if it is a credit balance, it will be shown on the capital and liabilities side.
Kavungya answered the question on August 17, 2021 at 09:34

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