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Question
Complete the following sentence:
Temporary account opened to rectify the entry is known as ______
Fill in the Blanks
Solution
Temporary account opened to rectify the entry is known as Suspense Account.
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Preparation of Suspense Accounts
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RELATED QUESTIONS
Give one word/term or phrase for the following statement:
Accounts to which difference in Trial Balance is transferred.
State whether the following statement is True or False with reason:
There is no need to open a Suspense Account if the Trial Balance agrees.
State whether the following statement is True or False with reason:
All the errors can be rectified only through Suspense Account.
