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Subjects / LC Accounting / Financial Accounting

Suspense accounts and correction of errors

Correct errors with journal entries, clear a suspense account and show the effect on profit.

5th Year6th Year HigherOrdinary
Helps to know first: The trial balance
16practice questions

Fill the gaps: 2 · Match the pairs: 1 · Multiple choice: 6 · Numeric answer: 5 · Put in order: 1 · Short answer: 1

Each question has up to three hints, a worked explanation, and is tracked in your progress and review plan.

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Fill the gaps
A suspense account is opened when the does not balance. It is closed when all the affecting it have been corrected.
Hint 1

It is a temporary account.

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