JAMB - Accounts Principles Of Accounts (2024 - No. 12)
Pending the location of an error, the difference in the Trial Balance is posted to a __
control
profit and loss appropriation
profit and loss
suspense
Explanation
When a trial balance doesn't balance (meaning the total debits don't equal the total credits), there's an error somewhere in the accounting records. Until the error is identified and corrected, accountants use a suspense account to temporarily hold the difference.
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