JAMB - Accounts Principles Of Accounts (2025 - No. 60)
Suspense account is used in the correction of
errors that affect the agreement of a trial balance
errors that affect the accuracy of the net profit
errors that do not affect the agreement of a trial balance
all errors in the trial balance
Explanation
A suspense account is a temporary account used to record the difference when the trial balance does not balance. The difference is posted to the suspense account until the errors are found and corrected. It is used for correcting errors that affect the agreement of the trial balance.
Comments (0)
