Question :
A) Income
B) Expenditure
C) Liabilities
D) Assets
Answer : C
Suspense Account Group is defined under
A) Income
B) Expenditure
C) Liabilities
D) Assets
Answer : C
Description :
In tally Suspense Account Group is defined under Liabilities. A suspense account is an account used to temporarily store transactions for which there is uncertainty about where they should be recorded. Once the accounting staff investigates and clarifies the purpose of this type of transaction, it shifts the transaction out of the suspense account and into the correct account(s). An entry into a suspense account may be a debit or a credit.
Related Questions - 1
Which shortcut key is used to view Report with all details in Tally
A) F1
B) Alt + F1
C) F3
D) Alt + F2
Related Questions - 3
Trial balance is prepared on ________ basis
A) Monthly
B) Annually
C) Half yearly
D) Any of the above
Related Questions - 4
If we purchase any fixed asset in credit, we can pass it from
A) Payment mode
B) Receipt mode
C) Purchase mode
D) Contra mode
Related Questions - 5
The home screen of tally is also known as
A) Menu bar
B) Gateway of tally
C) Accounts info
D) Button tool bar