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 of the following shows daily balance for a selected voucher type
A) Day book
B) Trial Balance
C) Balance Sheet
D) None of the above
Related Questions - 2
How many options related to Company Features are there in “F11: Features” in Tally
A) 3
B) 2
C) 4
D) 5
Related Questions - 3
Which of the following is not compulsory to create while entry in Accounts with Inventory
A) Stock Groups
B) Stock Items
C) Stock Categories
D) Units of Measure
Related Questions - 4
Which reports are prepared monthly in Tally?
A) Profit ; Loss A/C
B) Balance Sheet
C) Trial Balance
D) Cash Flow of Funds Flow
Related Questions - 5
Which of the following is used for voucher entry?
A) Ledger Account
B) Groups
C) Sub-Groups
D) Depends on number of companies