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 submenu is used to create new ledgers, groups and voucher types in Tally
A) Account Info
B) Inventory Info
C) Accounting Vouchers
D) Inventory Vouchers
Related Questions - 2
We can change the Company Information from
A) A Company Info > Back up
B) Company Info > Alter
C) Company Info > Split Company Data
D) None of these
Related Questions - 3
In tally you get currency symbol option from ________ menu
A) Company creation
B) Stock items units
C) Regional setting
D) None of the above
Related Questions - 4
Goods returning to a Creditor after challan but before bill we need to pass
A) Debit Note
B) Receipt Note
C) Rejection Out
D) Rejection In
Related Questions - 5
The rate of trade discount varies with the ________ purchased
A) Total asset
B) Current asset
C) Quantity
D) None of these