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
How can data be imported in tally
A) One company to another company created within Tally Package
B) Other programs – a spreadsheet or a database file
C) Depends on number of companies
D) Both A and B
Related Questions - 2
A Group Company is ________ given to the merged accounts of member companies of the group
A) a name
B) an identity
C) A and B
D) None of the above
Related Questions - 3
Employee salary details are shown in
A) Attendance sheet
B) Gratuity papers
C) Exact reports
D) Payroll
Related Questions - 4
Suspense Account Group is defined under
A) Income
B) Expenditure
C) Liabilities
D) Assets