Question :

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


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

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Related Questions - 2


Default ‘godown’ name in tally is ________


A) Primary
B) Main location
C) A or B
D) None of the above

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Related Questions - 3


Which of the following can be budgeted in tally


A) Nett Transactions
B) Closing Balance
C) Both A and B
D) None of the above

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Related Questions - 4


How many types of users are present in tally


A) 1
B) 2
C) 3
D) 4

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Related Questions - 5


Where do we record cash sales in Tally


A) Contra
B) Receipt
C) Payment
D) Journal

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