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 of the following is the predefined stock category in tally
A) Primary
B) Symbol
C) Stock
D) Main location
Related Questions - 2
Retained Earnings is an alias of
A) Indirect Income
B) Reserve and Surplus
C) Capital Account
D) Investments
Related Questions - 3
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 - 4
Related Questions - 5
Trial balance is prepared on ________ basis
A) Monthly
B) Annually
C) Half yearly
D) Any of the above