Accounting · Suspense Accounts
Consider the following statements relating to suspense accounts: 1. A separate suspense account should be opened for each error in the general ledger. 2. A suspense account can be opened to complete the recording of a transaction in the general ledger whilst more information is obtained about it. State whether each statement is true or false.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Statement 1 and Statement 2 are False
- 2Both Statement 1 and Statement 2 are True
- 3Statement 1 is False, Statement 2 is True✓
- 4Statement 1 is True, Statement 2 is False
Correct answer
Statement 1 is False, Statement 2 is True
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