Accounting · Rectification of Errors
Consider the following statements relating to suspense accounts: (1) A suspense account needs to be opened to correct a transaction which was posted to the general ledger using the correct monetary amount but the wrong general ledger accounts. (2) A suspense account needs to be opened to record the removal of a duplicated transaction in the general ledger. State whether each statement is true or false.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both statements 1 and 2 are True
- 2Statement 1 is False, Statement 2 is True
- 3Both statements 1 and 2 are False✓
- 4Statement 1 is True, Statement 2 is False
Correct answer
Both statements 1 and 2 are False
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