WAEC Accounting 2015 Theory — Question 3

Question 3 of 13 from the West African Examinations Council (WAEC) Accounting 2015 Theory paper, with the correct answer and a full explanation.

2(a). What is a suspense account?

Model answer

A suspense account is an account used to record the difference in the balances of a trial balance first, and then used to correct the errors in the trial balance later.

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